Full-year profits for 2012 were up 63% to $98.8 million, while total coke production increased 574,000 tons over the year to 1.8 million total tons in 2012.
SunCoke chairman and chief executive Fritz Henderson attributed the performance to the start-up of Middletown, and better results at the Indiana Harbor operation in Chicago and the wider US coke-making fleet.
“The success of the Middletown start-up and the sustained solid results at Haverhill this year reflect our continued focus on the disciplined and reliable operation of coke-making facilities,” he said.
“Our coal mining business did not meet our expectations in 2012, but still generated positive earnings and was essentially cash flow neutral.
“In response to the current weak coal market environment, we continue to take aggressive action to improve productivity and reduce costs to strategically position this segment for the long term.
Full-year 2012 coal production increased 8% to 1.5Mt versus full year 2011. Adjusted earnings for the company’s coal mining segment declined slightly to $33.4 million due to higher production costs.
Total costs and operating expenses for 2012 were up 68% compared to 2011 to $649 million.
Domestic coke production for 2013 is expected to exceed 4.3Mt with coal production projected to reach 1.4Mt.
SunCoke is calling for adjusted earnings for 2013 to be between $205 million and $230 million.
Capital expenditures and investments are expected to be $200 for 2013.
