Wednesday, August 20, 2014
Inquirer Daily News

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

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.

Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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