SunCoke Energy, Inc. reported a net income of $103.5 million for the fiscal year ending December 31, 2024, a significant increase from $63.5 million in 2023. The company's total revenue for 2024 was $1.935 billion, down from $2.063 billion in the previous year, primarily due to lower coal prices affecting its long-term, take-or-pay agreements. Despite the revenue decline, the company managed to reduce its costs, with total operating expenses decreasing from $1.938 billion in 2023 to $1.784 billion in 2024, leading to an operating income of $151.9 million, up from $125.1 million.
Strategically, SunCoke extended its long-term agreement with United States Steel Corporation for its Granite City facility through June 30, 2025, with an option for an additional six-month extension. This agreement will supply 295,000 tons of coke during the initial term but includes a turn-down fee, which may impact overall economics compared to previous contracts. Additionally, the company recognized a one-time gain of $9.5 million from the extinguishment of certain black lung liabilities, which contributed positively to its financial performance.
Operationally, SunCoke maintained a high capacity utilization rate of 100% in its Domestic Coke segment, producing approximately 4.032 million tons of coke. The logistics segment also saw an increase in transloading volumes, handling 22.54 million tons, up from 20.48 million tons in 2023. The company’s workforce consisted of 868 employees in the U.S. and 300 in Brazil, with a significant portion represented by labor unions. The company’s focus on safety resulted in a Total Recordable Incident Rate (TRIR) of 0.50, significantly lower than industry averages.
Looking ahead, SunCoke anticipates continued challenges from fluctuating coal prices and market conditions affecting its customer base, particularly in the steel industry. The company remains committed to its growth strategy, which includes potential geographic expansion and further investments in its logistics capabilities. Management expressed confidence in navigating these challenges while maintaining operational efficiency and profitability.
About SunCoke Energy, Inc.
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