Wednesday, May 27, 2015

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.

About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

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

Joseph N. DiStefano