What SunCoke Energy, Inc. told the SEC could break it.

Exports of blast-furnace/foundry coke from China and other coke-producing countries can reduce customers' demand for SunCoke's capacity, depress coke prices and pressure contract renewals.

“exports of blast furnace and/or foundry coke from China and/or other coke-producing countries also may reduce our customers' demand for coke capacity. Such reduced demand for our coke could adversely affect the certainty of our long-term relationships with our customers, depress blast furnace and/or foundry coke prices”

Tighter EPA air-quality standards (notably the Feb 2024 lower PM2.5 NAAQS, plus SO2 and ozone) could redesignate areas around SunCoke's coke plants as non-attainment, raising compliance costs and operating constraints.

“On February 7, 2024, the EPA adopted a rule that lowers the annual fine particulate matter ("PM 2.5") NAAQS and maintains the daily PM 2.5 standard, the daily PM 10 standard, and the secondary NAAQS for PM 10 an”

Two steelmaker customers dominate SunCoke's revenue under take-or-pay contracts — Cliffs Steel at 61.6% and U.S. Steel at 14.2% in 2025 (~76% combined).

“Cliffs Steel $ 1,131.3 61.6 % $ 1,237.0 63.9 % $ 1,349.4 65.4 % U.S. Steel $ 261.0 14.2 % $ 284.6 14.7 % $ 300.8 14.6 %”

At Granite City and Haverhill, SunCoke depends on third-party coal-mixing service providers to blend purchased coals for coke production, and there are limited alternative providers if one is disrupted.

“At our Granite City and Haverhill cokemaking facilities, we rely on third-parties to mix coals that we have purchased into blends that we use to produce coke. We have entered into agreements with coal mixing service providers that are coterminous with our coke sales agreements. There are limited alternative providers of coal mixing services and any disruptio”

SunCoke's Convent Marine Terminal (CMT) sits on the Gulf Coast and is exposed to hurricanes, floods and other climate-related interruptions that have historically hit the region.

“CMT is located in the Gulf Coast region, and its operations are subject to operational hazards and unforeseen interruptions, including interruptions from hurricanes, floods, or other potential effects of climate change, which have historically impacted the region with some regularity.”