- SunCoke Energy (NYSE:SXC) says it plans to reduce its annual coal production by more than half and to cut 175 jobs, ~13% of its workforce, due to weak prices.
- SXC says it will cut its annual coal production to ~500K tons from 1.1M in the short term while it pursues a sale or other alternative, such as retaining contractors to mine on its behalf or purchasing all coal requirements to supply the Jewell Coke facility.
- SXC anticipates taking a one-time cash charge of $25M-$35M as it downsizes its coal operations.