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8-K - FORM 8-K - SunCoke Energy, Inc.d437724d8k.htm
Dahlman Rose
Metals & Mining
Conference
November 13, 2012
Exhibit 99.1


Mark Newman
Senior Vice President &
Chief Financial Officer


Safe Harbor Statement
Safe Harbor Statement
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, the planned Master
Limited Partnership, business strategies, financing plans, competitive position, potential growth opportunities, potential operating
performance improvements, 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 does not have any intention or obligation to update publicly any forward-looking statement (or its associated cautionary
language) whether as a result of new information or future events or after the date of this presentation, except as required by
applicable law.
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.
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About SunCoke
About SunCoke
Largest independent producer of
metallurgical coke in the Americas
Coke is an essential ingredient in blast
furnace production of steel
Cokemaking business generates
~85% of Adjusted EBITDA
(1)
5.9 million tons of capacity in six
facilities; 5 in U.S. and 1 in Brazil
2012 U.S. coke production is expected
to be in excess of 4.3 million tons
Coal mining operations represents
~15% of Adjusted EBITDA
(1)
High quality mid-vol. metallurgical coal
reserves in Virginia and West Virginia
Expect to mine about 1.4 million tons
in 2012
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(1)
For a definition and reconciliation of Adjusted EBITDA, please see appendix.
9
months
ended
September
30,
2012
Revenue:  $1.4 billion
Adjusted EBITDA:  $193.7 million
(includes corporate costs of $20.1 million)
Jewell
Coke
19.2%
Other
Domestic
Coke
67.2%
Int'l Coke
0.8%
Coal
Mining
12.8%
SunCoke
Business Segments
(excludes corporate costs)


More than doubled capacity since
2006 with four new plants
Only company to design, build and
operate new greenfield developments
in U.S. in more than a decade
Supply nearly 20% of U.S. and Canada
coke needs
(1)
Secure, long-term take-or-pay
contracts with leading steelmakers
Customers include ArcelorMittal, U.S.
Steel and AK Steel
Cokemaking operations are
strategically located in proximity to
customers’
facilities
The Leading Independent Cokemaker
The Leading Independent Cokemaker
SunCoke
Cokemaking Capacity
(In thousands of tons)
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(1)
Source:  Company estimates
Jewell Coke
(Virginia)
Indiana Harbor
(Indiana)
Haverhill I
(Ohio)
Vitória
(Brazil)
Haverhill II
(Ohio)
Granite City
(Illinois)
Middletown
(Ohio)


COKE IN THE BLAST FURNACE
COKE IN THE BLAST FURNACE
& SUNCOKE’S COKEMAKING TECHNOLOGY
& SUNCOKE’S COKEMAKING TECHNOLOGY
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Blast Furnaces and Coke
Blast Furnaces and Coke
7
1 short ton
of hot metal (NTHM)
Top Gas
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BEST IN CLASS in lbs/ST
BEST IN CLASS in lbs/ST
Iron
Iron
burden
burden
Iron ore/
Iron ore/
pellets
pellets
Scrap
Scrap
3100
3100
198
198
Flux
Flux
Limestone
Limestone
600
600
30
30
Coke
Coke
BEST IN CLASS in lbs/ST
BEST IN CLASS in lbs/ST
Fuel
Fuel
Fuel
Nat Gas
Coal
Most efficient blast
Most efficient blast
furnaces require
furnaces require
800-900 lbs/NTHM
800-900 lbs/NTHM
of fuel to produce
of fuel to produce
a ton of hot metal
a ton of hot metal
Blast furnaces are the most
Blast furnaces are the most
efficient and proven method
efficient and proven method
of reducing iron oxides
of reducing iron oxides
into liquid iron
into liquid iron
Coke is a vital material to
Coke is a vital material to
blast furnace steel making
blast furnace steel making
We believe stronger, larger
We believe stronger, larger
coke is becoming more
coke is becoming more
important as blast furnaces
important as blast furnaces
seek to optimize fuel needs
seek to optimize fuel needs
Up to
80-120
Up to
120-180


SunCoke’s Heat Recovery
SunCoke’s Heat Recovery
Cokemaking Technology
Cokemaking Technology
CS
Global
Credit
Conference
-
October
2012
8
Industry leading environmental
signature
Leverage negative pressure
technology to substantially reduce
hazardous emissions
Convert waste heat into steam
and electrical power
Generate about 9 MW of electric
power per 110,000 tons of annual
coke production
Meet stringent U.S. EPA 
Maximum Achievable Control
Technology standard
Traditional by-product cokemaking
methods have significant
environmental impacts


SUNCOKE’S VALUE PROPOSITION &
SUNCOKE’S VALUE PROPOSITION &
CONTRACT PROVISIONS
CONTRACT PROVISIONS
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SunCoke’s Value Proposition
SunCoke’s Value Proposition
Provide an assured supply of coke to steelmakers
Larger, stronger coke for improved blast furnace performance
Demonstrated sustained 15% -
20% turndown capability
High quality coke with cheaper coal blends
Burn loss vs. by-product
Capital preservation and lower capacity cost per ton;
particularly relative to greenfield investment
Stringent U.S. regulatory environment
Power prices and reliability versus value of coke oven gas and
by-product "credits"
High Quality
& Reliable
Coke Supply
Turndown
Flexibility
Coal
Flexibility
Capital
Efficiency
& Flexibility
Environment
/Economic
Trade-offs
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¯


Key Contract Provisions
Key Contract Provisions
Customers must take all our production up to a maximum or
pay contract price for amount not taken
We
are
obligated
to
deliver
a
minimum
quantity
of
coke
annually 
Represents profit and return on capital
Fixed
fee
is
fixed
for
life
of
contract
Cost of coal is passed-through subject to achieving a
contracted coal-to-coke yield standard
Operating costs are passed-through based on annually
negotiated budget or a fixed budget adjusted for inflation
These costs are passed-through
Take-or-Pay
Fixed Fee
Coal Cost
Operating 
Costs
Transportation
& Taxes
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SUNCOKE’S GROWTH STRATEGY
SUNCOKE’S GROWTH STRATEGY
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Strategies for Enhancing Shareholder Value
Strategies for Enhancing Shareholder Value
13
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Operational
Excellence
Grow The Coke
Business
Strategically Optimize
Assets
Maintain focus on details
and discipline of coke and
coal mining operations
Sustain and enhance top
quartile safety
performance and ability
to meet environment
standards
Leverage operating know-
how and technology to
continuously improve
yields and operating costs
Domestic
Continue permitting
efforts for next
potential U.S. facility
Explore opportunities
to make strategic
investments in existing
capacity
International
Execute India entry and
pursue follow-on
growth
Coke MLP
Execute plan to place
a portion of our
cokemaking assets
into an MLP structure
Coal
Taking more
aggressive actions to
optimize operations 
and enhance long-
term strategic
flexibility


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Source:  CRU, The Annual Outlook for Metallurgical Coke 2012.
Replace aging coke batteries operated by integrated steel producers
Source:  CRU, The Annual Outlook for Metallurgical Coke 2012
51% of coke capacity is at facilities >30 years old
Integrated
Integrated
Steel
Steel
Producers
Producers
63%
63%
SunCoke
18%
DTE
5%
Other Merchant
Other Merchant
& Foundry
& Foundry
6%
6%
Imports
Imports
8%
8%
U.S. and Canada Opportunity
U.S. and Canada Opportunity
14
Total 2011 Coke Demand: 19.5 million tons
%
of U.S. & Canada
coke production
Average Age
Aging Cokemaking Facilities
U.S. & Canada Coke Supply
37
27%
9
24%
SunCoke
U.S. &
Canada
(excl SXC)
40+ years
30-40 years


Coke Price Comparison
Coke Price Comparison
15
SunCoke’s coke is competitive on price, quality and reliability, providing us the
opportunity to displace imported coke
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U.S. and Canada Coke Imports
Representative
Delivered
Coke
Prices
-
$/ton
$320
$76
$353
$361
$115
Other Domestic Coke
Ukrainian
Coke (1)
Chinese
Coke (2)
SunCoke Coke Price @ Spot Coal Price
SunCokePrice
-
Contracted
Coal
Price
Differential
Coke Price
Chinese 40% Export Tax Premium (Tariff)
1
Includes approx. $65/ton freight and approx. $30/ton handling loss for shipping to Great
Lakes region
$396
1
2
$396
$353
Coke Price
4.5 
3.2 
0.9 
2.0 
2.0 
2.0 
1.8 
1.6 
1.5 
1.7 
2005
2006
2007
2008
2009
2010
2011
2012E
2013E
2014E
2015E
2016E
Imports
SunCoke sales volumes
Based on September 2012 prices
$476
5.2 
4.8 
Source:  World Price (DTC), Coke Market Report, CRU and company estimates
Includes approx. $70/ton freight and approx. $35/ton handling loss for shipping to Great
Lakes region


Sources:  CRU, The Annual Outlook for
Metallurgical Coke 2011,  CIA World Factbook.
India Opportunity
India Opportunity
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Projected to be 3rd largest
steel market by 2020
Blast furnace to play a critical
role in growth
Importing approximately 
2 million tons annually
Coke capacity investment lags
steel investment
3.5 million tons merchant
production or 13% of total
17 active merchant
coke producers
10% -
20% short power
Average wholesale price >$80
mwh (2x U.S. rate)
Growing Steel
Market
Coke supply
Deficit
Active
Merchant
Market
Electric Power
Deficit
India
Steel/Coke
Market
Committed to
Committed to
India entry
India entry
strategy
strategy
Discussing
Discussing
opportunities in
opportunities in
India
India
Targeting
Targeting
potential entry
potential entry
by early 2013
by early 2013


Master Limited Partnership
Master Limited Partnership
Expected Assets/Structure
At closing of offering, MLP expected
to own approximately a 65% interest
in Haverhill and Middletown
SXC to own General Partner, incentive
distribution rights and a portion of
the partnership units
Proceeds to SXC
Expected uses will include paying
down debt, funding expansion and
other general corporate purposes
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Middletown Operations
Haverhill Operations


SUNCOKE’S FINANCIAL RESULTS
SUNCOKE’S FINANCIAL RESULTS
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Earnings Overview
(1)
For a definition and reconciliation of Adjusted EBITDA, please see appendix.
(2)
For a definition and reconciliation of free cash flow, please see appendix
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Results driven by strong Coke business
performance
Middletown startup has been a success
Entire U.S. cokemaking fleet delivering
strong results
Coal remains a challenge
Higher than expected cash costs
Expect continued difficult demand/price
environment
Implementing aggressive coal action plan
Strong liquidity position
Cash balance of nearly $160 million and
virtually undrawn revolver of
$150 million
FY 2012 free cash flow
(2)
expected to be
in excess of $100 million costs


Domestic Coke Business Summary
Domestic Coke Business Summary
(Jewell Coke & Other Domestic Coke)
(Jewell Coke & Other Domestic Coke)
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Domestic
Coke
Production
Domestic Coke Adjusted EBITDA
(1) 
Per Ton
(Tons in thousands)
($ in millions, except per ton amounts)
(1)
For a definition of Adjusted EBITDA and Adjusted EBITDA/Ton and reconciliations,  see  appendix.
(2)
Includes Indiana Harbor contract billing adjustment of $6.0 million, net of NCI, and inventory
(3)
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.
Sustained strong performance across entire
U.S. cokemaking fleet is driving results
$ 80
$90
adjustment of $6.2 million, net of NCI, of which $3.1 million is attributable to Q3 2011.


Coal Mining Financial Summary
Coal Mining Financial Summary
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Coal Mining Adjusted EBITDA
(1)
and Avg. Sales
Price/Ton
(2)
($ in millions, except per ton amounts)
(1)
(2)
(3)
YTD Sept 2012 Coal Segment
Adjusted EBITDA
(1)
declined to
$27.4 million
Cash production costs increasing in a
difficult demand/price environment
Reject rates remain high due to geology
and preparation plant inefficiency
Higher labor costs due to additional
headcount
Taking aggressive action to position
Coal Segment for 2013
Rationalizing underground mining plan,
including idling mines
Implementing improved underground
mining practices
Investing to enhance prep plant efficiency
Coal Sales, Production and Purchases
-$50
$0
$50
$100
$150
$200
$155
$159
$171
$169
$165
$25 
$20 
$20 
$25 
$27 
$132 
$138 
$151 
$137 
$143 
Q3 '11
Q4 '11(3)
Q1 '12
Q2 '12
Q3 '12
Coal Adjusted EBITDA
Average Sales Price
Coal Adj EBITDA / ton
Coal Cash Cost / ton
For a definition and a reconciliation of Adjusted EBITDA, please see the appendix.
Average Sales Price is the weighted average sales price for all coal sales volumes, including sales to affiliates and sales to Jewell Coke.
Q4 2011 Adjusted EBITDA inclusive of Black Lung Liability charge of  $3.4 million and OPEB expense allocation of $1.8 million.
Q3  '11
Q4  '11
Q1  '12
Q2  '12
Q3 '12
Coal Sales
371
363
373
365
392
Coal Producton
340
349
375
401
349
Purchased Coal
22
20
19
4
10
Reject Rate (%)
64
65
68
66
67


22
FY 2012 Adjusted EBITDA
(1)
expected to increase by more than $110 million
vs. FY 2011 driven by strength of coke business
Full Year Adjusted EBITDA
Full Year Adjusted EBITDA
(1) 
(1) 
Outlook
Outlook
($ in millions)
Dahlman Rose Metals & Mining Conference -
November 2012
(1)
  For a definition and reconciliation of Adjusted EBITDA, please see the appendix.


QUESTIONS
QUESTIONS
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Appendix


Definitions
Adjusted
EBITDA
represents
earnings
before
interest,
taxes,
depreciation,
depletion
and
amortization
(“EBITDA”)
adjusted
for
sales
discounts and the deduction of income attributable to noncontrolling 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
customers of a portion of nonconventional fuel tax credits, which reduce our income tax expense.
However, we believe 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 that 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 interests 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 GAAP and may not be comparable to other similarly titled measures in other businesses. Adjusted EBITDA
does not represent and should not be considered as an alternative to net income as determined by GAAP, and calculations thereof
may not be comparable to those reported by other companies. We believe Adjusted EBITDA is an important measure of operating
performance and provides useful information to investors because
it highlights trends in our business that may not otherwise be
apparent when relying solely on GAAP measures and because it eliminates items that have less bearing on our operating
performance. Adjusted EBITDA is a measure of operating performance that is not defined by GAAP and should not be considered a
substitute for net (loss) income as determined in accordance with GAAP.
Adjusted
EBITDA/Ton
represents
Adjusted
EBITDA
divided
by
tons
sold.
Free Cash Flow
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.
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Reconciliations
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$ in millions
Q3  2012
Q2  2012
Q1  2012
FY  2011
Q4  2011
Q3  2011
Q2  2011
Q1  2011
Adjusted Operating Income
54.8
46.6
37.1
80.4
14.9
33.5
24.6
7.4
Net Income (Loss) attributable to Noncontrolling Interest
1.3
1.3
(0.3)
(1.7)
(0.5)
3.4
1.6
(6.2)
Subtract: Depreciation Expense
(18.9)
(20.2)
(18.4)
(58.4)
(16.0)
(14.7)
(14.7)
(13.0)
Adjusted EBITDA
72.4
65.5
55.8
140.5
31.4
44.8
37.7
26.6
Subtract: Depreciation, depletion and amortization
(18.9)
(20.2)
(18.4)
(58.4)
(16.0)
(14.7)
(14.7)
(13.0)
Subtract: Financing expense, net
(12.2)
(11.8)
(12.0)
(1.4)
(7.1)
(3.3)
4.5
4.5
Subtract: Income Tax
(7.6)
(7.0)
(5.3)
(7.2)
2.9
(5.1)
(1.9)
(3.1)
Subtract: Sales Discount
(2.1)
(3.8)
(3.2)
(12.9)
(3.2)
(3.5)
(3.1)
(3.1)
Add: Net Income attributable to NCI
1.3
1.3
(0.3)
(1.7)
(0.5)
3.4
1.6
(6.2)
Net Income
32.9
24.0
16.6
58.9
7.5
21.6
24.1
5.7
Reconciliations
from
Adjusted
Operating
Income
and
Adjusted
EBITDA
to
Net
Income


$ in millions, except per ton data
Jewell
Coke
Other
Domestic
Coke
International
Coke
Jewell
Coal
Corporate
Combined
Domestic
Coke
Q3 2012
Adjusted EBITDA
13.6
54.9
0.9
10.7
(7.7)
72.4
68.5
Subtract: Depreciation, depletion and amortization
(1.4)
(12.7)
-
(4.2)
(0.6)
(18.9)
(14.1)
to noncontrolling interests
1.3
1.3
1.3
Adjusted Pre-Tax Operating Income
12.2
43.5
0.9
6.5
(8.3)
54.8
55.7
Adjusted EBITDA
13.6
54.9
0.9
10.7
(7.7)
72.4
68.5
Sales Volume (thousands of tons)
183
933
310
392
1,116
Adjusted EBITDA per Ton
74.3
58.8
2.9
27.3
61.4
Average Allocated Invested Capital
51.2
889.0
32.6
117.2
NMF
1,090.1
940.3
Annualized Quarterly Pretax ROIC
95%
20%
11%
22%
NMF
20%
24%
Q2 2012
Adjusted EBITDA
12.5
48.6
0.7
9.3
(5.6)
65.5
61.1
Subtract: Depreciation, depletion and amortization
(1.3)
(13.7)
(0.1)
(4.3)
(0.8)
(20.2)
(15.0)
to noncontrolling interests
1.3
1.3
1.3
Adjusted Pre-Tax Operating Income
11.2
36.2
0.6
5.0
(6.4)
46.6
47.4
Adjusted EBITDA
12.5
48.6
0.7
9.3
(5.6)
65.5
61.1
Sales Volume (thousands of tons)
170
904
302
365
1,074
Adjusted EBITDA per Ton
73.5
53.8
2.3
25.5
56.9
Average Allocated Invested Capital
50.9
892.7
36.6
117.7
NMF
1,097.9
943.6
Annualized Quarterly Pretax ROIC
88%
16%
7%
17%
NMF
17%
20%
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)
to noncontrolling interests
(0.3)
(0.3)
(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
53.3
928.2
41.0
119.6
NMF
1,142.1
981.5
Annualized Quarterly Pretax ROIC
103%
12%
0%
11%
NMF
13%
17%
Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income
Reconciliations
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(1)
(1)
(1)


Reconciliations
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2012
28
$ in millions, except per ton data
Jewell
Coke
Other
Domestic
Coke
International
Coke
Jewell
Coal
Corporate
Combined
Domestic
Coke
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)
to noncontrolling interests
(1.7)
(1.7)
(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%
8%
36%
23%
NMF
10%
13%
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)
to noncontrolling interests
(0.5)
(0.5)
(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%
7%
120%
-5%
NMF
8%
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)
to noncontrolling interests
3.4
3.4
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


Reconciliations
Reconciliations
Dahlman
Rose
Metals
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Conference
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November
2012
29
$ 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)
to noncontrolling interests
1.6
1.6
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%
7%
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)
to noncontrolling interests
(6.2)
(6.2)
(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
4%
2%
Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income


(in millions)
       2012E
       Low 
       2012E
       High 
Net Income
$94
$104
Depreciation, Depletion and Amortization
80
78
Total financing costs, net
48
47
Income tax expense
25
34
EBITDA
$247
$263
Sales discounts
11
12
Noncontrolling interests
(3)
(5)
Adjusted EBITDA
$255
$270
Estimated 2012 EBITDA Reconciliation
2012E Net Income to Adjusted EBITDA Reconciliation
Dahlman
Rose
Metals
&
Mining
Conference
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November
2012
30


Free Cash Flow Reconciliation
Free Cash Flow Reconciliation
Dahlman
Rose
Metals
&
Mining
Conference
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November
2012
31
(in millions)
Estimated
2012
Cash from operations
In excess of
$   179
Less cash used for investing activities
Approx.
(75)
Less payments to minority interest
Approx.
(4)
Free Cash Flow
In excess of
$     100
2012E Estimated Free Cash Flow Reconciliation


REFERENCE
REFERENCE
Dahlman
Rose
Metals
&
Mining
Conference
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November
2012
32


Our cokemaking operations are strategically located in
proximity to our customers’
integrated steelmaking facilities
SunCoke Operations
SunCoke Operations
Indiana
Harbor
Middletown
Haverhill 1
Haverhill 2
114M tons of
reserves
Coal
Mining
Vitoria,
Brazil
Dahlman
Rose
Metals
&
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Conference
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November
2012
33
Our metallurgical coal
mining business is located
in Central Appalachia
Jewell
Coke
Granite
City


Natural Gas in The Blast Furnace
Natural Gas in The Blast Furnace
Impact of Low Natural Gas Prices
Natural gas cannot completely replace
coke in blast furnace
We estimate natural gas and other
injectants can replace up to about 30%
The less coke used the more important
the coke’s quality
Alternative technologies take time to
implement, require significant capital
commitments and are energy intensive
Coke oven gases produced by
integrated steelmakers’
own coke
ovens is less valuable in low cost
natural gas environment, potentially
impacting steelmakers’
future
reinvest/rebuild decisions
Blast Furnace Fuel Pricing
34
Source:  CRU, SXC Analysis
US$/MMBtu
Dahlman
Rose
Metals
&
Mining
Conference
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November
2012


SunCoke’s Cokemaking Technology
SunCoke’s Cokemaking Technology
35
Dahlman
Rose
Metals
&
Mining
Conference
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November
2012
Our industry-leading cokemaking technology meets
U.S. EPA Maximum Achievable Control Technology (MACT) Standards


SunCoke’s Heat Recovery vs. By-Product Oven
SunCoke’s Heat Recovery vs. By-Product Oven
36
Dahlman
Rose
Metals
&
Mining
Conference
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November
2012
SunCoke Heat Recovery              Traditional By-Product


YTD 2012 Sources & Uses of Cash
YTD 2012 Sources & Uses of Cash
Dahlman
Rose
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November
2012
37
Ended Q3 2012 with solid cash position, virtually undrawn revolver
and improving credit metrics
($ in millions)
* Due to timing of payment of a $23.7 million receivable on Monday, October 1, 2012 instead of Sunday, September 30.
Primarily reflects:
Accounts Receivable: ($24.9m)*
Account Payable: ($50.7m)
Inventories: $27.0m
Q4 2011
Cash
Balance
YTD 2012
Net Income
Depreciation,
Depletion &
Amortization
Deferred
Taxes & Taxes
Payable
Changes in
Working
Capital (excl.
Taxes Payable)
Other
Capital
Expenditures
Cash used in
financing
activities
Q3 2012
Cash
Balance