December 11, 2012 - Investor Day Slides

Some

the

information

included

this

presentation

contains

“forward-looking

statements”

(as

defined

Section

27A

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

competition

and

the

effects

future

legislation

or regulations. Forward-looking statements include all statements that are not historical facts and may be identified by the

use

forward-looking

terminology

such

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.

Safe Harbor Statement

SunCoke Energy 2012 Investor Day

Establishing the Foundation

SunCoke Energy 2012 Investor Day

•

Executed successful Middletown startup

•

Improved Indiana Harbor performance

•

Achieved solid operations across entire coke fleet

•

Established independent board and governance process

•

Built corporate headquarter functions from scratch

•

Executed standalone financial reporting

•

Achieving financial targets in 2012

•

Increased liquidity and generated free cash flow

•

Pursuit of a planned MLP IPO to enhance valuation

and future growth in progress

•

Continued focus on reducing costs and improving productivity

in our coal mining business

Since our July 2011 IPO, we delivered solid progress in many areas,

laying a foundation for future growth

Proved our

cokemaking

expertise

Established our

standalone

structure

Built financial

strength and

flexibility for

growth

Focused on

optimizing

our coal

business

Seizing our Growth Opportunities

SunCoke Energy 2012 Investor Day

•

Domestic:

•

Aging existing coke

facilities

•

Higher-priced imports

•

Opportunities for

acquiring existing coke

facilities

•

India:

•

Growing steel and

coke demand

•

Active merchant

market

•

Clear Priorities

and Objectives:

•

Operational excellence

•

Increasing U.S./Canada

market share

•

India entry

•

Strong Organizational

Capability:

•

Experienced

management

•

Operating and technical

expertise

•

Depth of talent

•

Financial Liquidity:

•

Strong cash position

•

Undrawn revolver

•

Potential to pre-fund

obligations for

planned MLP

•

Planned MLP

Capital Structure:

•

Low-cost equity

currency

•

Leverage capacity

Industry Fundamentals

Execution Capability

& Focus

Financial Strength

& Flexibility

Uniquely positioned to capture a greater share of the global

cokemaking market and achieve profitable, sustainable growth

Coke Industry Fundamentals

SunCoke Energy 2012 Investor Day

U.S. & Canada Coke Supply

U.S. & Canada Coke Asset Age Profile in 2011

Total 2011 Coke Demand: 19.5 million tons

Opportunities exist to potentially replace aging coke batteries

and acquire existing facilities

Source: CRU, Metallurgical Coke Market Outlook 2012; Company analysis

Maintained Facilities

with Potential for

Acquisition

Challenged Facilities

with Potential for

Replacement

Other Merchant

& Foundry

Integrated

Steel

Producers

63%

SunCoke

18%

DTE

Imports

Average Age

% of U.S. & Canada

coke production

27%

24%

SunCoke

U.S. &

Canada

(excl SXC)

30-40

years

40+ years

Coke Industry Fundamentals

SunCoke Energy 2012 Investor Day

Source: CRU, Metallurgical Coke Market Outlook 2012; Company analysis

Evaluation of all existing batteries in US & Canada

Customer quality

Blast furnace competitiveness

Battery condition

SXC Market Analysis

6 batteries

4.1 million tons

19 batteries

4.0 million tons

Facilities with Potential

for Replacement

Facilities with Potential

for Acquisition

estimate

nearly

million

tons

capacity

will

retired/replaced

coming

years

another

million

tons

potentially

acquisition

worthy

Coke Industry Fundamentals

SunCoke Energy 2012 Investor Day

U.S. & Canada Coke Imports

Source: Steel Business Briefing; Company estimates

Our

coke

preferred

solution

compared

imported

coke

which

disadvantaged on quality, reliability and shipping/handling costs

Chinese Coke Prices vs.

Representative SunCoke Price

4.5

4.9

3.3

5.1

0.8

2.0

1.9

2.0

1.8

2005

2006

2007

2008

2009

2010

2011

2012E2013E

Imports

SunCoke sales volumes

$250

$500

$750

(FOB China port -

adds $45-$60/ton)

Chinese Metallurgical Coke

Long-term SunCoke Coke Sales Price

(Tons in millions)

Coke Industry Fundamentals

SunCoke’s coke is competitively priced relative to imported coke

Representative

Delivered

Coke

Prices

$/ton

Based on September 2012 prices

SunCoke Energy 2012 Investor Day

SunCoke Price -

Contracted Coal Price Differential

Chinese Coke Price

Ukrainian

Coke (1)

Ukrainian Coke Price

Other Domestic Coke

Chinese

Coke (2)

Chinese 40% Export Tax Premium (Tariff)

SunCoke

Coke Price @ Spot Coal Price

Includes approx. $65/ton freight and approx. $30/ton handling loss for shipping to Great Lakes region

Includes approx. $70/ton freight and approx. $35/ton handling loss for shipping to Great Lakes region

India Entry: VISA SunCoke

•

VISA Steel is a mid-sized,

publicly-traded special steel, ferro

chrome and coke company

–

Well-run organization with professional

management and quality assets

•

VISA SunCoke

–

SXC to hold 49% interest with equal

board representation

–

Will supply VISA Steel’s coke needs

(approx. 1/3rd of production) and sell

balance into open market

–

All steam production sold to VISA Steel

–

VISA SunCoke to be debt-free at closing

–

Closing expected in Q1 2013, subject to

customary conditions

SunCoke Energy 2012 Investor Day

VISA SunCoke provides a meaningful entry to India

and serves as a platform for future growth

Chinese Heat Recovery

Coke:

400K tpy

Steam:

20 Mwhe

Built:

2007

Odisha, India

Photo courtesy of VISA Steel

The India Growth Opportunity

SunCoke Energy 2012 Investor Day

Sources: CRU, Metallurgical Coke Outlook 2012, World Steel Association, Company estimates

India

Brazil

China

2011

123

460

India Metallurgical Coke Demand

Per Capital Steel Demand (kg/yr)

India offers attractive coke market fundamentals

driven by growing steel demand

Electric Power

Deficit

Growing Steel

Market

Active Merchant

Market

Coke Supply

Deficit

India

Steel/Coke

Market

Our India Strategy

SunCoke Energy 2012 Investor Day

•

Form VISA

SunCoke joint

venture

•

Evaluate &

improve

existing asset

operations

•

Establish

market

presence

•

Grow VISA

SunCoke via

follow-on

opportunities

•

Reinvest free

cash flow

•

Utilize debt

capacity of

VISA SunCoke

•

Develop

emerging

market plant

design

•

Continue to

leverage JV

and in-country

presence

•

Pursue “Build-

Own-Operate”

model with

leading

integrated

steelmakers

Near-Term

Growth

Initial Entry

Long-Term

Vision

Coal Mining Strategy

SunCoke Energy 2012 Investor Day

Rationalizing underground mining plan

Implementing improved underground

mining practices

Installing new cyclone and fine circuit in

existing prep plant

Targeting at least 10% reduction in

Jewell underground cash costs in 2013

Increasing utilization of lower cost

Revelation and purchased coal in

supply

Enhancing strategic value and flexibility

of business

Evaluating option of replacing/

relocating existing prep plant and

load out

Potential to significantly decrease

logistics and operating costs

Will enable more coal sourcing

flexibility for Jewell Coke

Will allocate capital to drive efficiencies,

ensure safety and prepare for delinking

coal and coke operations

Current Actions in Progress

to Position for 2013

Strategic Focus

Beyond 2013

Taking action intended to reduce costs and

enhance our long-term strategic flexibility

2013 Priorities

SunCoke Energy 2012 Investor Day

Sustain momentum at

coke facilities

Execute Indiana Harbor

Execute refurbishment

Resolve NOV

Renew coke contract

with return on

refurbishment capital

Implement Consent

Decree project

Execute coal mining

action plan to decrease

cash cost

Maintain top quartile

safety performance

Domestic

Obtain permit for next

potential U.S. facility

Identify and pursue

strategic acquisition

opportunities for the

planned MLP in the U.S.

and Canada

Evaluate adjacent

business

lines

extend

growth opportunities

International

Close VISA SunCoke

joint venture

Identify potential follow-

on opportunities in India

Coke MLP

Smooth launch,

governance and

operation of planned

MLP entity

Coal

Reposition mining

operations for near-term

weakness and long-term

strategic flexibility

Efficient Capital

Allocation

Put SXC & planned MLP

balance sheets to work

Operational

Excellence

Grow The Coke

Business

Strategically

Optimize Assets

Execute Indiana Harbor

Refurbishment underway

•

Project scoped to enhance reliability,

address environmental issues and

facilitate long-term contract renewal

•

Pioneered new plant designs and

replacement/repair techniques

–

Repair of tunnels and sole flues

–

Installing new oven door & lintels

–

Encouraging

early

results

increased

charge

size ~10% on initial ovens

•

Potential for additional machinery

replacements

–

Enhanced reliability / lower maintenance expense

–

Additional capital dependent on outcome

of renewal negotiations

SunCoke Energy 2012 Investor Day

Before

After

Launch Gas Sharing Project

•

Expect to finalize Consent Decree

with U.S. EPA for Haverhill/Granite

City NOVs soon

•

Core of solution is implementation

of Gas Sharing at both facilities

–

Involves retrofitting each facility with

redundant HRSG, ductwork and

advanced controls to substantially

reduce HRSG venting

•

Estimated cost of approximately

$100 million for both plants

•

Procurement and final engineering

underway with implementation

planned for 2013 to 2016

SunCoke Energy 2012 Investor Day

We have identified, engineered and are ready to implement

a Gas Sharing project at Haverhill and Granite City

*Inflation adjusted to 2011 dollars and, for Haverhill II and Granite

City, adjusted to include estimated cost for power generation facility

Permit Potential New U.S. Facility

•

Major value improvements

–

30% smaller footprint

–

Fewer but larger HRSGs

–

Significant boiler feed water

and steam piping savings

–

Modular design allows for

modular future expansion

•

Design enhancements

–

Higher energy production

–

Reduced power consumption

–

Improved yield from better

coke/coal handling and oven

design & control

SunCoke Energy 2012 Investor Day

442

505

564

725

Haverhill 1

Haverhill 2

Granite City

Middletown

Next US Plant

Normalized* Construction Cost

per Ton of Capacity

500E –

600E

Lean engineering efforts expected to reduce cost of potential new

U.S. facility despite increasing environmental controls

Advantages of HR

Advantages of BP

Negative Pressure Ovens

Positive Pressure Ovens

Cogeneration potential

•

Potential high value for by-products

•

Makes coke oven gas for steelmaking

No wall pressure limitations on coal blend

No volatile matter limitations on coal blend

New designs a potential fit for by-product

oven and chemical plant

Smaller oven footprint for new and replacement

ovens

Higher CSR coke quality

High comfort level with >100 years of

operating experience

Lower capital cost and simpler operation

Natural gas pricing hedge

Identify and Pursue Acquisitions

SunCoke Energy 2012 Investor Day

•

No air leaks into oven

•

Higher yield

•

Minimal fugitive emissions

•

Leading environmental technology

•

Steam or electricity as desired

•

More fungible by-product (power)

While heat recovery technology offers many advantages, by-product

technology can also provide certain benefits in cokemaking

Identify and Pursue Acquisitions

SunCoke Energy 2012 Investor Day

Low Cost

of Capital

•

Potential for planned MLP to provide lower cost capital

for acquisitions

•

Frees up capital on customer balance sheets for

strategic investments

Operating

Know-How

& Reliable

Supply

•

Strong cokemaking expertise

•

Capability to operate by-product facilities

Solid Customer

Relationships

•

Proven track record

with customers

We can provide a compelling value proposition to customers

in pursuing acquisition opportunities in the U.S. and Canada

Close VISA SunCoke and Optimize Plant

Quality Assets

•

Built in 2007; SPCDI-China design

•

8 Batteries; 88 Ovens;

Charge per oven –

54mt;

Coking time –

68 hours

•

Stamp charging technology

•

Well maintained plant

•

Staff are knowledgeable and

credible cokemakers

Plan to Support & Optimize

•

Will appoint JV’s CFO and deputy

operations manager

•

Will actively support with U.S.-

based operating and technical staff

•

Partnering to enhance operations

and position for growth

•

Launchpad for future India and

emerging market opportunities

SunCoke Energy 2012 Investor Day

Photo courtesy of VISA Steel

State of the U.S. Coal Market

•

Slowing China growth impacting marginal demand, while European

and South American demand remains tepid

•

Domestic steel output slightly above 70% of capacity, further depressing

coking coal prices

•

Weak natural gas prices keeping lid on domestic thermal coal activity

•

Improved

output

from

Australia

pressured

global

prices

demand

fell

•

Global inventory glut is the result

•

Significant U.S. cuts announced in response to weak market conditions;

Australia appears to be making initial cuts now

•

Strict U.S. regulatory environment limits cost improvement measures

•

International benchmark pricing down by $55/ton year-over-year to $170/ton for fiscal Q3

•

U.S. met coal prices have decoupled and held up better than global prices

•

Current FOB mine domestic prices near cash cost for many CAPP sources

of premium met coals

Demand

Supply

Price

SunCoke Energy 2012 Investor Day

Coal Mining Financial Summary

•

Since 2010 cash costs and

reject rates have increased

•

Deterioration in

performance reflects:

–

Geological challenges

–

Impact of aging mining

equipment and prep plant

–

Labor training and

productivity challenges

•

Given environment,

our mining segment is

focused on cost reduction

SunCoke Energy 2012 Investor Day

Coal Mining Adjusted EBITDA

(1)

and Avg. Sales Price/Ton

(2)

($ in millions, except per ton amounts)

(1)

For

definition

and

reconciliation

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.

64%

65%

67%

$130

$157

$168

$19

$24

$106

$132

$143

55%

65%

75%

85%

95%

105%

FY2010

FY2011

YTD Sept

2012

JCM Reject Rate

Average Sales Price

Coal Adj EBITDA / ton

Coal Cash Cost / ton

Coal Mining Action Plan

•

Targeting underground cash cost

reduction of at least 10%

–

Realize value of recent

equipment investments

–

Improved maintenance programs

–

Optimize mine plans

Footprint reduction (seals)

Target best areas (optimization)

Negotiate lower royalty rates

•

Expect improved yield from plant

–

New circuit upgrade

–

Higher % of surface production

•

Maintain and improve top-quartile

safety performance

SunCoke Energy 2012 Investor Day

2013 Coal Mining objectives focus on cost reduction

and mitigating impact of lower pricing

Rationalize

Mining

Plans

Enhance

Productivity

Increase

Revelation &

Purchased

Coal

Improve

Prep Plant

•

Anticipate at least a 2%

yield improvement from

new cyclone & fine circuit

upgrade

•

Additional spending to

maintain plant structure

•

Minor amount of capital for

permitting and planning for

long-term strategic options

•

Opportunistically buy

lower-cost coal to

supplement production

•

Increase percentage of

lower-cost surface

production via Revelation

•

Minimize thermal production

to extent possible

•

Face equipment upgrade

program completion

expected in Q1 13

•

Improved operating

practices

•

Implement new asset

management software

•

New maintenance

program being deployed

•

Idling 2-3 company and

3 contract mines

•

Consolidating people

and equipment

•

Implementing deep

cut plans as approved

Rationalize

Mining

Plans

Enhance

Productivity

Improve

Prep Plant

Increase

Revelation

Purchased

Coal

Coal Mining Action Plan

SunCoke Energy 2012 Investor Day

2013 Estimates

Thermal

Total

Sales Tons

Tons in thousands

1,600

100

1,700

% Committed

~94%

~88%

Estimated Price of

Committed Tons

(1)

$127

N/A

$127

Estimated Price Range of Uncommitted Tons

High

$140

$80

Low

$120

$60

Estimated Production Costs

Jewell Underground Cash Cost/ton

(~950k tons)

~$145

Combined Cash Cost/ton (~1.7m tons)

~$130

(1)

Estimated

price

Jewell

Coke

not

yet

finalized

2013 Coal Business Metrics

SunCoke Energy 2012 Investor Day

Weak demand and excess global inventory

are driving lower expected prices in 2013

SunCoke Mid-Vol Coal Contract Prices

$130

$165

$120 -

$130

2010

2011

2012E

2013E

~$170

Coal Business Wrap-Up

•

Expect difficult environment to

continue through most of 2013

–

Potential for price turnaround in

late 2013 into 2014

•

Experienced coal team has

navigated through previous

volatile markets successfully

•

Allocate minimum sustaining

capital to drive down cost and

ensure safety/compliance

SunCoke Energy 2012 Investor Day

$200

$250

$300

$350

2007

2008

2009

2010

2011

2012

Met Coal Pricing (Mid-Vol)

FOB Vessel ($/Metric Ton)

FOB Jewell ($/Net Ton)

$50

$100

$150

2013 focus is on optimizing our coal business

to enhance long-term strategic flexibility and value

Industry Pioneer

History at the industry forefront

•

Half a century of innovation & industry-leading design

•

Founder of Heat Recovery (HR) oven technology

•

Developed the first HR Plant (1998)

–

Lower environmental footprint

–

Higher quality coke (size, strength, reactivity)

–

Generates energy (customers & local power grids)

•

SunCoke is the only coke producer…

–

in North America to leverage Heat Recovery technology

–

to construct greenfield plants in the U.S. in the last 25 years

–

to develop, implement AND

operate HR ovens

SunCoke Energy 2012 Investor Day

SunCoke’s Technology Group

•

Multi-disciplinary team with deep expertise

•

13 engineers & scientists on staff (6 PhDs)

•

4 Computational Modeling Experts, 3 Process Engineers and

5 Technology Specialists

•

Expansive test bed –

1,000+ SunCoke ovens

SunCoke Energy 2012 Investor Day

•

Computational Fluid

Dynamics (CFD)

•

Finite Element

Analysis (FEA)

•

Integrated plant model

•

Modeling tools

•

Plant optimization

•

New process

and technology

development

•

Pilot plant program

•

Troubleshooting

•

Yield improvement

•

Coke/coal chemistry

modeling

•

Oven design

and ceramics

•

New coke plant design

•

Coal blend

optimization

•

Kinetic modeling

Computational

Modeling

Process

Technology

Specialists

Team composition speeds problem solving & innovation

SunCoke’s Technology Group

Unique Approach to R&D

•

Process engineering driven vs. traditional R&D

•

Parallel approach: long-term & here-and-now

–

Get to solutions faster (product & processes)

–

Run plants better through troubleshooting existing assets

–

Explore new frontiers and next generation innovations

•

Extend know-how beyond SunCoke’s fleet

–

Directly transferable to by-product ovens and any HR design

•

R&D drives operating results

–

Yield improvements bolster our margins

–

Operations & maintenance efficiencies

–

Cut costs out of future designs

SunCoke Energy 2012 Investor Day

Recent Advancements

Gas Sharing

•

Problem:

–

If a HRSG goes off-line, untreated

hot flue gas must be vented.

•

Proposed Solution:

–

Leveraged our CFD, FEA and process

expertise combined with plant tests to

identify and verify various solutions.

•

Results:

–

Control and manage gas flow

–

A reliable, lower cost, retrofitable

solution

–

Less heat loss and venting

–

Next generation extension to

near-zero venting

SunCoke Energy 2012 Investor Day

Heat Recovery Steam Generator

(HRSG) Model

Spray Dryer Absorber

(SDA) Model

Potential Improvements at Existing Plants

SunCoke Energy 2012 Investor Day

Believe our technology and know-how can be applied to

existing heat recovery and by-product plants

Process

Improvement

•

Lower burn loss

•

Yield improvement

•

Higher power

production

•

Expanded coal VM

operating regime

Lower coke cost

•

Improved coke quality

Asset

Support

•

Lower cost coal/coke

by blend optimization

•

Increased production

•

Higher turndown

•

Improved monitoring

and prediction tools

yield/energy

•

Best practices

development for

asset care and

life extension

Environmental

Performance

•

Improved FGD

environmental efficiency

•

Improved FGD reliability

•

Lower operating costs

•

Improved monitoring

and prediction tools

YTD Earnings Overview

•

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

–

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 as of Q3 2012

SunCoke Energy 2012 Investor Day

Earnings Per Share (diluted)

Adjusted

EBITDA

(1)

(in

millions)

$0.17

$0.24

$0.32

$0.26

$0.45

2011

2012

$26.6

$55.8

$37.7

$65.5

$44.8

$72.4

2011

2012

Expected 2012 Adjusted EBITDA

(1)

SunCoke Energy 2012 Investor Day

Expect

achieve

2012

Adjusted

EBITDA

(1)

$255

$270

million

and end year with cash balance of approximately $240 million

($ in millions)

$140.5

$109.1

$193.7

$42.3

$37.0

$10.9

($5.6)

$61-

$76

$255-

$270

FY 2011

Adjusted

EBITDA

YTD Q3

2011

Adjusted

EBITDA

Middletown

Coke

Business

(Excl.

Middletown)

Coal

Business

Corporate

Costs

YTD Q3

2012

Adjusted

EBITDA

Q4 2012E

Adjusted

EBITDA

FY 2012E

Adjusted

EBITDA

(1)

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

Expected 2012 Earning Per Share

SunCoke Energy 2012 Investor Day

(1)

For

definition

and

reconciliation

Adjusted

EBITDA,

please

see

the

appendix.

EPS has benefited from strong coke business performance

offset by financing costs for standalone capital structure

FY 2011 EPS

YTD Q3 2011

EPS

YTD Q3 2012

Adjusted

EBITDA(1)

YTD Q3 2012

Depreciation,

Depletion &

Amortization

YTD Q3 2012

Financing

Costs

YTD Q3 2012

Taxes

YTD Q3 2012

EPS

Q4 2012E

EPS

FY 2012E

EPS

$0.87

$0.75

$1.01

$1.25-

$1.35

$1.20

$0.24-

$0.34

($0.21)

($0.59)

($0.14)

2013 Domestic Coke Business Outlook

•

Ongoing focus on operations

excellence expected to

continue to drive performance

•

Overall capacity utilization

anticipated to exceed 100% in

2013

•

Indiana Harbor expected to

return to 1.22 million ton per

year run-rate in 2013 as a

result of our refurbishment

effort

SunCoke Energy 2012 Investor Day

Tons in thousands

Intend to sustain solid cokemaking performance with expected

domestic coke production in excess of 4.3 million tons in 2013

Domestic

Coke

Production

1,179

1,141

715

707

1,124

1,103

635

684

FY2010

FY2011

FY2012E

FY2013E

Jewell

Indiana Harbor

Haverhill

Granite City

Middletown

3,762

3,594

4.3m+

2013 Domestic Coke Business Outlook

Outlook reflects

•

SunCoke Energy 2012 Investor Day

(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

noncontrolling interest (NCI), and inventory adjustment of $6.2 million, net

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

($ in millions, except per ton amounts)

Expect Domestic Coke Business to continue to generate

Adjusted EBITDA per ton of between $55 and $60 in 2013

Domestic Coke Adjusted

EBITDA

(1)

Per Ton

/ton

(2)

/ton

$55 -

$60

~$55

$ 36

$ 56

$202

$136

~$240

$240 -

$255

$79

$124

$46

$89

Jewell Coke Segment

Other Domestic Coke Segement

Adjusted EBITDA/ton

Higher operating cost

recovery at Middletown

Continued improvement at

Indiana Harbor

Lower benefit of improved

yields due to pass-through of

lower coal prices

FY2010

FY2011

FY2012E

FY2013E

Capital Allocation Priorities

SunCoke Energy 2012 Investor Day

•

Indiana Harbor refurbishment for contract renewal

•

Potential acquisitions of existing cokemaking capacity

•

Potential new U.S. plant

Domestic

Coke Growth

•

Fund future India growth via VISA SunCoke

•

Debt-free at closing

•

Expect to generate free cash flow

International

•

Target investment in coal business to lower cost and optimize

long-term strategic flexibility

Optimize

Coal

•

Dividend/Share

repurchase

policy

purview

board

–

plan

to initiate a dividend at this time

•

Board will evaluate based on outlook for growth opportunities

and expected returns

Cash Return

Shareholders

Summary 2013 Guidance

Metric

Expected 2012 Outlook

Expected 2013 Outlook

Adjusted EBITDA

(1)

$255 –

$270 million

$205 –

$230 million

EPS (assuming a 22% tax rate)

$1.25 –

$1.35

$0.60 –

$0.85

Capital Expenditures

& Investments

~ $70 million

~ $200 million

Free Cash Flow

(2)

$100+ million

~ ($65) million

Cash Tax Rate

10% –

15%

17% –

22%

Effective Tax Rate

20% –

24%

17% –

22%

Coke Production

4.3+ million tons

Coal Production

~ 1.4 million tons

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

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

SunCoke Energy 2012 Investor Day

Definitions

SunCoke Energy 2012 Investor Day

•

Adjusted EBITDA

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

sales discounts, the deduction of income attributable to noncontrolling interests in our Indiana Harbor cokemaking operations, and

the interest, taxes, depreciation, depletion and amortization attributable to equity earnings in our unconsolidated affiliates. EBITDA

reflects

sales

discounts

included

reduction

sales

and

other

operating

revenue.

The

sales

discounts

represent

the

sharing

with

customers

portion

nonconventional

fuel

tax

credits,

which

reduce

our

income

tax

expense.

However,

believe

our

Adjusted

EBITDA would be inappropriately penalized if these discounts were treated as a reduction of EBITDA since they represent sharing of

tax

benefit

that

not

included

EBITDA.

Accordingly,

computing

Adjusted

EBITDA,

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. Our Adjusted EBITDA also includes EBITDA attributable to our unconsolidated affiliates. 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.

Reconciliations

SunCoke Energy 2012 Investor Day

$ in millions

YTD Sept

2012

Q3 2012

Q2 2012

Q1 2012

FY 2011

Q4 2011

Q3 2011

Q2 2011

Q1 2011

Adjusted Operating Income

138.5

54.8

46.6

37.1

80.4

14.9

33.5

24.6

7.4

Net Income (Loss) attributable to Noncontrolling Interest

2.3

1.3

(0.3)

(1.7)

(0.5)

3.4

1.6

(6.2)

Subtract: Depreciation Expense

(57.5)

(18.9)

(20.2)

(18.4)

(58.4)

(16.0)

(14.7)

(13.0)

Adjusted EBITDA

193.7

72.4

65.5

55.8

140.5

31.4

44.8

37.7

26.6

Subtract: Depreciation, depletion and amortization

(57.5)

(18.9)

(20.2)

(18.4)

(58.4)

(16.0)

(14.7)

(13.0)

Subtract: Financing expense, net

(36.0)

(12.2)

(11.8)

(12.0)

(1.4)

(7.1)

(3.3)

4.5

Subtract: Income Tax

(19.9)

(7.6)

(7.0)

(5.3)

(7.2)

2.9

(5.1)

(1.9)

(3.1)

Subtract: Sales Discount

(9.1)

(2.1)

(3.8)

(3.2)

(12.9)

(3.2)

(3.5)

(3.1)

Add: Net Income attributable to NCI

2.3

1.3

(0.3)

(1.7)

(0.5)

3.4

1.6

(6.2)

Net Income

73.5

32.9

24.0

16.6

58.9

7.5

21.6

24.1

5.7

Reconciliations

from

Adjusted

Operating

Income

and

Adjusted

EBITDA

Net

Income

Reconciliations

SunCoke Energy 2012 Investor Day

$ in millions, except per ton data

Jewell

Coke

Other

Domestic

Coke

International

Coke

Jewell

Coal

Corporate

Combined

Domestic

Coke

YTD Sept 2012

Adjusted EBITDA

41.1

143.6

1.7

27.4

(20.1)

193.7

184.7

Subtract: Depreciation, depletion and amortization

(4.0)

(39.0)

(0.2)

(12.6)

(1.7)

(57.5)

(43.0)

to noncontrolling interests

2.3

Adjusted Pre-Tax Operating Income

37.1

106.9

1.5

14.8

(21.8)

138.5

144.0

Adjusted EBITDA

41.1

143.6

1.7

27.4

(20.1)

193.7

184.7

Sales Volume (thousands of tons)

539

2,729

970

1,130

3,268

Adjusted EBITDA per Ton

76.3

52.6

1.8

24.2

56.5

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)

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

FY 2010

Adjusted EBITDA

123.9

78.5

15.0

24.0

(14.1)

227.3

202.4

ArcelorMittal settlement

(69.0)

18.0

(51.0)

related to ArcelorMittal Settlement and

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)

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

Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income

(in millions)

2012E

Low

2012E

High

For nine

months

ended

9/30/2012

Net Income

$94

$104

$74

Depreciation, Depletion and Amortization

Total financing costs, net

Income tax expense

EBITDA

$247

$263

$187

Sales discounts

Noncontrolling interests

(3)

(5)

Adjustment to unconsolidated affiliate earnings

–

Adjusted EBITDA

$255

$270

$194

2012E Net Income to Adjusted EBITDA Reconciliation

Expected 2012E EBITDA Reconciliation

SunCoke Energy 2012 Investor Day