SunCoke Energy to Cut Jobs, Halve Coal Production

SunCoke Energy Inc. (NYSE:SXC) announced that it will more than halve its annual coal production and cut 175 jobs due to weak prices.

According to the press release, the contingency plan of the company includes:

• Taking immediate action to reduce coal production by more than 50 percent and substantially decrease cash loss related to Coal Mining business
• Evaluating further options for the continued wind down of Coal Mining business
• Continuing to pursue opportunities to sell all or a portion of Coal Mining business

Fritz Henderson, chairman and CEO of SunCoke Energy, stated:

While we plan to continue pursuing opportunities to sell all or a portion of our Coal Mining business, the challenging coal price environment has led us to make these hard decisions. I’ve been very impressed by and thankful for the leadership and commitment of our coal team, which has consistently achieved high levels of productivity, safety and regulatory compliance during this difficult time. However, idling a significant portion of the Coal Mining business is the right step going forward and allows us to focus on our core competencies of processing and handling raw materials for industrial customers.

Click here for SunCoke Energy Inc. (NYSE:SXC) press release