Sunoco out $60M in Suncoke-Arcelor steel deal
Sunoco settles with steelmaker ArcelorMittal, will spin off SunCoke Energy
Sunoco out $60M in Suncoke-Arcelor steel deal
Joseph N. DiStefano
Sunoco, the Philadelphia-based oil-coal-retail gasoline company, says it will cut pre-tax earnings for 2012 next year by $60 million in settling a price dispute with steelmaker Arcelor Mittal (which owns the former Lukens Steel and many more around the world) over steel fuel (coke) produced by Sunoco's Suncoke Energy division.
Sunoco said it had previously prepared to meet the expected cost. Sunoco plans to separate SunCoke into a separate company. More here in Sunoco's statement.
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Joseph N. DiStefano blogs about the latest news in the Philadelphia business community and elsewhere. Contact him at 215-854-5194.
Reach Joseph N. at JoeD@phillynews.com.
Joseph N. DiStefano
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