What is SunCoke Energy and why does it want to buy Granite City Steel?

News broke Wednesday that United States Steel plans to sell its two blast furnaces at Granite City Works to SunCoke Energy, Inc.

If the sale goes through, it could cost the region approximately 1,000 jobs at the steel mill, according to union leaders.

So who and what exactly is SunCoke Energy, Inc.? Here is a brief profile:

• SunCoke is a raw material processing and handling company serving steel and power customers, with principal businesses in cokemaking and logistics.
• SunCoke Energy has been a producer of coke for approximately 60 years. Coke is a high-carbon fuel which is important mainly in the refining of iron ore.
• The company operates metallurgical coke plants at 2585 Edwardsville Rd, adjacent to Granite City Steel, in addition to East Chicago, Indiana; Franklin Furnace and Middletown, Ohio; Vansant, Virginia; and Vitória, Brazil. These facilities produce approximately six million tons of coke each year.
  
  
• It employs about 895 workers, including 115 in Granite City.
• SunCoke is publicly traded on the New York Stock Exchange. Between the opening of trade and noon on Wednesday, its stock prices fell nearly 3% from $7.15 to $6.86 per share.
• SunCoke domestic and export terminals serve coal producers and end users in the steel, coke and power industries.
• The pig iron it would manufacture in Granite City Steel would be sold back to U.S. Steel for use at other mills.
• Their mission is to meet the needs of their customers “by providing high-quality products and logistics services, while operating their facilities safely, efficiently, and responsibly.” They intend to grow the company and create value for investors by expanding current coke and logistics businesses and identifying other related opportunities.

This story was originally published June 29, 2022 at 12:07 PM.