SunCoke Issues Statement Regarding Temporary Idling of AK Steel’s Ashland Operations
SunCoke Energy, Inc. (NYSE: SXC) and SunCoke Energy Partners, L.P.
(NYSE: SXCP) issued the following statement regarding AK Steel's
announcement issued on October 16, 2015, that it intends to temporarily
idle the blast furnace and related steelmaking operations in Ashland,
Kentucky, due to challenging market conditions:
“SunCoke supplies coke to AK Steel’s Ashland and Dearborn blast furnace
operations from its Haverhill coke plant under a long-term, take-or-pay
contract until 2022. Any temporary idling of their facility does not
change AK Steel’s obligations. We expect AK Steel will continue to honor
our contract and we will work with our customer in supplying coke to
their other facilities.”
Separately, SXC provides certain commercial protections to SXCP under an
omnibus agreement that extends through January 2018.
SUNCOKE ENERGY, INC.
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to the
integrated steel industry under long-term, take-or-pay contracts that
pass through commodity and certain operating costs to customers. We
utilize an innovative heat-recovery cokemaking technology that captures
excess heat for steam or electrical power generation. We are the sponsor
of SunCoke Energy Partners, L.P. (NYSE: SXCP), a publicly traded master
limited partnership, holding a 2 percent general partner interest,
53 percent limited partnership interest and all of the incentive
distribution rights. Our cokemaking facilities are located in Illinois,
Indiana, Ohio, Virginia, Brazil and India. To learn more about SunCoke
Energy, Inc., visit our website at www.suncoke.com.
SUNCOKE ENERGY PARTNERS, L.P.
SunCoke Energy Partners, L.P. (NYSE: SXCP) is a publicly traded master
limited partnership that manufactures high-quality coke used in the
blast furnace production of steel and provides export and domestic coal
handling services to the coke, coal, steel and power industries. In our
cokemaking business, we utilize an innovative heat-recovery technology
that captures excess heat for steam or electrical power generation and
have long-term, take-or-pay coke contracts that pass through commodity
and certain operating costs. Our coal handling terminals have the
collective capacity to blend and transload more than 45 million tons of
coal each year and are strategically located to reach Gulf Coast, East
Coast, Great Lakes and international ports. SXCP’s General Partner is a
wholly owned subsidiary of SunCoke Energy, Inc. (NYSE: SXC), which has
more than 50 years of cokemaking experience serving the integrated steel
industry. To learn more about SunCoke Energy Partners, L.P., visit our
website at www.suncoke.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151016005776/en/
Copyright Business Wire 2015
Source: Business Wire
(October 16, 2015 - 12:02 PM EDT)
News by QuoteMedia