8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 13, 2012

SUNCOKE ENERGY, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-35243	90-0604593
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1011 Warrenville Road, Suite 600 Lisle, Illinois		60532
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (630) 824-1000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

Representatives of SunCoke Energy, Inc. will present at the Dahlman Rose Global Metals, Mining & Materials Conference in New York, NY on Tuesday, November 13, 2012 at 3:10 p.m. Eastern Time. Interested parties can access a live audio webcast of the presentation at www.suncoke.com in the Investor Relations section of the website. Such webcast will be archived for replay for a limited time.

Attached as Exhibit 99.1 are the slides that will be used at the conference.

The information in this Current Report on Form 8-K being furnished pursuant to Items 7.01 and 9.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and is not incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit No.	Exhibit
99.1	November 13, 2012 – Conference Slides.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SUNCOKE ENERGY, INC.
By:	/s/ Mark E. Newman
Mark E. Newman
Senior Vice President and Chief Financial Officer

Date: November 13, 2012

EXHIBIT INDEX

Exhibit No.	Exhibit
99.1	November 13, 2012 – Conference Slides.

EX-99.1

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

Dahlman

Rose

Metals

&

Mining

Conference

-

November

2012

27

(1)

(1)

(1)

Reconciliations

Dahlman

Rose

Metals

&

Mining

Conference

-

November

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

&

Mining

Conference

-

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

-

November

2012

30

Free Cash Flow Reconciliation

Free Cash Flow Reconciliation

Dahlman

Rose

Metals

&

Mining

Conference

-

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

-

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

&

Mining

Conference

-

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

-

November

2012

SunCoke’s Cokemaking Technology

SunCoke’s Cokemaking Technology

35

Dahlman

Rose

Metals

&

Mining

Conference

-

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

-

November

2012

SunCoke Heat Recovery              Traditional By-Product

YTD 2012 Sources & Uses of Cash

YTD 2012 Sources & Uses of Cash

Dahlman

Rose

Metals

&

Mining

Conference

-

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