SunCoke Energy, Inc. - FORM 8-K - EX-99.2 - SLIDE PRESENTATION

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Q1 2012 Earnings Conference Call

May 1, 2012

Exhibit 99.2

Safe Harbor Statement

This slide presentation should be reviewed in conjunction with SunCoke’s First Quarter 2012 earnings release and conference call

held on May 1, 2012 at 10:00 a.m. ET.

Some of the information included in this presentation contains “forward-looking statements”

(as defined in Section 27A of the

Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Such forward-looking

statements are based on management’s beliefs and assumptions and on information currently available. Forward-looking

statements include the information concerning SunCoke’s possible or assumed future results of operations, business strategies,

financing plans, competitive position, potential growth opportunities, potential operating performance improvements, effects

resulting from our separation from Sunoco, the effects of competition and the effects of future legislation or regulations. Forward-

looking statements include all statements that are not historical facts and may be identified by the use of forward-looking

terminology such as the words “believe,”

“expect,”

“plan,”

“intend,”

“anticipate,”

“estimate,”

“predict,”

“potential,”

“continue,”

“may,”

“will,”

“should”

or the negative of these terms or similar expressions. Forward-looking statements involve risks,

uncertainties and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. You

should not put undue reliance on any forward-looking statements.

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, SunCoke has included in its

filings with the Securities and Exchange Commission cautionary language identifying important factors (but not necessarily all the

important factors) that could cause actual results to differ materially from those expressed in any forward-looking statement made

by SunCoke. For more information concerning these factors, see SunCoke's Securities and Exchange Commission filings.

All

forward-looking statements included in this presentation are expressly qualified in their entirety by such cautionary statements.

SunCoke undertakes no obligation to update publicly any forward-looking statement (or its associated cautionary language)

whether as a result of new information or future events or otherwise.

This presentation includes certain non-GAAP financial measures intended to supplement, not substitute for, comparable GAAP

measures. Reconciliations of non-GAAP financial measures to GAAP financial measures are provided in the Appendix at the end of

the presentation. Investors are urged to consider carefully the comparable GAAP measures and the reconciliations to those

measures provided in the Appendix, or on our website at www.suncoke.com.

First Quarter 2012 Earnings Conference Call

Q1 2012 Earnings Overview

Q1 2012 results driven by strong Coke

business performance

•

Successful Middletown startup

•

Improvement at Indiana Harbor

•

Yield/cost improvement at other

facilities

Coal remains a challenge

•

Higher than expected cash costs

•

Difficult demand/price environment

•

Taking further action to reduce costs

Solid quarter-end liquidity position

•

Expect positive free cash flow for

balance of year

Reaffirming expected 2012 Adjusted

EBITDA of $250 million to $280 million

First Quarter 2012 Earnings Conference Call

(1)

For a definition of Adjusted EBITDA and reconciliation of Adjusted

EBITDA, please see the appendix.

$0.17

$0.24

Q1 '11

Q1 '12

Earnings Per Share

(diluted)

$26.6

$55.8

Q1 '11

Q1 '12

Adjusted EBITDA

(1)

(in millions)

Q1 2012 Financial Results

First Quarter 2012 Earnings Conference Call

Revenue up 44%

•

Adjusted EBITDA more than doubled

•

Earnings Per Share increased to $0.24

•

($ in millions)

Q1'12

Q1'11

Revenue

$481.3

$333.4

$147.9

Operating Income

$33.9

$4.3

$29.6

Net Income Attributable to

Shareholders

$16.9

$11.9

$5.0

Earnings Per Share

$0.24

$0.17

$0.07

Coke Adjusted EBITDA

(1)

$55.2

$20.5

$34.7

Coal Adjusted EBITDA

(2)

$7.4

$12.3

($4.9)

Corporate/Other

($6.8)

($6.2)

($0.6)

Adjusted EBITDA

(3)

$55.8

$26.6

$29.2

Domestic Coke Sales Volumes

1,078

872

206

Coal Sales Volumes

373

386

(13)

Change

Domestic coke production up 206

thousand tons

Middletown produced 142 thousand

tons; added $68.5 million to revenue

Higher average coal prices favorable

to Coke and Coal revenues

•

Middletown contributed $11.5 million

Meaningful improvement at Indiana

Harbor

Higher yields and operating cost

recovery throughout coke business

Offset by higher coal mining costs

Reflects operating income gains and

costs of standalone capital structure

(1) Coke Adjusted EBITDA includes Adjusted EBITDA from Jewell Coke, Other Domestic Coke and International segments.

(2) Coal Adjusted EBITDA includes Adjusted EBITDA from Coal Mining segment. In Q1 ’12, internal coal transfer price mechanism changed to reflect Jewell Coke contract price;

prior year periods adjusted to reflect this change.

(3) For a definition of Adjusted EBITDA and reconciliation of Adjusted EBITDA, please see the appendix.

Adjusted EBITDA

(1)

Bridge –

Q1 2011 to Q1 2012

Quarter’s performance led by strong Coke business results

First Quarter 2012 Earnings Conference Call

($ in millions)

$26.6

$55.8

$11.5

$4.4

$8.5

$10.3

($4.9)

($0.6)

Q1 2011

Adjusted

EBITDA (1)

Middletown

Indiana

Harbor

(excluding-non-

recurring items)

Indiana

Harbor

non-recurring

items (2)

Coke Business

(Jewel/Haverhill/

Granite City/Int'l)

Coal Mining

Corporate

Costs

Q1 2012

Adjusted

EBITDA (1)

Total improvement of

$12.9 million

(1)

For a definition of Adjusted EBITDA and reconciliation of Adjusted EBITDA, please see the appendix.

(2)

Non-recurring items that impacted Indiana Harbor performance included a $2.4 million, net of noncontrolling interests (“NCI”), charge related to a coke inventory

reduction and a $1.3 million, net of NCI, lower cost or market adjustment on pad coal inventory in Q1 2012 and $12.2 million, net of NCI, in coke cover costs in Q1 2011.

First Quarter 2012 Earnings Conference Call

EPS

Bridge

–

2011

2012

EPS growth reflects strength of cokemaking business

offset by financing costs for standalone capital structure

(1)

For a definition of Adjusted EBITDA and reconciliation of Adjusted EBITDA, please see the appendix.

$0.17

$0.24

$0.50

($0.07)

($0.01)

($0.08)

($0.24)

($0.03)

Q1 2011 EPS

(Diluted)

Adjusted

EBITDA

Coke

Adjusted

EBITDA

Coal Mining

Adjusted

EBITDA

Corporate Costs

Depreciation,

Depletion

& Amortization

Financing Costs

Taxes

Q1 2012 EPS

(Diluted)

Reflects:

Q1 2012 interest expense: $12.1m

Q1 2011 income from affiliate, net: $4.2m

Domestic Coke Business Summary

(Jewell Coke & Other Domestic Coke)

Domestic

Coke

Production

Domestic Coke Adjusted EBITDA

(1)

Per Ton

(Tons in thousands)

($ in millions, except per ton amounts)

Other

Domestic

Coke:

687

Other

Domestic

Coke:

786

Other

Domestic

Coke:

838

First Quarter 2012 Earnings Conference Call

Other

Domestic

Coke:

745

•

Quarter benefited from Indiana Harbor improvements

and strong Middletown Adjusted EBITDA per ton

profile

Other

Domestic

Coke:

894

For a definition of EBITDA and Adjusted EBITDA/Ton and reconciliations, please see the appendix.

Includes Indiana Harbor contract billing adjustment of $6.0 million, net of NCI, and inventory adjustment of $6.2

million, net of NCI, of which $3.1 million is attributable to Q3 2011.

Includes a $2.4 million, net of NCI, charge related to coke inventory reduction and a $1.3 million, net of NCI, lower

cost or market adjustment on pad coal inventory and lower coal-to-coke yields related to the startup at Middletown.

(1)

(2)

(3)

•

Middletown primary driver of increased coke production

in Q1 ‘12

15%

23%

12%

17%

18%

13%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Pretax ROIC

(1)(2)

for Domestic Coke

excluding Middletown prior to 2012

First Quarter 2012 Earnings Conference Call

Pretax Return on Invested Capital (ROIC)

(3)

(4)

Pretax ROIC, ex-Middletown prior 2012

(1)(2)

2010

Q1 2011

Q2 2011

Q3 2011

Q4 2011

2011

Q1 2012

Total Domestic Coke (Includes Jewell Coke and Other Domestic Coke)

18%

15%

23%

12%

13%

17%

International Coke

35%

10%

20%

120%

36%

Coal Mining

32%

46%

28%

21%

(5%)

23%

11%

Total SunCoke (Including Corp./Other)

18%

11%

16%

10%

13%

For a definition of Pretax ROIC and reconciliations, please see the appendix.

Pretax ROIC is calculated as Adjusted Pretax Operating Income divided by average invested capital (stockholders’ equity plus total debt net of cash and cash equivalents); for a

reconciliation of Adjusted Pretax Operating Income to Adjusted EBITDA, please see appendix.

Includes Indiana Harbor contract billing adjustment of $6.0 million, net of NCI, and inventory adjustment of $6.2 million, net of NCI, of which $3.1 million is attributable to Q3

2011.

Includes a $2.4 million, net of NCI, charge related to a coke inventory reduction and a $1.3 million, net of NCI, and $4.0 million of non-recurring costs and lower coal-to-coke

yields related to the startup at Middletown.

Note: This table excludes Middletown assets up to and including Q4 2011. At the end of Q4 2011, identifiable assets included in Other Domestic Coke attributable to Middletown

were $402.8m (prior to Q4 2011, Middletown was included in the Corporate and Other segment); see historical segment detail in public filings for additional detail

Domestic Coke Business –

Adjusted EBITDA

(1)

Outlook

First Quarter 2012 Earnings Conference Call

($ in millions, except as noted)

Estimated

Low

Estimated

High

Domestic Coke Adjusted EBITDA

(1)

Per Ton

$55

$60

Annual Domestic Coke Sales Volumes (in millions of tons)

x 4.3

x 4.4

Domestic Coke Adjusted EBITDA

(1)

$237

$264

Less: Ongoing Capital Expenditures

($35)

Annual Domestic Coke Adjusted EBITDA

(1)

less Ongoing

Capital Expenditures

$202

$229

Illustrative Liquidity Ratios for Domestic Coke Business

Estimated

Net Debt

(2)

to Adjusted EBITDA

(1)

2.6x

2.3x

Interest Coverage

(3)

5.4x

6.0x

All figures are estimates based on current expectations for domestic coke business (Jewell Coke and Other Domestic Coke segments); for example purposes only

•

With Middletown at its target run rate, expect domestic coke Adjusted EBITDA

(1)

per

ton to be $55 -

$60

•

Expect annual domestic coke Adjusted EBITDA

(1)

less ongoing capital expenditures in

excess of $200 million

(1)

For a definition of Adjusted EBITDA and reconciliation of Adjusted EBITDA, please see the appendix.

(2)

Net Debt represents Total Debt less cash balance at end of period. Net Debt provides a perspective on the Company's overall debt position. Net Debt was calculated by subtracting our

3/31/2012 cash balance of $113.6 million from our Total Debt of $725.7 million on 3/31/2012.

(3)

Interest coverage is Adjusted EBITDA divided by expected 2012 interest expense of $44 million, net of amortization of issuance, discount and other fees.

Coal Mining Financial Summary

Coal

Mining

Adjusted

EBITDA

(1)

and

Avg.

Sales

Price/Ton

(2)

($ in millions, except per ton amounts)

First Quarter 2012 Earnings Conference Call

(1)

For a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA, please see the appendix.

(2)

Average Sales Price is the weighted average sales price for all coal sales volumes, including sales to affiliates and sales to Jewell Coke.

(3)

Coal Sales, Production and Purchases

$12

$11

$152

$162

$155

$159

$171

$32

$34

$25

$20

$114

$126

$132

$138

$151

-$50

$50

$100

$150

$200

Q1 '11

Q2 '11

Q3 '11

Q4 '11(3)

Q1 '12

Coal Adjusted EBITDA

Average Sales Price

Coal Adj EBITDA / ton

Coal Cash Cost / ton

Q1 '11

Q2 '11

Q3 '11

Q4 '11

Q1 '12

Coal Sales

386

334

371

363

373

Coal Production

335

340

349

375

Purchased Coal

Q1 2012 Adjusted EBITDA declined

YoY to $7.4 million

Higher costs and lower sales volumes more

than offset higher prices

Cash Costs continued to rise

Jewell Cash Cost per ton increased to $161

per ton

Reject rates increased to 68% due to

geology and preparation plant inefficiency

Higher labor costs due to additional

headcount, not offset by increase in clean

coal production

Higher royalties based on higher coal sales

prices

Experienced permitting delays at

Revelation

Full year coal outlook reduced based on

Q1 2012 performance

Q4 2011 Adjusted EBITDA inclusive of Black Lung Liability charge of $3.4 million and OPEB expense allocation of $1.8 million.

Coal Mining Action Plan

Focusing on our most productive mines to reduce costs

Reducing 2012 coal mining production estimate from 1.8

million to 1.6 million tons

Reducing capital spending in line with reduced coal outlook

First Quarter 2012 Earnings Conference Call

Taking action intended to make

coal mining business cash neutral in 2012

•

Idling high cost/low quality mines and deferring further expansion

Consolidating staff and equipment to more productive mines; reducing overtime and

number of contractors

•

Cutting Hi-Vol. and thermal coal production at HKCC

•

Experienced permitting delays at Revelation

Cutting expected 2012 capital expenditures from $60 million to approximately

$40 million

Focusing on replacing aged mining equipment, increasing preparation plant

efficiency and building new load out facility

Q1 2012 Sources & Uses of Cash

First Quarter 2012 Earnings Conference Call

Maintained solid liquidity position during quarter;

revolver capacity remained at approximately $150 million

($ in millions)

$127.5

$16.6

$18.4

$1.7

$113.6

($39.8)

($9.5)

($1.3)

Q4 2011

Cash

Balance

Q1 2012

Net Income

Depreciation,

Depletion &

Amortization

Other, net

Changes in

Working

Capital

Expenditures

Cash Provided

by (Used in)

Financing

Activities

Q1 2012

Cash

Balance

Primarily reflects:

Inventories: $18.9m

Accounts payable: ($39.9m)

Interest payable: ($8.1m)

Updated 2012 Outlook

First Quarter 2012 Earnings Conference Call

Middletown startup gives

confidence in outlook

2012 Coke production now

expected to be in excess of

4.3 million tons

Expect average Adjusted

EBITDA per ton to be $55 -

$60 for balance of the year

New plant permitting efforts

continue

Focused on permitting for

an anticipated 660,000 ton

capacity plant with 120

ovens

Not pursuing investment

opportunity with Global

Coke

Remain committed to India

entry strategy

Discussing opportunities

with other merchant coke

producers in India

Targeting potential

transaction by early 2013

Focus on mining mid-vol. coal

and meeting contracted

volumes

Production target reduced to

an expected 1.6 million tons

Anticipating cash flow neutral

impact in 2012

Idling mines; redeploying

employees and reducing

contractors

Reducing expected capital

spending to $40 million

Focusing investments on

mining equipment

replacement, preparation

plant efficiency and building

new load out facility

Expect to have permits in

first half of 2013; will then

seek customer

commitments

Domestic Coke

International Coke

Coal Mining

2012 Adjusted EBITDA

(1)

Outlook

Reaffirming full year 2012 Adjusted EBITDA guidance,

driven by expected strong U.S. coke performance

($ in millions)

(1)

For a definition of Adjusted EBITDA, please see the appendix.

First Quarter 2012 Earnings Conference Call

$141

$250 -

$280

$95 -

$110

$5 -

$15

2011

Adjusted

EBITDA

Coke Business

Coal Mining

Corporate

Costs

2012 Adjusted

EBITDA

$14

Updated 2012 Guidance

Metric

Expected 2012 Outlook

Adjusted EBITDA

(1)

$250 million –

$280 million

EPS* (at 22% tax rate)

$1.30 –

$1.65

Capital Expenditures &

Investments

Approximately $100 million

Free Cash Flow

(2)

$75 million +

Cash Tax Rate

10% –

15%

Effective Tax Rate

20% –

24%

Corporate Costs

$30 million –

$35 million

Coke Production

In excess of 4.3 million tons

Coal Production

Approximately 1.6 million tons

(1) For a definition of Adjusted EBITDA and reconciliation, please see the appendix

(2) For a definition of Free Cash Flow and reconciliation, please see the appendix

First Quarter 2012 Earnings Conference Call

*Diluted

MLP Evaluation Update

We believe domestic coke assets could qualify for an MLP

•

Coal business not under consideration

Engaged key advisors to assist in MLP evaluation

Analysis underway to assess structuring alternatives

Plan to provide update on Q2 earnings call

First Quarter 2012 Earnings Conference Call

Questions

Appendix

Definitions

First Quarter 2012 Earnings Conference Call

Adjusted

EBITDA

Adjusted

EBITDA/Ton

Free Cash Flow

Pretax

Return

Invested

Capital

(ROIC)

• represents earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”) adjusted for

sales discounts and the deduction of income attributable to non-controlling interests in our Indiana Harbor cokemaking operations.

EBITDA reflects sales discounts included as a reduction in sales and other operating revenue. The sales discounts represent the

sharing with our customers of a portion of nonconventional fuels tax credits, which reduce our income tax expense. However, we

believe that our Adjusted EBITDA would be inappropriately penalized if these discounts were treated as a reduction of EBITDA

since they represent sharing of a tax benefit which is not included in EBITDA. Accordingly, in computing Adjusted EBITDA, we

have added back these sales discounts. Our Adjusted EBITDA also reflects the deduction of income attributable to noncontrolling

interest in our Indiana Harbor cokemaking operations. EBITDA and Adjusted EBITDA do not represent and should not be

considered alternatives to net income or operating income under United States generally accepted accounting principles (GAAP)

and may not be comparable to other similarly titled measures of other businesses. Management believes Adjusted EBITDA is an

important measure of the operating performance of the Company’s assets and is indicative of the Company’s ability to generate

cash from operations.

•

represents Adjusted EBITDA divided by tons sold.

•

equals cash from operations less cash used in investing activities less cash distributions to non-controlling

interests. Management believes Free Cash Flow information enhances an investor’s understanding of a business’ ability to

generate cash. Free Cash Flow does not represent and should not be considered an alternative to net income or cash flows from

operating activities as determined under GAAP and may not be comparable to other similarly titled measures of other businesses.

•

is defined as Adjusted EBITDA less depreciation expense plus net income

attributable to non-controlling interests divided by average invested capital (stockholders’ equity plus total debt net of cash and

cash equivalents). We use Pretax ROIC as one measure of how effectively we deploy capital and make multi-year investment

decisions. It is also used as a long-term performance measure under certain of our incentive compensation plans. Pretax ROIC is

not a measure of financial performance under generally accepted accounting principles, and may not be comparable to other

similarly titled measures used by other companies. Pretax ROIC should not be considered in isolation or as an alternative to net

earnings as an indicator of performance. We define segment level Pretax ROIC as Adjusted EBITDA less depreciation expense

plus net income attributable to non-controlling interests divided by average allocated invested capital. Average allocated invested

capital for each respective segment is calculated pro-rata based on the segment level identifiable assets for the period as

disclosed in our public filings.

Reconciliations

First Quarter 2012 Earnings Conference Call

$ in millions

Q1 2012

FY 2011

Q4 2011

Q3 2011

Q2 2011

Q1 2011

FY 2010

Adjusted Pro Forma Operating Income

151.5

Add: Pro Forma impact of ArcelorMittal settlement

51.0

Subtract: Legal and settlement charges related to ArcelorMittal Settlement

and Indiana Harbor Arbitration

(16.3)

Adjusted Operating Income

37.1

80.4

14.9

33.5

24.6

7.4

186.2

Net Income (Loss) attributable to Noncontrolling Interest

(0.3)

(1.7)

(0.5)

3.4

1.6

(6.2)

7.1

Subtract: Depreciation Expense

(18.4)

(58.4)

(16.0)

(14.7)

(13.0)

(48.2)

Adjusted EBITDA

55.8

140.5

31.4

44.8

37.7

26.6

227.3

Subtract: Depreciation, depletion and amortization

(18.4)

(58.4)

(16.0)

(14.7)

(13.0)

(48.2)

Subtract: Financing expense, net

(12.0)

(1.4)

(7.1)

(3.3)

4.5

19.0

Subtract: Income Tax

(5.3)

(7.2)

2.9

(5.1)

(1.9)

(3.1)

(46.9)

Subtract: Sales Discount

(3.2)

(12.9)

(3.2)

(3.5)

(3.1)

(12.0)

Add: Net Income attributable to NCI

(0.3)

(1.7)

(0.5)

3.4

1.6

(6.2)

7.1

Net Income

16.6

58.9

7.5

21.6

24.1

5.7

146.3

Reconciliations from Adjusted Operating Income and Adjusted EBITDA to Net Income

Reconciliations

First Quarter 2012 Earnings Conference Call

$ in millions, except per ton data

Jewell Coke

Other

Domestic

Coke

International

Coke

Jewell Coal

Corporate

Combined

Domestic

Coke

Q1 2012

Adjusted EBITDA

15.0

40.1

0.1

7.4

(6.8)

55.8

55.1

Subtract: Depreciation, depletion and amortization

(1.3)

(12.6)

(0.1)

(4.1)

(0.3)

(18.4)

(13.9)

Add (Subtract): Net (Income) loss attributable

to noncontrolling interests

(0.3)

Adjusted Pre-Tax Operating Income

13.7

27.2

3.3

(7.1)

37.1

40.9

Adjusted EBITDA

15.0

40.1

0.1

7.4

(6.8)

55.8

55.1

Sales Volume (thousands of tons)

186

892

358

373

1,078

Adjusted EBITDA per Ton

80.6

45.0

0.3

19.8

51.1

Average

Allocated

Invested

Capital

(1)

53.3

928.2

41.0

119.6

NMF

1,142.1

981.5

Annualized Quarterly Pretax ROIC

103%

12%

11%

NMF

13%

17%

FY 2011

Adjusted EBITDA

46.1

89.4

13.7

35.5

(44.2)

140.5

135.5

Subtract: Depreciation, depletion and amortization

(4.9)

(38.7)

(0.2)

(12.9)

(1.7)

(58.4)

(43.6)

Add (Subtract): Net (Income) loss attributable

to noncontrolling interests

(1.7)

Adjusted Pre-Tax Operating Income

41.2

49.0

13.5

22.6

(45.9)

80.4

90.2

Adjusted EBITDA

46.1

89.4

13.7

35.5

(44.2)

140.5

135.5

Sales Volume (thousands of tons)

702

3,068

1,442

1,454

3,770

Adjusted EBITDA per Ton

65.7

29.1

9.5

24.4

35.9

Average Allocated Invested Capital

52.8

627.8

37.4

99.8

NMF

817.8

680.6

Pretax ROIC

78%

36%

23%

NMF

10%

13%

Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income

Reconciliations

First Quarter 2012 Earnings Conference Call

$ in millions, except per ton data

Jewell Coke

Other

Domestic

Coke

International

Coke

Jewell Coal

Corporate

Combined

Domestic

Coke

Q4 2011

Adjusted EBITDA

10.6

21.3

10.2

2.5

(13.2)

31.4

31.9

Subtract: Depreciation, depletion and amortization

(1.2)

(10.6)

(0.1)

(3.7)

(0.4)

(16.0)

(11.8)

Add (Subtract): Net (Income) loss attributable

to noncontrolling interests

(0.5)

Adjusted Pre-Tax Operating Income

9.4

10.2

10.1

(1.2)

(13.6)

14.9

19.6

Adjusted EBITDA

10.6

21.3

10.2

2.5

(13.2)

31.4

31.9

Sales Volume (thousands of tons)

166

837

295

363

1,003

Adjusted EBITDA per Ton

63.9

25.4

34.6

6.9

31.8

Average Allocated Invested Capital

46.7

594.0

33.7

105.6

NMF

779.9

640.6

Annualized Quarterly Pretax ROIC

81%

120%

-5%

NMF

12%

Q3 2011

Adjusted EBITDA

13.9

34.3

1.7

9.2

(14.3)

44.8

48.2

Subtract: Depreciation, depletion and amortization

(1.2)

(9.9)

(3.3)

(0.3)

(14.7)

(11.1)

Add (Subtract): Net (Income) loss attributable

to noncontrolling interests

3.4

Adjusted Pre-Tax Operating Income

12.7

27.8

1.7

5.9

(14.6)

33.5

40.5

Adjusted EBITDA

13.9

34.3

1.7

9.2

(14.3)

44.8

48.2

Sales Volume (thousands of tons)

191

777

373

371

968

Adjusted EBITDA per Ton

72.8

44.1

4.6

24.8

49.8

Average Allocated Invested Capital

53.5

636.2

34.8

115.1

NMF

839.6

689.7

Annualized Quarterly Pretax ROIC

95%

17%

20%

21%

NMF

16%

23%

Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income

First Quarter 2012 Earnings Conference Call

Reconciliations

$ in millions, except per ton data

Jewell Coke

Other

Domestic

Coke

International

Coke

Jewell Coal

Corporate

Combined

Domestic

Coke

Q2 2011

Adjusted EBITDA

10.6

25.3

0.8

11.5

(10.5)

37.7

35.9

Subtract: Depreciation, depletion and amortization

(1.4)

(9.6)

(0.1)

(3.2)

(0.4)

(14.7)

(11.0)

Add (Subtract): Net (Income) loss attributable

to noncontrolling interests

1.6

Adjusted Pre-Tax Operating Income

9.2

17.3

0.7

8.3

(10.9)

24.6

26.5

Adjusted EBITDA

10.6

25.3

0.8

11.5

(10.5)

37.7

35.9

Sales Volume (thousands of tons)

170

757

412

334

927

Adjusted EBITDA per Ton

62.4

33.4

1.9

34.4

38.7

Average Allocated Invested Capital

57.9

648.2

39.7

117.7

NMF

863.4

706.1

Annualized Quarterly Pretax ROIC

64%

11%

28%

NMF

11%

15%

Q1 2011

Adjusted EBITDA

11.0

8.5

1.0

12.3

(6.2)

26.6

19.5

Subtract: Depreciation, depletion and amortization

(1.1)

(8.6)

(2.7)

(0.6)

(13.0)

(9.7)

Add (Subtract): Net (Income) loss attributable

to noncontrolling interests

(6.2)

Adjusted Pre-Tax Operating Income

9.9

(6.3)

1.0

9.6

(6.8)

7.4

3.6

Adjusted EBITDA

11.0

8.5

1.0

12.3

(6.2)

26.6

19.5

Sales Volume (thousands of tons)

175

697

362

386

872

Adjusted EBITDA per Ton

62.9

12.2

2.8

31.9

22.4

Average Allocated Invested Capital

56.0

645.6

41.4

83.8

NMF

826.9

701.7

Annualized Quarterly Pretax ROIC

71%

-4%

10%

46%

NMF

Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income

First Quarter 2012 Earnings Conference Call

Reconciliations

$ in millions, except per ton data

Jewell Coke

Other

Domestic

Coke

International

Coke

Jewell Coal

Corporate

Combined

Domestic

Coke

FY 2010

Adjusted EBITDA

123.9

78.5

15.0

24.0

(14.1)

227.3

202.4

Add (Subtract): Pro Forma impact of

ArcelorMittal settlement

(69.0)

18.0

(51.0)

Add (Subtract): Legal and settlement charges

related to ArcelorMittal Settlement and

Indiana Harbor Arbitration

3.6

12.7

16.3

Proforma Adjusted EBITDA

58.5

109.2

15.0

24.0

(14.1)

192.6

167.7

Subtract: Depreciation, depletion and amortization

(4.4)

(35.0)

(0.1)

(7.7)

(1.0)

(48.2)

(39.4)

Add (Subtract): Net (Income) loss attributable

to noncontrolling interests

7.1

Adjusted Pro Forma Operating Income

54.1

81.3

14.9

16.3

(15.1)

151.5

135.4

Adjusted EBITDA

58.5

109.2

15.0

24.0

(14.1)

192.6

167.7

Sales Volume (thousands of tons)

721

2,917

1,277

3,638

Adjusted EBITDA per Ton

81.1

37.4

18.8

46.1

Average Allocated Invested Capital

58.5

691.6

42.5

51.4

NMF

844.0

750.1

Pretax ROIC

92%

12%

35%

32%

NMF

18%

Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income

First Quarter 2012 Earnings Conference Call

Pretax Return on Invested Capital Reconciliation, $MM

(1) See Adjusted EBITDA and Pretax ROIC Reconciliation for respective periods, 2010 uses Adjusted Pro Forma Operating Income

(2) Q1

2012

Average

Invested

Capital

includes

Middletown

both

the

beginning

and

ending

quarter

average

(Q1

2012

and

2011)

Consolidated Sun Coke Energy

Q1 2012

2011

Q4 2011

Q3 2011

Q2 2011

Q1 2011

2010

2009

Adjusted Pre-Tax Operating Income

(1)

37.1

80.4

14.9

33.5

24.6

7.4

151.5

Invested Capital

Q1 2012

(2)

2011

Q4 2011

Q3 2011

Q2 2011

Q1 2011

2010

2009

Debt

$725.7

$726.4

$697.8

$794.7

$715.7

$655.3

$145.3

Equity

513.3

559.9

604.5

457.3

433.4

429.3

815.6

Cash

(113.6)

(127.5)

(110.9)

(30.5)

(11.0)

(40.1)

(2.7)

Middletown

(402.8)

(387.6)

(346.1)

(286.7)

(242.2)

(72.5)

Invested Capital

$1,125.4

$756.0

$803.8

$875.4

$851.5

$802.4

$885.6

Average Invested Capital*

$1,142.1

$817.8

$779.9

$839.6

$863.4

$826.9

$844.0

Q1 2012

2011

Q4 2011

Q3 2011

Q2 2011

Q1 2011

2010

Quarterly ROIC

13%

16%

11%

Last Twelve Months' ROIC

10%

18%

*5 quarter average for 2011, two quarter average for each quarter, year-end average for 2010

Debt

Q2 2011

Q1 2011

2010

2009

Interest receivable from affiliate

(3.6)

(1.8)

0.0

Notes receivable from affiliate

(289.0)

Advances from affiliate

1,087.3

1,006.5

944.3

434.3

Total Debt

794.7

715.7

655.3

145.3

First Quarter 2012 Earnings Conference Call

Pretax Return on Invested Capital Reconciliation, $MM

Period ended

Jewell

Coke

Other

Domestic

Coke

International

Coke

Coal

Mining

Corporate

and Other

Total

Identifiable Assets for

Allocating Invested Capital

Q1 2012

83.9

1,440.2

64.6

189.1

141.1

1,918.9

Q4 2011, inc Middletown

81.6

1,440.8

62.7

182.1

174.6

1,941.8

Q4 2011

81.6

1,038.0

62.7

182.1

174.6

1,539.0

Q3 2011

77.7

990.6

52.7

178.3

192.3

1,879.2

Q2 2011

85.1

954.4

53.6

173.5

67.2

1,972.6

Q1 2011

82.6

922.6

61.2

167.3

48.9

1,860.1

2010

80.9

962.6

59.7

76.7

7.3

1,718.5

2009

82.7

972.1

59.2

67.6

3.7

1,546.7

Percentage of

Invested Capital

Q1 2012

4.7%

81.0%

3.6%

10.6%

NMF

100.0%

Q4 2011, inc Middletown

4.6%

81.5%

3.5%

10.3%

NMF

100.0%

Q4 2011

6.0%

76.1%

4.6%

13.3%

NMF

100.0%

Q3 2011

6.0%

76.2%

4.1%

13.7%

NMF

100.0%

Q2 2011

6.7%

75.4%

4.2%

13.7%

NMF

100.0%

Q1 2011

6.7%

74.8%

5.0%

13.6%

NMF

100.0%

2010

6.9%

81.6%

5.1%

6.5%

NMF

100.0%

2009

7.0%

82.3%

5.0%

5.7%

NMF

100.0%

Allocated

Invested Capital

Q1 2012

53.1

911.7

40.9

119.7

1,125.4

Q4 2011, inc Middletown

53.5

944.8

41.1

119.4

1,158.8

Q4 2011

45.2

575.1

34.7

100.9

756.0

Q3 2011

48.1

612.9

32.6

110.3

803.8

Q2 2011

58.8

659.6

37.0

119.9

875.4

Q1 2011

57.0

636.7

42.3

115.5

851.5

2010

55.0

654.6

40.6

52.1

802.4

2009

62.0

728.7

44.4

50.6

885.6

Note:

This

table

excludes

Middletown

assets

and

including

2011.

the

end

2011,

identifiable

assets

included

Other

Domestic

Coke

attributable

Middletown

were

$402.8m (prior to Q4 2011, Middletown was included in the Corporate and Other segment); see historical segment detail in public filings for additional detail.

2012E

Low

2012E

High

Net Income

$98

$122

Depreciation, Depletion and Amortization

Total financing costs, net

Income tax expense

EBITDA

$245

$277

Sales discounts

Noncontrolling interests

(6)

(7)

Adjusted EBITDA

$250

$280

Estimated EBITDA Reconciliation, $MM

2012E Net Income to Adjusted EBITDA Reconciliation

First Quarter 2012 Earnings Conference Call

Estimated Free Cash Flow Reconciliation, $MM

2012E Estimated Free Cash Flow Reconciliation

First Quarter 2012 Earnings Conference Call

2012

Cash from operations;

In excess of

$ 179

Less cash used for investing activities

Approx.

(100)

Less payments to minority interest

Approx.

(4)

Free Cash Flow

In excess of

$ 75

Media releases and SEC filings are available

on our website at www.suncoke.com

Contact Investor Relations for more information: 630-824-1907

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