Steel Products Prices North America
SunCoke Reports Record Third Quarter
Written by Becca Moczygemba
November 1, 2022
Despite global economic uncertainty, SunCoke Energy Inc. documented a record third quarter performance.
“Our Domestic Coke business performed at exceptionally high levels during the quarter which allowed the company to fully realize the benefits of a strong export coke market. Our Logistics segment continued to deliver solid results, with higher volumes and favorable pricing. Additionally, we are excited to announce the foundry expansion project at our Jewell facility which will enable us to further build upon our success in the foundry markets,” said Mike Rippey, president and CEO of SunCoke.
The raw materials processor noted strong operational performance and high margins on export coke sales, reporting Q3 net income of $41.4 million, a substantial increase from Q2’s $18 million. Q3 revenues were up by $150.3 million from the year-ago quarter to $516.8 million.
Domestic cokemaking facilities in Jewell, Va.; East Chicago, Ind.; Franklin Furnace, Ohio; Middletown, Ohio; and Granite City, Ill. shipped out a total of 1.022 million tons in Q3, a 34,000-ton decrease from Q3 of 2021.
For the remainder of 2022, SunCoke expects to continue building upon the commercial success of its foundry and export business. Likewise, it anticipates production to be approximately 4.1 million tons, collectively.
By Becca Moczygemba, Becca@SteelMarketUpdate.com
Becca Moczygemba
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