SunCoke Energy sees rise in Q3 earnings to $72.4m

Earnings at US metallurgical coke producer SunCoke Energy were up by more than 60% year-on-year in the third quarter, boosted by the start-up of a new plant in Ohio.

Earnings at US metallurgical coke producer SunCoke Energy were up by more than 60% year-on-year in the third quarter, boosted by the start-up of a new plant in Ohio.

SunCoke saw its adjusted earnings, before interest, taxes, depreciation and amortization (Ebitda) rise by $27.6 million to $72.4 million in the third quarter of 2012 due to the start-up of its Middletown facility in Ohio, USA.

The Lisle, Illinois-based company reported a third-quarter net income of $31.6 million, up from $18.2 million in the third quarter of 2011.

“Our entire US cokemaking fleet continued to deliver strong results, with our new Middletown facility fueling a significant portion of the increase,” said chairman and ceo Fritz Henderson.

“Our coal mining segment finished the quarter up slightly as a result of higher sales prices and volumes and [the] favourable impact of a contingent consideration adjustment. However, higher production costs and reject rates offset most of this benefit,” he added.

“In light of the continuing weak coal environment, we are taking more aggressive action to reduce costs and improve productivity in our coal mining business to position ourselves for 2013,” he concluded.

SunCoke has cokemaking operations in Illinois, Indiana, Middletown, Ohio, and Virginia.

Stacy Irish
sirish@steelfirst.com

What to read next
Fastmarkets proposes to extend the shipment window of its alumina index inferred, fob Brazil, to allow for greater inclusion of reported liquidity, and to increase the frequency of publication to weekly.
Following a month-long consultation period, Fastmarkets has amended the methodology for the bi-weekly assessment of the aluminium P1020A main Japanese ports (MJP) spot premium, to include domestic tenders and deals from the Japanese market.
Fastmarkets proposes to discontinue its ferrous scrap consumer buying price for cast iron borings in Pittsburgh due to a lack of liquidity.
Fastmarkets is proposing a realignment of its consumer buying price for ferrous scrap No1 busheling in Cincinnati and Pittsburgh, effective from the May 2023 monthly settlement.
A drive by electric vehicle (EV) manufacturers to improve the affordability of their cars may upend an expectation by some market observers that future EV dominance of automotive production will sharply reduce demand for special bar quality (SBQ) steel
The publication of Fastmarkets’ US rebar prices took place earlier than scheduled on Wednesday March 22 due to a reviewer error.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed