SXC - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the SunCoke Energy Incorporated Q4 2020 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Shantanu Agrawal. begin. Please

Shantanu Agrawal

With thank fourth us XXXX Executive quarter well 'XX and discuss morning results Officer; for Mike Financial as Energy's are Officer. Senior SunCoke and guidance. and and you Fay morning and Vice this joining to as Rippey, West, Good President today President Chief Chief me full year

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

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

Mike Rippey

discuss and before few morning Fay, Thanks and us year This all fourth a review thank the we will who I I and full quarter to announced highlights. detail, for Shantanu. today. results, want turn it SunCoke's to joining you morning Good over in results

and for year. clearly financial contribution excellence their Let me The and employees is safety our start extremely by of team our visible record, commitment SunCoke all first what our dedication was thanking results. in for of operational an challenging

evolving ensure $XXX.X a precautions to to our and million. million safety task benefits and responds can across company. our in result of domestic EBITDA range adjust $XX the performed Earlier rates X, in taken to XXXX, continue in we in these strong the all workforce ahead. the continually of initiatives facilities running of place. the delivered years which evaluates exceeding cost see the coronavirus to with $XXX as additional and and will front, sub-optimal reflects million On announced revised exceeded the that The take strong we despite and anticipate all adjusted of operation the develops. how in domestic additional revised pandemic. in and precautionary the against measures I following coke. while we $XXX of year, million set million objectives. This will monitors cost and adjusted coke out operations necessary we and utilization control force Slide performance savings guidance environment and XXXX remain contributed operations range the We EBITDA key continue you These coke situation XXXX, COVID-XX which for guidance have the On initiatives the our coke annualized cost pleased provided to this companywide $XXX efficient savings savings. we health the safe we initiative, due our the of approximately am measures

nature illustrates year contracts for conditions market navigate of of Another this achievement through our helped relationships. which at by extension earlier extensions, significant customer strength XXXX year, SunCoke We the customers challenging and X for the our is reducing X. Haverhill Haverhill and existing and in current exchange contract Jewell, production long-term

initiative. profitable pursue we necessary The capital and well handling the on I a at This take-or-pay went development Javelin signed at CMT, our foundry also CMT want new to testing, briefly XXXX. fourth coal production foundry throughout while provides with actively stability two-year agreement for to deployment opportunities. business the operations quarter. touch We contract also coke during coke

with a now are in commercial market new quality this We high product.

coke export feel for export explored good quarter, opportunities that foundry capacity confident During XXXX We full and and demand on also today will production. XXXX in at success. markets and running had have this of the level from plan fourth we support

of gross net cash debt in and opportunistic debt face free XXXX, flow million Looking $XX includes we notes. and open-market reduced of $XXX at approximately our by by This senior structure million. purchases value $XX capital million deployment the approximately

we X.X annual during share paid quarter. Additionally, repurchased shares first a and $X.XX dividend per million the

cash our reflect in into approach initiatives Fay our for This on I'll detail. allocation. cash the on capital returning year. allocation our debt, on strength our but capital our a the capital assets balanced this, more operations, go while a level, are the progress also to provided to of to shareholders. high As and to aggressively drive our market meaningful we to that, on allowed the quarter in us made core will has over pleased fourth opportunistic earnings detail turn strong yet challenges, with pursuing reducing flow robust -- we flows to us our which ability investing our weather With it business, for third year, we review Fay

Fay West

and good morning everyone. Thanks, Mike,

SXC X. of quarter loss up fourth the down XXXX $X.XX attributable year SXC net XXXX. basis, to Slide full net versus was per The versus quarter XXXX. of share, our to $X.XX full Turning year share, income $X.XX attributable the On a was fourth $X.XX per to GAAP

down the $X.XX versus both $XX.X $XX year, Coke than delivered driven logistics bankruptcy by After due results our quarter by were $XX.X impacted a of at $XXX.X segment. was to which versus XXXX volumes, and the lower year fourth and lower lower at $X.XX XXXX. operating goodwill volumes fourth segment. partially were coal EBITDA in lower volumes recorded prior per to million Consolidated Coke million domestic results the segments. full coke As basis adjusted lower the was Year-over-year these the included EPS of million for XXXX. customer was On a our operations primarily million, for Logistics of due also Domestic $XX diluted quarter were costs. down reminder, adjusting year XXXX charge mainly our Logistics impairment of by offset down charges, decrease to at million, share the XXXX asset EBITDA The of long-lived full we full CMT. a year adjusted

Turning to and adjusted adjusted further XXXX to the quarter bridges quarter XXXX adjusted X fourth EBITDA at our fourth fourth quarter performance. EBITDA looking next slide Slide EBITDA.

of coke As customers discussed challenging fourth This the XXXX volumes. partially needs. coke by the lower In operating coke production Strong in lower and adjusted in volumes exchange were cost several were non-cash contributed prior we in lower costs. reduction other reduce we have we contracts, control $X.X XXX,XXX quarter-over-quarter as to as higher in of coke coke address partially due extension by operations well the partnered approximately agreed to conference of the by unprecedented for response and volume as to tons. with from lower quarter which EBITDA management million our lower mainly their was the previous Corporate response challenging XXXX a compared expense. to impact and higher offset environment Logistics due expenses calls our in operations our -- pricing, lower to million to quarter-over-quarter, $X.X to near-term to offset liability legacy year. and

XXXX million year. the adjusted year compared Slide was prior down EBITDA to to X. Turning $XXX.X Full million $XX

segment segment of year adjusted decreased million partly revised the operating EBITDA Domestic control offset procedures. above Coke of despite full-year with Energy Coke and which subsequent Foresight guidance. $XX.X of strong production by operational adjusted Logistics the the million, were approximately operations bankruptcy Including contract Coke of $XXX.X Our year-over-year, efficient million. Domestic delivered segment a coke volumes of as performance Adjusted CMT. our our Brazil, result reduced strong the Domestic EBITDA rejection The XX delivered and level. $XXX was running sales of Chapter full primarily cost at well EBITDA delivered Lower

and higher very and employee-related were corporate our during segment summary, segments Finally, company unfavorable foundry related $X.X and performance with of a In all was cost. tough expense million. we by challenging the non-cash are R&D especially pleased by legacy other the our offset very costs across year. Lower liability

our to on X. Turning deployment Slide capital

year, our close $XX was million. our was during make generation deployment million and $XXX spent generated our the which was good guidance of robust million allowed we on in to to flow highlighted, below the This $XX revised of work. Mike cash capital included operating year flow, range very million $XXX above for strong $XXX approximately related cash million which As to us initiatives. guidance Capex year, expansion progress full foundry

the manage As XXXX. deferred and through various pandemic, we certain the caused projects by capital we constraints in challenges

return higher be XXXX in operations our normal as We levels. capex to expect will maintenance

We managing progress continue our make to balance good sheet.

approximately discount. SXCP spent cash we million by repurchasing notes year $XX.X outstanding $XXX million. a includes the $XXX debt reduce to of million value face This at During

down ratio long-term As goal we reduce or to to times our leverage our lower. indicated is X have gross consistently

million our shares also repurchased in We during XXXX. We to for X.X million $X first the returned shareholders capital quarter. approximately

$X.XX allocation was setting XXXX. XXXX through our market, a in of strong per dividend over the to We XXXX. we Mike? XXXX would progress call turn like run for cash $XXX liquidity million. of cash also ended paid share a total the of and which total, position a the balance approximately $XX with of In $XX million approximately approximately use million, of to continued guidance for stage back to Mike coal this priorities against before views our and the share steel in on capital expectations At our I time, I

Mike Rippey

Fay. Thanks,

pardon -- Before we me.

on guidance, as the to coaster proved XX%, things provide market be XXXX demand. industry. Before reflecting we I roller a enter thoughts overall for rates utilization our at pandemic, to and where New review to were the steel we Prior good around see brief fundamental the stable a the few Year. XXXX we wanted ride

took utilization of integrated with shutting As major down XX% producers to the furnaces. hold, blast dramatically coronavirus low a all steel plummeted capacity

steel to demand recover began the capital reopen economy slowly. and in the utilization As to capacity fall, -- started and

rolled potential for anticipate largely capacity be provides for and pre-pandemic many approaching to the and As demand industry. passage infrastructure for levels a prices utilization were not bill, year a recovery continued XXXX hot rates XXXX years. industrial backdrop of good levels. continued recovery We with overdue seen the long of industry, a came a close, Steel reached coupled steel in to recovered

XXXX, is SunCoke beyond believe well that Looking for long-term positioned we success.

they facilities We have to the coke making efficiently. NAFTA domestic and our to region facilities in safely youngest operate the continue invest ensure in and

with technology recognized performance leading as the and have We MACT EPA standard. environmental are outstanding

the and older retired least world. process be and production towards of their in life believe supply the cleanest in intensive the coke coke the Our We of the carbon future. end is some will coming is cycle

have recent for addition, our market create steel iron, the company. coke, require or The pig consumption of could by opportunities will which the [EAFs]. in production developments produced furnaces potential In domestic to blast economically the created iron the pig

on We provides market and export which are diversification. customer also markets, foundry entering and new

XX% two-year approximately We the the On in we signed versus at side, by thermal And the recovery. substantial from Coast the showing is export signs prices market APIX coal seen and take-or-pay recently quarter. East a to Gulf shipments prior new handle have Javelin increases export coal fourth with of ports. CMT. agreement in quarter coal increased Coast the

will CMT we have product this iron is We we successfully repositioning continue handled be multi-year ore XXXX, of that it to priorities. and fully to CMT handle also continues a top undertaking expect at in one and our new

over our Fay it turn adjusted XXXX I'll guidance. Now, EBITDA review to to

Fay West

Thanks, Mike.

Turning XX. Slide to

million. we and sold expect spending more We at being contribute foundry fleet Coke XXXX capacity full level $XXX and XXXX. million $XXX activities to as as be into in Domestic return capital an export O&M EBITDA higher to $X We Domestic million million our incremental a adjusted $X in between Coke normal capacity markets. XXXX the will to uncontracted operations run anticipate our with and

in contribute Logistics million to Turning logistics to additional $X expect an XXXX. million we $X segment, to

that conditions to mentioned, anticipate Mike for will higher result continue we which market export As improve, in we will anticipate volume. coal

see for from also non-coal volumes incremental We throughput. opportunities

better to expense. expect of the by is foundry discrete lower segment million million. year-over-year absence favorability related $X employee-related Corporate our Other we The and be items and R&D certain costs to driven by $X Lastly, as approximately such

agreements. of sales tons. X.XX our Slide the Coke Domestic between XXXX, to domestic at will X.X run expect to Once capacity. on EBITDA and be XX. $XXX million million we $XXX tons approximately adjusted expect under contracted with million are take-or-pay million full we again, Moving fleet long-term In Approximately

to and ton furnace replace expect remaining the and export in basis. tons not ton markets. volumes export and do We foundry the tons a blast sell per Foundry

tons reflected differences in are coke due a These -- price approximately ton in single sales the X of example, to of furnace process, tons, our the coke. of which XXX,XXX foundry X.X approximately for For blast production estimates replaces total of million furnace XXX,XXX volume XXX,XXX coke tons. to export foundry is The is blast sales tons. and equivalent and the be tons expected between differences

coal which Jewell recovery XXXX. through at projections exposed our cost facility, commodity Our cost risk is to lower XXXX also include

prices Domestic coal drive Additionally, yield lower fleet. lower will our in gains across Coke XXXX

operating be maintenance Lastly, maintenance by activities will maintenance as we as Certain the and costs and XXXX. lower pandemic XXXX were and constraints expect imposed well projects to as to capital that also higher compared deferred in production. due

production ramps normalize operating expect well. and that normalize, up as conditions maintenance As the will spending we

Looking million an between increase at $XX to is expected versus $XX million $X be Slide XX. XXXX million, million EBITDA Logistics of and $X to XXXX. adjusted

As earlier, million X for Javelin, XXXX. ton with agreement contract volume included have X we for discussed XXXX a new take-or-pay million and a which tons

from be looking between tons coal at are X market X in tons million XXXX. coal export exported million to current APIX projecting the and and Given we the curve, CMT forward of

iron look tested our opportunities. ore at other have also continue Additionally, for handling facility to and we

X.X non-coke ore. throughput tons as coke, X estimates iron value include Our pet of between and million million such aggregates to

expect well remain production ramping at terminals our We back volumes slightly facilities tempered. our third-party domestic volumes production. with coal But will higher to as full coke up

to to new products full adjusted XXXX. upside, versus is our range to CMT XXXX some we handled at commodity we new will improving understand CMT. X.X for in positive approximately has expect realizing and and test tons is We the initial in that domestic the success volume Overall, potential is in result which in in bring handle potential at additional in larger small the coal will of initiatives this see achieved indication products XX.X continue customers guidance pursue tons XXXX. step toward market We that contemplated CMT through on Logistics and the terminals million our a that EBITDA million

many Moving guidance. provides we to $XXX performance a XXXX guidance on between in of XXXX as well summary million XX. EBITDA $XXX and our metrics a This Once historical across XXXX. as the summary view be expect slide adjusted of actual million to again, Slide

Our are potential upside to XXXX coke an $XX in basis. the coal volumes. some long-term capacity back is with capital around products We Logistics new capex includes capex our estimates annual ramp expected XXXX million. some anticipate with from and requirement had and will operations our to be up deferred higher This segment in and line export full on projects

cash million account into to changes. be million free capital and between and it I'll flow taxes, minimal is cash expenditures to capital Our With expected that, working $XX Mike. $XXX turn taking after cash interest, back

Mike Rippey

Thank you, Fay.

to So wrapping up on foundation. on Slide XX. XXXX will be our a build year strong

performance our is As always operational for safety top of organization. and mind

against efforts Our in XXXX. plan successfully focus capital will on and executing our operating

into where on this markets We we will limited but on tested new these scale. industrial participate opportunities for first are year XXXX. basis, two entering an a be the We

success product. years. proving to is supplier succeed for these ourselves important markets as Our are reliable as by in SunCoke high objective of quality in a future in as sales These well XXXX

to terminal asset base, a further optimize will opportunities to We in to an expanding Terminal focus. Marine customers export specifically of will and will products area CMT, diversified XXXX. a our from as Convent be terminal SunCoke working primarily to continue coal toward pursue repositioning our continue more it relates

capital balance to we past, strengthening structure. our bring we continue debt demonstrated goals, critical execute stabilizing well capital have continuing is our established As allocation the and to to our and in down will balanced well

the new serve see markets, for the and We and accordingly. meet need business, and targets total, and go of customers, Logistics capital Year, financial an a battling will of continue strength excited structure franchises our and build unprecedented the up New coke to for We our basis optimistic decisions to that, on enter on allocation we'll evaluate after we core it In our new continuous create our capital capital needs Q&A. shareholders are With make and open through XXXX. to shareholders. making to our value potential great ahead let's for reward

Operator

Matthew Fields from comes line the Bank Our America. first of question Instructions] of [Operator with

Matthew Fields

everyone. Hi,

of So implied fourth free cash and were it EBITDA your holding in negative you November full-year all and a which last kind time to of X, pretty spoke, quarter terms flow. we guidance, was

a think $XX handily obviously free I that on to negative pretty million flow $XX hit million, fronts. you'd be cash pretty to both

out-performance kind reason or conservative strong last the that there for the XQ? that Was was six fundamentally what really guide was in the a it really, of in changed weeks of So something just just quarter?

Mike Rippey

Nothing fundamentally changed Matthew.

been quarter. the be not Sometimes mild is quite bit as the Weather but mild. back It's found a of wind we fourth weather in the quite and fourth your Midwest quarter to case recently, here the in the was in the mild. that was

initiative reduction very performed in of good to starting cost here in fourth a unfortunately delighted employees began to fewer beat fruition which to but company XXXX. I'm full initiatives, SunCoke, reduction production operations our ramp of cost, means process ability the that at the here into up we quarter, while with at announced a The so simultaneously and cost to miss levels. come our in reducing the So, implement full we back the as we didn't

it So its in work see you the 'XX. in for we weather. than quarter really company and I have was employees. and in a was XXXX had [Audio more we Gap] There XXXX Again capital some it perhaps outstanding quite think good

which as well. doing accomplish catching able an little that on does in up have weren't we bit O&M So fourth our a we're to impact quarter the cost

good quarter. So it really was a just

Matthew Fields

the coke Okay. think And to side 'XX. explanation puts of about tons coke about some of 'XX I I furnace blast then foundry replacing maybe And Coke X further sort to wanted Domestic the tie takes on then and from comments phase that.

but you AK to Steel I here, me coming back think and 'XX, please if contracts. XXX,XXX tons think the wrong have from I'm from I correct 'XX

[MTNA] tons going away have You in XXX,XXX contracts. the

tie to the only tons get XXX XXX XXXX to figures, bridge to furnace X.X -- me and sort those going tons? but of and on be the of you're selling help wrong XXX,XXX tons to the 'XX rest I'm way but of that coke million export? blast that balance Is is maybe is So coke, then XXX to foundry

Fay West

little at kind tons. contracted blast of volumes, Roughly of I our we've a over furnace we're million okay? mentioned of thought long-term When X.X at at how equivalent, kind so, million No, look utilization, we've what right, our tonnage. production as always X.X tons discussed volumes, take-or-pay always of you and under we're at full

So when you to do tons have uncontracted tons take-or-pay X.X you math, million contracts. you're under trying XXX,XXX to of just have X.X tons million that volumes long-term

be And those then we're market into full market. at because run or into the the tons will so to deployed foundry going either export -- rate, run either

not comparison foundry front. a per the Now, ton it's on ton

And so in we're when of the planning the what the and we space amount. look that it selling at differential space, foundry is on export

Mike Rippey

And coking the is provided foundry really times for that of production extended coke. the the

Matthew Fields

Okay.

will you essentially X.X will you fewer than But million So be selling that? be producing tons.

Fay West

no, no. No, we... What

Mike Rippey

We'll capacity facilities used. be All the be of utilizing the time the will fully.

available We because time coke will cycle use foundry longer. unit of every We less coke. minute the per to time produce produce is coking of

So you throughput. get less

Matthew Fields

$XX, overall to And your really guidance down Great. right. margins isn't then All $XX much. that

can contract of coke? sort on So you're between a of guidance to long-term sort foundry margin coke us differential you little give the and

Mike Rippey

internal offerings on opportunity ups product we can foundry are information. know different fully we market appropriate relative appreciate, production, Foundry giving not optimize harm reduce There don't on. our is the think is, but commercial, us, get or our profit to a that side to our that it's specific want less the cost competitively same. say would you more as it's to anything small some yields go profitability the of and to We're look the really margin I

the furnace up. with So profit opportunity certainly the line is of in internal some product But blast margins. foundry the bring there to

Matthew Fields

Logistics that's on side, contract. that And Okay, on helpful. then congrats new Javelin the

X wanted sort some from tons Or of additional away. that in dig with me chunk there Like Convent that's up was Just bit to that million is from was coal there. help but to X, X coal. tons of extra to not going in? fitting million understand where X.X is a a little X.X that going Javelin, X.X an

Fay West

where math moved your paying in is, together not incremental it's an think We So million isn't tons. I XXXX... tons X

Mike Rippey

On a basis. spot

Fay West

Javelin. For

Matthew Fields

Okay.

Fay West

million. X.X

And it take-or-pay it's it's which new is spot so for in like -- its was this not contract, tons. X million XXXX, just a

Matthew Fields

in the XXXX is X.X So tons for only incremental, Javelin. about million

Fay West

'XX. Yes.

Matthew Fields

Got it.

$X know margin, $X to to the side Okay, revenue we to be that's are EBITDA as of on on logistics get to to it your is into sort there trending toward be we you And guide, then can some the 'XX? coal same we kind very revenue but going used Logistics generate the or to of going back sort helpful. I back you'll basis business. to start based see, the up Are closer going on per ton in 'XX that of

Mike Rippey

have foundry not did and competitive as the to in say finding really the not in we're than and our different now regard What EBITDA intending situations. We're entering more of markets ourselves with segment. anything we new we to throughputs

Matthew Fields

and fair. then patience from me for lastly And that's Okay, here. thanks the

apply that With cash expected kind which over if 'XX flow in 'XX, the or X.X pay X below down your X.X entire times. put course revolver a would of of could turn you of free you you the in

foot or mean might do debt target continued you're time that reduction be with to that or below does over that said gas times times, X is off can shareholder take returns and the as And even into the important. we the you turn going lower? X think if You X.X times increased or

Mike Rippey

is correct. if mean, math I your think -- you're I

good times X to debt being along X year continue or make as times we As next and a and lower. drive below said pay we've down would progress us that bit all

speaks that in next have priority excess our well will X we think I to cash or be down level flow lower year. XXXX times get the pretty to that to So and debt

Operator

B. comes of with the line Our Riley next question from Pipes Lucas Securities.

Lucas Pipes

mind. my on questions primary Two

you today contract that increases have with here the Domestic Mike, XXXX. steel year to market on downs very -- then market that -- previously customers you XXXX what extent this is you noted, minimums, and Coke outlined step about the strong. discussions First had I your wanted potential this ask to

have again? conversations So wondered those just if I Thank you. started

Mike Rippey

the It's not those Yes, conversations did We matter it's year and question, in in a are and aware, XXXX, that on contracts. they renegotiated at end. we basis. different of a customers you're a supported the as couple we extended stopping, continuing our Actually points as a really good starting Lucas. and other during our existing of

We to and also that diversification though run and facilities our ensure responsibly to opportunities other look full. for customer

we're So, in existing potential both well our with as customers discussions, as customers.

Lucas Pipes

the noted or you've would say you those those the market into strength over this at And in ongoing point are spilled really yet? conversations

Mike Rippey

market No. utilization rates where saw. are capacity strengthening the is last back I guess XX% Clearly the is number I

XX% approaching is we're So and market. plus XX% healthy

So us that's ourselves. to a good environment find for

this an is development steel of I market. instead be infrastructure bill addressed get really a demand catalyst is indicated in and the lack bipartisan for Washington perhaps talking about a way country, actually further That's up can something it. do pause, needs in As to about the for a our one it by -- need it,

see improvement recovery we So the continuing, industrial continue.

a to bit our to during to be do and a product investments we long-term of we is, we're did and reliable of the contraction. the made significant the high believe the we able fact discuss. quality we're for So recognize us reason But going is that there And customers for the supplier. year make environment period we've last that extensions

think customers you potential customers our not steel and long the and it's only view. a view necessarily take sit about take cycle. in the we So where We long

the dialog. just it's part just -- -- is ongoing of it's the -- this So

Lucas Pipes

I another And the used full in doesn't you that way. you in could was topic wanted wondered to potential couldn't it's more here agree prepared I in this on remarks, know CMT. phrase, the quantitative helpful. side. Very to on full XXXX. infrastructure I believe for Mike a full mentioned, like and potential if potential you speak touch I achievable your seem

four years, terms you've If Thank EBITDA through even you three, you potential you. five initiatives various two, do of that facility taken? out look where see or maybe in

Mike Rippey

business XXX coke I XXXX ability But clearly through the million in either business. at beyond is the logistics We've underutilized our start the don't in terminal EBITDA want tons forecasting there and today. our capacity there past. for or to demonstrated to

terminal million a a is than there the beyond historically that volumes substantially first thoughtful and that way that stop and where could it So in done. to more expand that's handle XX opportunities is profitable

it's a capacity in there investments. some investment capacity and without there So journey. But presence there latent is the additional of modest is

Operator

from the Markets. comes line KeyBanc question next Our Gibbs of with Phil Capital Instructions] [Operator

Phil Gibbs

Thanks was in much the -- the was, the business? foundry in terms How X.X terms composition us on of million and tons. shipped color you split that for XXXX Coke any in you what XXXX export operations. I terms in all Can of your there the think take-or-pays Domestic texture the around of give what between domestic

Mike Rippey

was commercial It export all domestic. foundry. of no was either There volumes or

Phil Gibbs

Okay.

relatively is domestic growth take-or-pay or the So flattish year? modest this

Mike Rippey

Correct.

Phil Gibbs

terms that of pig potential. remarks think just a or reality XXXX and in not hearing on And whether what that's a Okay. I potential iron think a you're about comment in your prepared question you had XXXX made you opportunities or a

what's in that of the -- volumes terms terms comment. Just, in of

Mike Rippey

in show to up starts it 'XX. think I

There's this imported being to blast every I aren't approximately frankly You've produce it's by X is tons think got pig about places where we pig the a Canadian producer imported great. environmental quite into and country of beginning producers. furnace being as day domestic every actively explored concerns million now, that's from year demonstrate that it's

opportunity also I the an there in terms to of is in an it's and responsible do opportunity think way. environmentally more something environment an So economic global

good So is think I there opportunities.

actually who pig. the better directed when think the question much and a would people is to I produce how

Phil Gibbs

has but just steel from That evolution that industry, And sense. a just then my lot emissions know been me. more obviously perch, domestically makes within there's from I one the of reductions going think on. I focus on

maybe even and think on accelerated been in I fact some it you just probably the demands domestically in you early view of that an misinformation. I customers in the there's of kind of given blast think some think the color and far the your terms furnace I just its your are Thanks. were this of rest where ahead here if before lot the of provide versus evolution potentially terms -- that terms Obama could think world I how a put we is administration think a to of for the and adopter while. of industry we've

Mike Rippey

You're XXX% right.

So is It's COX the reduction and actually decades environmental not old. industry. to performance domestic new

scope been progress the and improvement customers and States here tremendous to environmental in continued made already footprint. who with industry to for performance of look the applaud there's environmental United improve regard So our their we the has

are footprint in entire small the not moved the the world, world, and do to and get players, performance do steel, a the but continue to produced ring it. is by a a who I'm all but ours. and portions to consumers, now parts to is enforcement know, significant people particularly something I responsible trade As for environmental clearly I others issue. think to about needs of Washington producers who fairness we long imported industry small and subsidies as And laws don't continue and global think around improve we our environmental in and footprint, seriously responsibility to that's improve trade not with way, that's our even are that in environmentally the steel aren't investors, to we the out. Other into globally educate present the US by you issue, certainly a responsible we business' world continue people message need It's take have required of the discussion very look as and to there's their the trade an and it's the trade we world we need other continuously but same of throughout COX saying is could

indiscriminately allowing if accomplishing by argue import haven't you country, those we who We in do don't accomplished we to encourage anything, is laws. have strong much. fact produce into could pollution our trade are export we not All we pollution

So beyond and there administration is been here the couple the Obama a journey. over for that it is you're predates This to it do And next of continuing all body it's of too. a able extend decades. I the and the right applaud past work administration industry will

others we we to do continue So hard that, the same. to need to insist work that need and

Operator

I remarks. questions. Rippey any to further this At turn like closing it for would over are no now back time, to there Mike

Mike Rippey

as for look again, interest like forward in to our everyone and to we Thanks. continuing dialog. continued today always, I'd call So joining appreciate the your thank SunCoke and

Operator

you your thank Ladies, participation. for

may You now disconnect.

SunCoke Energy (SXC) 4 Feb 212020 Q4 Earnings call transcript