SXC - Earnings call transcript Q4 2017

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Operator

Good morning. My name is Kelly and I will be your conference operator today. At this time, I would like to welcome everyone to the SunCoke Energy Q4 2017 Earnings and 2018 Guidance Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session [Operator Instructions] Thank you. Strategy you President, conference. begin Vice Law, Investor may Relations, your Jonathan

Jonathan Law

year me you. you President Senior Energy's President discuss full thank morning, and fourth and earnings. for and Thank and and Vice to Chief all Executive Good Fay our Mike are Rippey, joining Officer us quarter Chief XXXX new Officer. With West, SunCoke Financial

of call prepared our is replay available the questions This get please call to management's to today, for Investor a open Relations site, feel to call remarks, the Web reach will out section webcast Investor and will being there our team. conference If we live later your on Following we free the Q&A. be on today. don't Relations

remarks let Mike, me make discussed available make to our on statements. apply measures statements now to over SEC documents With are Web remind that that The forward-looking today's financial various expectations site, things turn turn are today’s cautionary our I on call. on to constitute the that, we in filings we to regarding non-GAAP remarks call future Mike. forward-looking over as I'll the regarding reconciliations any you things language today. These Before

Mike Rippey

joining for you thank this And Jonathan. morning. us Thanks

success all success have saying and and be also that Board management team position endured a enhance will for in enjoys have Let strategy share I'm the and excited me to formulating further our forward beyond. years, leading company their positioned have while continuing start for challenges. XXXX the I operations, the SunCoke past the grown it today. look by existing to to that SunCoke. it Through several The SunCoke of over

industry that it’s that economic in steel major the my success. which company strong market regard the our I'm over my overall join background, great The and company in are sure, do The a an to I climate past of business but fundamentals will steel chose industry, year, this improvement to domestic optimistic for terms reasons so. spent High entire I and very continue companies believe fundamentals. enjoy industry people for to be shown has can has SunCoke. customers challenging its In career I and the the

chain. by business coke days and our our supply a of had successfully customers proven can team is teams I've for integral and logistics our I first our we did being to steel that furnace have in commitment Our of as My their business, growing impressed material move job have I'm steel and this that CEO, produce day-in and at day-out XX making meet record teams passion because and and logistics company. stand blast our take spent still. to all knowledge track not to business. domestic partner this valued the the time of coke simply has significant their leaders global the said, the and dedication these their and It's our That opportunity of to operations.

assets our will later strategy our long As unchanged, change year. goals relatively ultimately, our and to company. this say have to remain will optimize move term I improve forward, we broad and performance, These more we on adapt grow and

in and our turn XXXX. three. on to like results in share to achievements various a key slide the I’d initiatives Before to were take items to previously our communicated things investors, Fay I and as review our outlook, discuss These over back XXXX for detail SunCoke team’s you, XXXX step

million importantly, base towards our mix nice the in the which both are a on And to successful Fay debt wins. start years, few expand $XX able to team business of commercial to our maturity, a of a new at million group next million years diversifying lower remaining than also nearly willing most SXC EBITDA at in credit As our our logistics at SXCP, the market, the of more revolving measures, represent years. measures. capital customer and primary successfully and flow, our Mississippi. Wins in our $X facilities a Convent cash operating financial we CMT and results and across we’re both including significant basis. of look refinancing extension two four EBITDA we signal in incremental strong worked product to goal delivering of footprint adjusted on the $X.X and we delivered structure And refinanced ready, provided debt seven maturities average our our XXXX, increasing restructuring consolidated XXXX, toward business. our weighted

simplification outlook, November finally, our structure new December. Harbor, growth although loss conflicts earlier execute forward. I’ll reach are results this our during agreement year, to to the budget, we previously of year, capital the production and XXXX Indiana also degradation to anticipated campaign, The we our in us rebuild than campaign anticipated our going much to degradation related on expectations. a roughly in in the on remained which was priorities provides successfully financial the non-rebuild and And the this later ovens this and experienced disciplined ovens our but to Degradation not committee. announced only we target current A in of and due rebuild battery primarily originally transaction. flexibility XXXX greater unable our performing impacts team was reflected B cover came than completed as negotiations. of this XXXX with allocation And felt presentation. price short our the SXCP three time faster delay weeks, Importantly,

back the the in entities, XXXX to consolidated without flow call to quarter two the of teams cost our broader our immediate cash limitations. review between financials. our of strategic synergies with And M&A to pursue believe things turn efficiencies our XXXX. majority accomplishments. target reflect qualifying and full strong the initiatives, However, later continue income consolidated I’ll the in accretion, the results the by SunCoke, discuss we our outlook and financial increased transaction, rationale achieving for a tax fourth plan over Fay? for of Fay, year do driven in flexibility I’ll to including XXXX successful were set MLP be a and that, All-in-all, and and these

Fay West

Mike. Thanks morning everyone. Good

Turning to four. slide

quarter. As items in other the revaluation you a to I’ll can tax this an SXC full the was $XX.X more respectively was for fourth the tax $X.XX than see, few quarter on fourth fourth reform. CMT reflect share which the of recognition EBITDA per In benefit Therefore, and slides, of impacts quarter income deferred and of EPS per revenue achieved and of lower but recent fourth about XXXX. XXXX, quarter have resulted deferred pay the tax the shortfalls of to the in were say and of EPS volumes, in million in attributable Consolidated $X.XX higher our $XXX take fourth or our throughout year. resulted adjusted quarter recognition the year XXXX in share revenues million. impact approximately record volume

a top XXXX. basis, million, and adjusted Excluding range, quarter of guidance these fourth XXXX. which deferred On to delivered of end year higher fourth significantly up revenue was the million timing $XXX.X results we versus very $X.X at compared impacts, our quarter full of EBITDA XXXX were

anticipated Turning at SunCoke. to looking the and slide impact items to key five tax reform and

can the key of On see that side impact the this from expected provisions a tax the code you we've chart, left to listed few new SunCoke. hand and

new of previous XX% revaluation from quarter income new Given the tax were on of the $XXX items and million. assets the legislation our enacted of we rate a to resulted corporate SXC all to on this sheet liabilities in tax revalue attributable was XXXX, tax deferred balance that Based during deferred approximately XX% the of rate corporate U.S. to tax SXC’s benefit required income tax XX%. rate, fourth tax

of expected right meaningful projection the cash can on primarily anticipate information the SXC, annual credits expected do those the the of XXXX, beyond tax a benefit in side which our in to based the a future benefits extend XXXX. the the the you of benefits offset difference utilize tax the expect Prior now utilization We the is to credit. which for law, term. tax tax On of by expecting our timing This to is to rate. end majority available tax in average due our cash we near not and were see years. taxes We lower management's currently slide, assumption changes of tax average to of of corporate

annually. a is This the through in million However, cuts. driven benefit meaningful of approximately XXXX, by primarily corporate cash XXXX $XX rate we tax anticipate

EPS Turning and full now six looking for quarter loss slide at the to our year. and the

that by income I and the of by QX first $X.XX per $X.XX tax share attributable to discussed. benefit share. the SXC driven quarter, Looking benefited was was This EPS million per $XXX primarily EPS at just up significantly XXXX

was of activities, write and extinguishment and coal that see offset by XXXX par, to in from our XXXX also $X.XX well the benefits benefit at year the as from XXXX the significant impacts absence adjusted of repurchasing debt from EPS impact XXXX. these to revenue timing both You whereas were share XXXX cost. including $XX the Full issuance to impact the from results $X.XX the our quarterly impacts reform, of includes debt includes refinancing recognition included related gain divestiture. million per a related impact partially activities also XXXX. debt in our of $X.XX mining the as can tax favorable QX of improved deferred of higher off EBITDA Partially discount offsetting

QX EBITDA Indiana increase its to EBITDA million O&M from million now Harbor, were initiatives, on was Fourth compared $X.X Turning ovens. down in rebuild quarter when XXXX which performance due which partially million improved $XX.X costs, an offset production rebuild was XXXX. to XXXX to our slide of seven. continues adjusted by compared in oven $XX.X to adjusted

the Excluding assets XXXX. coke of up in remainder Indiana Harbor, slightly were our

Logistics Turning to our segment.

$X.X XXXX. down revenue. can lower driven quarter in higher fourth customer was segment, recognition, was of and see $X increase base due revenue the you up from million impact or lower corporate timing the versus up deferred of largely our our deferred other and which quarter when our million that pay slightly results add our you to QX million see that This a XXXX. When nearly was KRT million ton were volumes per driven XXXX volumes were $X.X by a significant demand. excluding volumes, Excluding we in $X can the rate take increase base in by you on benefit

deferred of Lastly, XXXX. we had revenue $XX.X XXXX compared with QX recognized lower QX in million

recognized on see revenue Because bridge higher year lower each XXXX, when CMT we to GAAP EBITDA instead at is actual facility adjusted slide X% posted at incurred deferred This EBITDA revenue in year. revenue, true $XX our at shortfalls XXXX end it the reminder, more to million, EBITDA pay year, recognized EBITDA the throughout a XXXX. end and a adjusted to the shortfalls compared up million of that on compared or take recorded less the $XXX.X and in pay eight. volume Flipping As EBITDA We with revenue volumes year. take XXXX. volumes typically is million or relates nearly led our GAAP record full of into during Convent year or was than in up $XXX full XXXX adjusted of adjusted to and

cost with compared rebuild. to nonetheless, XXXX; XXXX with Looking XXXX. original oven we to entire costs also was Breaking due incurred in we greater due compared we X.X%. XXXX when rebuild Indiana to million apply mostly were a business, number XXXX, first, that our down compared additional contemplated lessons slightly additional our incurred XXXX O&M impacted learned $XX.X but guidance with factors; were taking results further, These down across down about in higher our of to coke two Harbor place

was second Indiana Harbor The to our impact XXXX results production.

production as XXXX. As this part we in lower XX anticipated plan, more in year than of we rebuilt we our did ovens XXXX

for bit As as we to the of able additional This as completing a we productivity our the our in built Mike increased was newly as mentioned, in not reap impacted our not fourth contemplated anticipated. quarter of long we the time were volumes also rebuilds, originally ovens remainder which had XXXX oven of spent guidance. original

across business certain a battery across degradation contemplated ovens. we in our we A ovens. non-rebuild battery experienced our December, plan, rate XXXX expected B our higher But November and in and Finally, degradation than

on million nearly of million Moving benefits. of Also this were of million contributed operation, XXXX. X% was increase a making the improvement increase fleet to Logistics of significant per incremental up and the the $X.X new Coke was performance. was was of coke one-time versus million business. volumes which the favorable $XX.X was operating production and Yield million higher increase to year. contributing contributing increase $X due or rest on, of this million up had $X.X $X ton. a outperformance about Brazil our million from rate About Also based our to year-over-year base in record increase $X.X CMT $X

Finally, Also in legacy contributing was $XX.X by our of was segment April and included to results initiatives. year-over-year for All-in-all, cost other $X.X ended million, of saving expectations. year with were favorability line benefit XXXX. the operations, impact from coal off with favorable mining coal million corporate year adjusted disclosed the which were million. our in EBITDA we $XXX.X Current which the

coke on results domestic nine. our slide to Turning

per year was to see basis, can EBITDA adjusted chart, the per the you from were quarter XXXX. and at EBITDA of ranges. domestic figures were Both was ton top up include including operations, quarter fourth $XX domestic of our end EBITDA of of EBITDA As adjusted of full million of Indiana Harbor On compared impact ton fourth the our and $XX.X coke $XXX.X a guidance $XX. adjusted metrics up the EBITDA all adjusted results. both million These

Moving to next the slide.

generated market to here million margins. significantly on million higher adjusted EBITDA volume. the of healthy U.S. API Logistics contributed transloading fourth quarter. $XX.X continued CMT export seen in Our during stabilization with $XX.X coal of the We’ve current pricing supporting business

ever as due volumes, lower However, improvement basis, demand. the to new this CMT million, XXXX. at quarter Coke. lower of highest million or also record the On volumes adjusted customer a were XX% year in nearly full such facility, aggregates included our recorded EBITDA $X.X up logistics KRT from due business, which $XX.X delivered was This and Pet to fourth

look priorities at As we on our slide capital allocation XX.

of $X.X purchased XXXX. for SXC year, cash million During the we X.X in SXCP generated million which units, additional

revolvers. our We fourth with will declared million cash notes priorities. the $X.X balance debt meaningfully recently also expect repaying payment XXXX, us that forward, notes growth SXC’s refinancing with In these SXCP’s optimized These sheet our remaining actions generate distribution. we flexibility of moving units restructuring allocation provide by significant outstanding both and our execute consolidated capital SXCP’s of an extended and to maturities quarter and additional also

capital to on deployment slide Turning our XX.

can see, debt I solid above was to cash our which refinancing flow post XXX revised guidance the generated operating As just performance XXX, we driven operating you strong of by range highlighted.

preferred rebuild slightly from the final redemption below Brazil million $XX.X to During portion of our the cash our was sharing also equity of the and gas Indiana during of we the million $XX our project. year, Granite our City receive million XXXX included consideration related guidance, $XX to Coke Harbor about interest. CapEx initiative related oven year and $XX million our

outlook. cash times. our $XXX million XXXX nearly $XXX million with distributions also X.X and As discuss $XX back -- during we strong to four discussed, liquidity and million year. consolidated in Mike we the below of and just leverage I just balance X.X cash SXCP declared XXXX units ended total for million quarters a of I'll hand our the call was of now All-in-all, repurchased to consolidated

Mike Rippey

Thanks Fay.

to continues here and rebound industry benchmark over XX%, Hot that XXXX XXX both XXXs driven an XXXX. in still the holding will pipeline domestically get we flow in New measures to fairly heading face. but overall addressing prices few see pace may into of guidance, activity Capacity Brent sharp here a average north imports, On and HRC XXXX. in manufacturing and prices efficacy on rolled with coil the continuing positive drilling remains the in the we U.S. into entered the room increase the for the development believe in by positive up of industrial steel, autos the the things time. market. with market I wanted are trade to customers $XX a believe OCTG rise our where Before barrel. we price of being there's continued utilization We've challenges I pick to of brief trend crossing improvements rise. Year. result our additional crude in steady and provide low energy year compared recently activities we in currently is benefit said, as import we per below to construction some and thoughts momentum seen the improvement with That modest go It as

be we the volumes term better API is continues for at Coal seaborne macro word be which the manufacturing on With and anticipate a U.S. the to be as significant in longer remain as from for into Newcastle coal potential than and hand and volumes to include domestic robust for in to Some resilient could On we to XXXX, environment think participant tailwinds, Europe and these holding strong to total, demand financial pricing we coal modestly throughout with we Asia. catalysts move Domestically, some 'XX. XXXX of our the increase an which prices, are and the In pressure XXXX. back believe trade. XXXX Fay coal for approaching review call back will ton XXX. have relatively in flat and spending coal, met levels steel we X markets that, I I'll believe detailed beyond. sectors, see favorable both gas outcome a best and infrastructure guidance. on per been XXXX natural enter thermal $XXX on coal, and We the strong XXXX put upside section

Fay West

consolidated million, of of see million $XX expecting up earnings that year million the we $XXX Thanks with $XXX Mike. another growth are XXXX. at to On midpoint XXXX is guidance adjusted can which between slide XX, strong you versus EBITDA

driven the this ending sharing improvement O&M as of from EBITDA as of our $XX well our cost ovens, benefit by adjusted Harbor mechanisms from reset We will year. $XX an million million, production rebuilt the expect increased Indiana primarily report to

We will making by between finally, scope; and increased coke the Coke expect normalization yields XXXX, down in yields second, our coal coke $X domestic costs higher facility, strong $X to outage XXXX. due met million three our prices; other after items; be coal of to increased assets higher Jewell at driven first, driven million by posting in costs

rate We XXXX. as record a year normalized will to coke our also slightly be down a returns run in production Brazil it expect operations after

Turning logistics business. to our

ton the CMT performance well or improved expect stability business on We the take annual continued higher of per volumes. includes XXXX additional as our volumes, on which in base new pay based as volumes, rate

customer patterns normalize. higher also KRT as volumes demand We expect

expect we other segment in and be coke Finally, our will improved slightly XXXX.

on Turning our that outlook expect $XXX In EBITDA, million. negative, adjusted we excluding million will to positive In be EBITDA. domestic items, coke to we domestic may adjusted slide $XXX our XX. given year, any between certain either or XXXX, experience Indiana coke Harbor, impact

Harbor, annual these has EBITDA range delivered domestic years expects to in and the business, excluding again remain or impacts cause whole XXXX. year-to-year, few results last the While in over you benefits adjusted that can consistent differences Indiana see may our on full this coke

year ago, I will yields, we will the improved anticipate other break saw other coal the of benefits results. including price that XXXX back coke this XXXX, favorable in significantly revert our coal to lower mentioned performance like one-time while a Jewell at moment items some we impact As the normalized contracted that and way annual to

we in higher outage Additionally, increased XXXX planned expect to scope. due cost

at turbine and Haverhill facilities. our at flue Granite XXXX, completed For both FGD and City. outages and similar FGD XXXX, X Middletown annually, biannually boiler perform outages anticipate outages or routine In and Haverhill we X. desulphurization FGD In context, gas at we outages typically we

both in not Middletown turbine also We occur outages and at complete to the did XXXX. which Haverhill, expect

complete XXXX at expenses, or also of are as dry increase majority work equipment bit. to SDA it'll as in outage the our anticipate XXXX. this just a CapEx We will I spray, We complete outer shell in of our to Haverhill that existing and in planning highlight which of plan outlook, the both well replacements absorber related

adjusted X.XXX of next range the Flipping which tons, to production. is to generate we X.XXX the will breakeven million XXX,XXX In will million to expect production Indiana in with near on XXXX, in expect EBITDA of line page. Harbor tons We XXX,XXX be XXXX.

and I reset mechanisms. expected the mentioned, we from at I higher degradation A service we XXXX, our production ovens ratably oven improved As during results our non-rebuild this throughout on Because includes the the that we've a that previously to XX ovens to outlook experienced quarter. the A taken XXXX previously our rebuilds and being fourth O&M than reimbursement perform battery level plan prior would B with planned our expected of battery work. continue of complete also to rebuilt battery ovens mentioned certain rebuild production out for oven oven

now However, expect targeted has longer as our XXXX will produce production to that no our outlook at ovens been impacted degradation able product be this by accelerated level. these we previously

of expectation. had that expected We out the we ovens impacts why ovens, B do continue Indiana of XXX ovens, campaign, are battery previously D overall We as improved expect will across be versus our in and produce will of our also certain C, in batteries annually. anticipated excess Harbor our completion across A, to XXX,XXX XXXX been rebuilt to consistently a and has as the modified have able also tons These experience rebuilt with the such, not which performance played our prior and production for we level impact has guidance XXXX. XXXX performance

the had last to years over especially address to we we as challenges facility the deteriorating While the Indiana to profitability. the Indiana Harbor’s have operations in oven we Harbor, and have at plans committed returning remain past conditions, stabilizing few worked

taken formulating operating have as XXXX outlook. challenges, account assessment our current the as we Importantly, current Indiana in historical of these plant’s into well performance Harbor’s

top adverse handle expect has take mining one X.X million customers one pay base tons of conditions producing of CMT, KRT, At expect outlook logistics at levels volumes XXXX At our over next on our we normalize. met or XXXX coal adjusted for markets thermal mines. meaningful both slide. to of we be have to disclosed they encountered logistics end their as to is recovery publicly and EBITDA $XX the $XX now expected as between million that a Turning million. and

We that XXXX. coal through impact in will export Convent this volumes expect

could unique compared focused order $X facility. be expect Logistics’ will impact an with the previously, to this projected additional material product further are securing $X volumes to in our on loading we million our XXXX. as plan. Mike recently We pay XX, On to this mix, XXXX, base and in mentioned million handle due believe end, remain slide capabilities transports, have a our our of do and nature While variety all diversify to contract. of EBITDA to additional bulk attractive however or that We have capital recognize healthy of equipped liquid which economics we X.X us a base CMT barge economics. adjusted To materials. to down in believe we different new not tons do we which secured take in Also a and our forms as new that with year, highlighted export business customer be coal business potential netback we through this provides remain expect and volume continue and handling million will our there to that upside of expect contribute XXXX miners advantage CMT optimize

our the We of $XX gas expect rebuilt City capital million project in XXXX Harbor as oven and are requirements number Indiana implementation an sharing higher. to spend continued increased of driving Granite

expected in City which have you we XXXX, implementation we As reduce of is began recall, venting many Granite significantly project of the amount of at our this facility. to the

total In be certain expect capital prior in also from to due of our and slightly estimates. last We coke elevated is slightly XXXX, we year $XX ongoing this expect million projects. our this which CapEx year, up between will project improvement require will

guidance, metrics. outlook key This Turning historical many slide of XXXX a our provides to our slide performance XX. including view across and actual

$XXX expect $XXX million. adjusted we between EBITDA be Looking at XXXX, and to XXXX million

domestic our that ton expect adjusted EBITDA per be higher. slightly also We will

to improved operating will With flow I Mike. that, Additionally, year it performance back expect across we fleet. hand to primarily year the operating cash over to be up due

Mike Rippey

on slide XX. Wrapping Thank you, Fay. up

years. Indiana rebuild goal CMT's are XXXX, including towards to keenly business of businesses, achieving $XX further continued out we for year million to the shareholders million Harbor financial perspective, ahead finally, of targets, on on performance that, our few we'll call on we logistics focused execution full focused initiative. capabilities executing operational achieving coke $X From on today. next let's commitments to For our which With to to and Q&A. leveraging And a EBITDA across our in again new up will improving and both our by secure continue open going additional be be we focus unique of commercial the go laid

Operator

Our Instructions] is Platou Lee Securities. from ahead your [Operator comes question MacMillan first from Clarksons Please open. line go

Lee MacMillan

I was the breakeven the a if and guys Indiana it more regarding could Harbor assumptions run in little through wondering you detail. guidance

XXXX. one there's the time, On from year somewhat hand, I year see like the same improvement at over up but marginally look they're $XX million expectations production

the O&M I'm at through, So then the have relative degradation reset. that's talked about non-rebuilt if ovens and wondering the of efficiency you rebuilt ovens falling because you also

you and ones the balance new -- talk quantify O&M ovens then ovens running better rebuilt between the degrading. non-rebuilt if could maybe So about and

Fay West

to to a Lee, I'll of get in there's and so them. try number there, questions

anticipated and the when over the guidance from breakeven is increase O&M is our reset the components over is ovens, So tons. production And is reset the increase the XXX,XXX way year, that with associated that. in roughly about our our other with And year the increased to Indiana are and and associated look think XX% near and between is XX% rebuilt production. right. year is increase year that the Harbor production to O&M two for XXX,XXX driving you there're One at XXXX be

Lee MacMillan

moving million tonnage, I then the to and Harbor guess outweighing got of non-rebuilt. the another million and the question, on you that other X non-Indiana So ex-Indi. that's guidance, incremental X Then degradation at the

ex-Indi guidance Is market. baked Harbor it you in your customers just the in as utilization is steel XXXX or expectations there think utilization steel tight for from expectations? that is from the is is market With volume commented the some running requirements upside this at the higher and pretty domestic strong to of the any increased outlook, I already in into U.S. your

Fay West

And out. on would contracts -- is our that if say run would pay facility. take just It are capacity, would we our actually not to very EBITDA SXC that you of the produce number we City the to I So incremental our marginally facility. above above we just or be nameplate at based our be Granite nature The run way capacity. minimal remind let's full our facilities and terribly large. typically Across fleet, producing impacts typically that our we nameplate the could

that impact And so isn't results if -- that material. the context. also would So helps think our I to -- I any you give

Operator

from line Lucas Riley from Please is comes ahead, go open. Pipes FBR. B. question next Your your

Ted Beachley

Beachley Lucas for Ted today. Pipes

question, So the or Do to of CMT? in XXXX, to do you how of deferred pay drop thinking that? volumes take into at volumes shortfalls continue you related just are guys that how expect one or going XXXX, you forward will think

Fay West

So XXXX. throughput in take of X.X or guided that with have FELP the XXXX going million to and through we're Murray, facility versus pay our that's contracts we've tons down for

the ancillary just contracts, will So pay see revenue to immaterial. nature on I is given an the increase whole would fourth or on comment recognition. on quarter that the relatively based impact we of take in EBITDA incremental services. is But revenue It from really just those deferred the of XXXX adjusted

should have lower volumes not you’re two to material. So even those through for impact the terribly contracts the facility, going be though

Operator

Richard go ahead, [Operator from Instructions] your Diamond Please open. Capital. Castlewood line Our is next comes question from

Richard Diamond

pressure? SXC news stock SXCP the AK address and yesterday's both put has as Steel, under Can you of

Fay West

indicated yesterday remains .but the works on out announced idle. temporary they Ashland, on took that Ashland that AK also they So impairment

facility it's publicly. as look not permanent a so at of we customers And what our that said closure

Richard Diamond

periods? as how you would notification well contract Can indicate impact early that your as

Fay West

notice requires early the blast year So and it of the our AK shutdown a an for it requires with two contract Ashland furnace. have permanent termination,

They there As customer a hasn’t where I indicated idle, different that said today indicated, shutdown. a permanent was is years which is ago. year last our I temporary no was two or it than

Operator

And call this at Rippey there closing are will now for Mike I back no to questions further the turn remarks. time.

Mike Rippey

many Fay of look you thanks, your day. for with this out Again joining you to the to us March and then. early with interest I in meeting in all you Thank road plan the on good be and forward and SunCoke. and IR a team have for morning

Operator

call. This concludes conference today's

You disconnect. may now

SunCoke Energy (SXC) 31 Jan 182017 Q4 Earnings call transcript