SunCoke Energy Inc (SXC) 2025 Q1 法說會逐字稿

Good day, and welcome to the SunCoke Energy Q1 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 SunCoke Energy 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Shantanu Agrawal, Vice President, Finance and Treasurer. Please go ahead.

現在，我想將會議交給財務副總裁兼財務主管 Shantanu Agrawal 先生。請繼續。

Good morning, and thank you for joining us this morning to discuss SunCoke Energy's first-quarter 2025 results. With me today are Katherine Gates, President and Chief Executive Officer; and Mark Marinko, Senior Vice President and Chief Financial Officer.

早安，感謝您今天早上加入我們討論 SunCoke Energy 2025 年第一季的業績。今天與我一起的還有總裁兼執行長凱瑟琳蓋茲 (Katherine Gates) 和高級副總裁兼財務長馬克馬林科 (Mark Marinko)。

Following management's prepared remarks, we'll open the call for Q&A. This conference call is being webcast live on the Investor Relations section of our website, and a replay will be available later today. If we do not get your questions on the call today, please feel free to reach out to our Investor Relations team.

在管理階層準備好發言之後，我們將開始問答環節。本次電話會議將在我們網站的投資者關係部分進行網路直播，重播將於今天稍後提供。如果我們今天在電話中沒有收到您的問題，請隨時聯絡我們的投資者關係團隊。

Before I turn things over to Katherine, let me remind you that the various remarks we make on today's call regarding future expectations constitute forward-looking statements. The cautionary language regarding forward-looking statements in our SEC filings apply to the remarks we make today. These documents are available on our website as are reconciliations to non-GAAP financial measures discussed on today's call.

在我將事情交給凱瑟琳之前，請允許我提醒您，我們在今天的電話會議上就未來預期所做的各種評論均構成前瞻性陳述。我們提交給美國證券交易委員會 (SEC) 的文件中有關前瞻性陳述的警告性語言也適用於我們今天所發表的言論。這些文件可在我們的網站上查閱，同樣可在今天的電話會議上討論的非公認會計準則財務指標的對賬表中查閱。

With that, I'll now turn things over to Katherine.

說完這些，我現在將事情交給凱瑟琳。

Thanks, Shantanu. Good morning, and thank you for joining us on today's call. This morning, we announced SunCoke Energy's first-quarter results. I want to share a few highlights before turning it over to Mark to discuss the results in detail. We delivered strong results for the quarter, and I want to thank all of our employees for their contributions to our results.

謝謝，Shantanu。早安，感謝您參加今天的電話會議。今天上午，我們公佈了 SunCoke Energy 第一季業績。在交給馬克詳細討論結果之前，我想分享一些亮點。我們本季取得了強勁的業績，我要感謝所有員工為我們業績做出的貢獻。

Our logistics business continued to perform well. And as expected, our Domestic Coke business was impacted by the Granite City contract extension economics as well as the weak spot coke market. Together, we delivered consolidated adjusted EBITDA of $59.8 million during the quarter. As we discussed on our prior call, the spot blast coke pricing environment continues to be highly challenged, but there is demand for our coke, and we have essentially all spot blast and foundry coke sales finalized for the full year. Earlier today, we also announced a $0.12 per share dividend payable to shareholders on June 2, 2025.

我們的物流業務持續表現良好。正如預期的那樣，我們的國內焦炭業務受到了花崗岩城合約延期經濟以及疲軟的現貨焦炭市場的影響。本季度，我們的合併調整後 EBITDA 為 5,980 萬美元。正如我們在先前的電話會議上所討論的那樣，現貨高爐焦定價環境仍然面臨巨大挑戰，但我們的焦炭仍有需求，而且我們基本上已經完成了全年所有現貨高爐焦和鑄造焦的銷售。今天早些時候，我們也宣布將於 2025 年 6 月 2 日向股東派發每股 0.12 美元的股息。

From a balance sheet perspective, we ended the first quarter with a strong liquidity position of $543.7 million. Our gross leverage was approximately 1.89x on a trailing 12-month adjusted EBITDA basis at the end of the quarter. Looking ahead, we have extended our Granite City coke supply agreement with US Steel through September 30, 2025, with the option for US Steel to extend for an additional three months.

從資產負債表的角度來看，第一季末我們的流動性狀況強勁，達到 5.437 億美元。截至本季末，我們的總槓桿比率（以過去 12 個月調整後的 EBITDA 計算）約為 1.89 倍。展望未來，我們已將與美國鋼鐵公司 (US Steel) 的花崗岩城焦炭供應協議延長至 2025 年 9 月 30 日，美國鋼鐵公司可選擇再延長三個月。

We continuously monitor the challenging market conditions, but do not see a significant impact to our operations at this time. As a result, we are reaffirming our full-year consolidated adjusted EBITDA guidance range of $210 million to $225 million.

我們持續監測充滿挑戰的市場狀況，但目前並未發現對我們的營運有重大影響。因此，我們重申全年合併調整後 EBITDA 指引範圍為 2.1 億美元至 2.25 億美元。

With that, I will turn it over to Mark to review our first-quarter earnings in detail. Mark?

接下來，我將把任務交給馬克，讓他詳細回顧我們第一季的收益。標記？

Thanks, Katherine. Turning to slide 4. Net income attributable to SunCoke was $0.20 per share in the first quarter of 2025, down $0.03 versus the prior year period. Consolidated adjusted EBITDA for the first quarter of 2025 was $59.8 million compared to $67.9 million in the prior year period. The decrease in adjusted EBITDA was primarily driven by lower economics on the Granite City contract extension and lower spot blast coke sales volumes in the Coke segment, partially offset by lower legacy black lung expenses and employee-related costs in the Corporate and Other and higher transloading volumes at CMT in Logistics segment.

謝謝，凱瑟琳。翻到幻燈片 4。2025 年第一季歸屬於 SunCoke 的淨收入為每股 0.20 美元，較去年同期下降 0.03 美元。2025 年第一季綜合調整後 EBITDA 為 5,980 萬美元，去年同期為 6,790 萬美元。調整後 EBITDA 的下降主要由於花崗岩城合約延期的經濟效益下降和可口可樂部門現貨高爐焦銷售量下降，但被企業及其他部門遺留黑肺病費用和員工相關成本的降低以及物流部門 CMT 轉運量的增加所部分抵消。

Moving to slide 5 to discuss our Domestic Coke business performance in detail. First-quarter Domestic Coke adjusted EBITDA was $49.9 million and coke sales volumes were 898,000 tons. The decrease in adjusted EBITDA as compared to the prior year period was primarily driven by the lower economics and volumes at Granite City from the contract extension. Domestic Coke's results were additionally impacted by lower spot blast coke sales volumes due to timing and challenging market conditions. While the steel industry outlook remains uncertain and volatile, our coke production and sales plans remain on track.

前往投影片 5，詳細討論我們的國內可口可樂業務表現。第一季國內焦炭調整後EBITDA為4,990萬美元，焦炭銷售量為898,000噸。與去年同期相比，調整後的 EBITDA 有所下降，主要是因為合約延長導致 Granite City 的經濟效益和產量下降。由於時機和嚴峻的市場條件，現貨高爐焦炭銷量下降也對國內可口可樂的業績產生了影響。儘管鋼鐵業前景仍然不確定且不穩定，但我們的焦炭生產和銷售計劃仍在按計劃進行。

Our 2025 Domestic Coke guidance contemplated the lower sales during the first quarter, and we are reaffirming our Domestic Coke adjusted EBITDA guidance range of $185 million to $192 million. As a reminder, our guidance includes the assumption that our Granite City cokemaking agreement will be extended for an additional three months through the end of 2025.

我們對 2025 年國內可口可樂的預期已考慮到第一季的銷售額下降，因此我們重申國內可口可樂調整後的 EBITDA 預期範圍為 1.85 億美元至 1.92 億美元。提醒一下，我們的指導包括假設我們的 Granite City 焦化協議將延長三個月至 2025 年底。

Now moving on to slide 6 to discuss our Logistics business. Our Logistics business generated $13.7 million of adjusted EBITDA in the first quarter of 2025 as compared to $13 million in the first quarter of 2024. The increase in adjusted EBITDA was primarily driven by higher transloading volumes at CMT, partially offset by the absence of an index price adjustment benefit in Q1 2025.

現在轉到投影片 6 來討論我們的物流業務。我們的物流業務在 2025 年第一季產生了 1,370 萬美元的調整後 EBITDA，而 2024 年第一季為 1,300 萬美元。調整後 EBITDA 的成長主要得益於 CMT 轉運量的增加，但 2025 年第一季沒有指數價格調整收益，這部分抵消了這一增長。

Our terminals handled combined throughput volumes of 5.7 million tons during the first quarter of 2025 as compared to 5.5 million tons during the same prior year period. CMT handled 2.4 million tons during the first quarter of 2025 as compared to 1.8 million in the prior year period. Our previously announced barge unloading capital expansion project at KRT is currently on time and on budget. We are pleased with the strong performance from our Logistics business in the first quarter.

2025 年第一季度，我們的碼頭總吞吐量為 570 萬噸，而去年同期為 550 萬噸。2025 年第一季度，CMT 處理了 240 萬噸，而去年同期為 180 萬噸。我們先前宣布的 KRT 駁船卸貨資本擴建項目目前正在按計劃和預算進行。我們對第一季物流業務的強勁表現感到滿意。

As is the case with our Domestic Coke business, the market is volatile and things can change very quickly. However, we do not currently expect a significant impact to our operations through the remainder of the year and reaffirm our full-year Logistics adjusted EBITDA guidance range of $45 million to $50 million.

正如我們的國內可口可樂業務一樣，市場瞬息萬變，情況瞬息萬變。然而，我們目前預計今年剩餘時間我們的營運不會受到重大影響，並重申全年物流調整後的 EBITDA 指引範圍為 4,500 萬美元至 5,000 萬美元。

Now turning to slide 7 to discuss our liquidity position for Q1. SunCoke ended the quarter with a cash balance of $193.7 million and a fully undrawn revolver of $350 million. Net cash provided by operating activities was $25.8 million. The first quarter was impacted by a buildup of coal inventory, but we expect this to reverse during the year, and our full-year operating cash flow guidance is unchanged. We spent $4.9 million on CapEx and paid $10.9 million in dividends at the rate of $0.12 per share this quarter. In total, we ended the quarter with a strong liquidity position of $543.7 million.

現在翻到第 7 張投影片來討論我們第一季的流動性狀況。本季結束時，SunCoke 的現金餘額為 1.937 億美元，未提取的循環信貸額為 3.5 億美元。經營活動產生的淨現金為2580萬美元。第一季受到煤炭庫存增加的影響，但我們預計這種情況將在年內逆轉，我們的全年經營現金流指引保持不變。本季我們的資本支出為 490 萬美元，並以每股 0.12 美元的比率支付了 1,090 萬美元的股息。總體而言，本季結束時，我們的流動資金狀況強勁，達到 5.437 億美元。

With that, I will turn it back over to Katherine.

說完這些，我就把麥克風交還給凱瑟琳。

Thanks, Mark. Wrapping up on slide 8. As always, safety is our first priority, and we are dedicated to maintaining our strong safety and environmental performance. Robust safety and environmental standards set SunCoke apart and are the foundation for our reliable delivery of high-quality coke and logistics services. We remain focused on safely executing against our operating and capital plans and maintaining the strength of our core businesses as we navigate difficult market conditions.

謝謝，馬克。在第 8 張投影片上結束。一如既往，安全是我們的首要任務，我們致力於維持強大的安全和環境績效。嚴格的安全和環境標準使 SunCoke 脫穎而出，也是我們可靠地提供高品質焦炭和物流服務的基礎。在應對艱難的市場條件時，我們仍將專注於安全執行我們的營運和資本計劃並保持核心業務的實力。

At the same time as we are providing high-quality coke and logistics services, we are continually pursuing opportunities to grow our business and broaden our customer base. As always, we take a balanced yet opportunistic approach to capital allocation.

在提供高品質焦炭和物流服務的同時，我們也持續尋求機會發展業務並擴大客戶群。像往常一樣，我們採取平衡又投機取巧的方式進行資本配置。

The GPI project continues to be a top priority for us. The strong fundamentals of the project remain unchanged despite our frustration with the ongoing government delays. We continuously evaluate the capital needs of the business, our capital structure, and the need to reward our shareholders, and we'll make capital allocation decisions accordingly. Finally, we are reaffirming our full-year consolidated adjusted EBITDA guidance range of $210 million to $225 million.

GPI 專案仍然是我們的首要任務。儘管我們對政府的持續拖延感到沮喪，但該計畫的強勁基本面仍然沒有改變。我們不斷評估業務的資本需求、資本結構以及回報股東的需要，並據此做出資本配置決策。最後，我們重申全年合併調整後 EBITDA 指引範圍為 2.1 億美元至 2.25 億美元。

With that, let's go ahead and open up the call for Q&A.

好了，讓我們開始問答環節。

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

My first one is your annual guidance does imply an uplift in quarterly adjusted EBITDA from here. So I was wondering if you could speak to cadence, specifically as it relates to any assumptions in the second half as some contracts move around and there's more spot exposure. I would have assumed that EBITDA should be somewhat stronger in the first half. So just wanting to get your take there.

我的第一個問題是，您的年度指引確實意味著從現在開始季度調整後的 EBITDA 將會上升。所以我想知道您是否可以談論節奏，特別是因為它與下半年的任何假設有關，因為一些合約會發生變化並且現貨風險會更大。我原本預計上半年的 EBITDA 應該會稍微強勁一些。我只是想聽聽你的看法。

Nick, this is Shantanu. I'm assuming you're talking about the Domestic Coke EBITDA, right?

尼克，這是 Shantanu。我假設您談論的是國內可口可樂的 EBITDA，對嗎？

Correct.

正確的。

Yes. Yes. So that is true, right? So what's happening here is, as you know, that our Cliffs contract at Haverhill II is supposed to expire in June 2025, but we are working with them to kind of have that shipment kind of laid out more or less evenly for the rest of the year or throughout the year.

是的。是的。確實如此，對嗎？所以現在發生的情況是，正如你所知，我們與 Haverhill II 的 Cliffs 合約預計於 2025 年 6 月到期，但我們正在與他們合作，以便在今年剩餘時間或全年大致均勻地安排這批貨物。

So you will see some of those kind of margins from those shipments come in the second half of the year. And that's what's kind of causing our -- you're seeing a lower EBITDA in the first quarter where you saw lower domestic and blast sales, but we expect to pick that up in the second half of the year.

因此，您會看到這些出貨量的部分利潤在下半年出現。這就是導致我們第一季 EBITDA 下降的原因，因為國內和爆炸式銷售均下降，但我們預計今年下半年這一數字會回升。

Got it. That's very helpful, Shantanu. I appreciate that. My next one was really just curious to hear an updated view on capital allocation priorities. Really, my question is, while the GPI project remains on the drawing board, what other long-term growth opportunities could you be considering?

知道了。這非常有幫助，Shantanu。我很感激。我的下一個問題只是好奇想聽聽關於資本配置優先順序的最新觀點。實際上，我的問題是，當 GPI 專案仍處於規劃階段時，您還可以考慮哪些其他長期成長機會？

No, great question. As we've said and talked about last quarter, we continue to look for profitable growth opportunities beyond the GPI project. We've remained very, very disciplined in looking for those long term -- or for those growth opportunities. Really, they would have to be profitable and take into account the environment that we sit in today in order to reward our long-term shareholders.

不，這個問題問得好。正如我們上個季度所說和討論的那樣，我們將繼續尋找 GPI 專案之外的獲利成長機會。我們一直非常嚴格地尋找那些長期的或成長的機會。事實上，他們必須獲利，並考慮到我們今天所處的環境，才能回報我們的長期股東。

At the same time, we've said that we are going -- we expect to continue our dividend in 2025. And we think that that is another very good way to deploy our capital to reward our long-term shareholders. And with the dividend, we've been able to continue that while still preserving cash to be able to do the Granite City project. So the dividend fully takes into account the ability to do the Granite City project as well.

同時，我們表示，我們預計將在 2025 年繼續派發股息。我們認為這是部署資本回報長期股東的另一種非常好的方式。透過分紅，我們能夠繼續這樣做，同時仍然保留現金來進行花崗岩城計畫。因此，股息也充分考慮了完成花崗岩城計畫的能力。

Got it. I guess, as we think about other potential projects, should we think about something that's similar to the GPI project in nature? Would it be something more on the Logistics side? Any flavor of what other opportunities could be?

知道了。我想，當我們考慮其他潛在項目時，我們是否應該考慮一些本質上與 GPI 項目類似的項目？物流方面還會有更多事情嗎？還有什麼其他機會嗎？

Well, I think when I say that we're very disciplined, we know that we need to look for growth opportunities in areas where we can add value and where we already have experience. So while I can't get into any specifics, I think you can think about it in terms of areas where we already have a level of expertise, and we think that we can bring value to any potential growth opportunity just as we see ourselves being able to bring that value to the GPI project.

嗯，我想當我說我們非常自律時，我們知道我們需要在我們可以增加價值和已經有經驗的領域中尋找成長機會。因此，雖然我無法透露任何細節，但我認為您可以從我們已經擁有一定專業知識的領域來考慮這個問題，我們認為我們可以為任何潛在的成長機會帶來價值，就像我們認為我們能夠為 GPI 專案帶來價值一樣。

Fair enough. My last question was just curious what drove the inventory build on the coal side. Was this driven by weaker-than-expected spot demand? Or was this more attributable to shipment timing, for instance?

很公平。我的最後一個問題是好奇是什麼推動了煤炭庫存的增加。這是由於現貨需求弱於預期嗎？或者這是否更多地歸因於裝運時間？

Yes. No, this is Mark. Yes, it's really just at the beginning of the year, you get a new coal blend, and we were just building the inventories for the year. It didn't have anything more than that. You will see some seasonality of that happening at this time of year in the first quarter or late Q4. So it's fairly normal. But like I said, we expect that to reverse, and we're reaffirming our cash flow guidance.

是的。不，這是馬克。是的，實際上只是在年初，你就得到了一種新的煤炭混合物，而我們只是在為今年建立庫存。除此之外，沒有其他東西了。每年的這個時候，例如第一季或第四季末，你都會看到這種現象的季節性。所以這很正常。但正如我所說，我們預計這種情況會逆轉，我們重申我們的現金流指引。

(Operator Instructions) Nathan Martin, Benchmark Company.

（操作員指示）Nathan Martin，Benchmark Company。

I wanted to start with CapEx. I noticed you guys only spent $5 million, it looked like in the first quarter, again, maintaining your full-year guidance of $65 million. Katherine, I know I asked you last quarter about a possible cadence of spend, and I think you said it would be pretty steady. So just curious what might have changed there.

我想從資本支出開始。我注意到你們只花了 500 萬美元，就像在第一季一樣，再次保持了 6500 萬美元的全年指導價。凱瑟琳，我知道我上個季度問過您關於可能的支出節奏的問題，我認為您說它會相當穩定。所以只是好奇那裡可能發生了什麼變化。

Yes. No, great question. And really, given some of the uncertainties that we obviously are all seeing as we look out ahead, we're just being very judicious with our spending. At this point in time, we are likely to not spend the $65 million that we had planned for at the end of the year. And again, that's really just about being judicious in light of this environment and making appropriate deferrals. We'll continuously evaluate those investment decisions, but we really, at this point, are just being very, very cautious.

是的。不，這個問題問得好。事實上，考慮到我們顯然都看到了一些不確定因素，我們在支出方面非常謹慎。目前，我們很可能無法花掉年底計畫的 6,500 萬美元。再說一次，這實際上只是根據當前的環境做出明智的決定並進行適當的延期。我們將不斷評估這些投資決策，但目前我們確實非常非常謹慎。

Can I get some color around maybe what you're looking at deferring? I think you still had about $5 million left for the growth there at KRT. I'm assuming that's going to be finished up, but any additional thoughts there?

我能了解一下您正在考慮推遲什麼嗎？我認為您還剩下大約 500 萬美元用於 KRT 的發展。我假設這會完成，但還有其他想法嗎？

Yes. And that's correct. I mean, the KRT project is -- it's on track. It's on budget. So yes, we will be spending that capital here in the next couple of months as that project is completed.

是的。這是正確的。我的意思是，KRT 項目正在按計劃進行。這是在預算之內的。是的，隨著該項目的完成，我們將在未來幾個月內在這裡花費這筆資金。

Beyond that, what I would say is that we make appropriate deferrals for projects that are, let's say, longer term or not an immediate top priority at some of our plants. As we've always said, we're investing in our plants as the long-term reliable supplier of coke and logistics services. So we continue to invest and ensure that our assets are there and ready to be the top-performing assets over the longer term. But at the same time, as you know, we invest a lot of CapEx in these businesses, and that gives us some flexibility for things that are not immediate priority to be deferred when we're sitting in an environment like the one we are today.

除此之外，我想說的是，我們會對某些工廠的長期專案或非當務之急的專案進行適當的延遲。正如我們一直所說，我們投資我們的工廠是為了成為焦炭和物流服務的長期可靠供應商。因此，我們將繼續投資並確保我們的資產能夠長期成為表現最佳的資產。但同時，正如你所知，我們在這些業務上投入了大量的資本支出，這為我們在像當今這樣的環境中推遲處理非當務之急的事情提供了一些靈活性。

Okay. So it could possibly include some things like deferred maintenance and things like that as well, I'm assuming.

好的。因此我猜想它可能還包括一些諸如延期維護之類的事情。

That correct.

那是正確的。

Okay. Perfect. I appreciate that information. It might also be helpful to get some additional thoughts on the health of the foundry and export coke markets. I mean, you guys called out essentially sold out now there, but you also highlighted once again the extreme challenges there. I guess, how long could the weakness persist? And what do you think tightens the market back up eventually?

好的。完美的。我很感謝這些信息。了解更多有關鑄造和出口焦炭市場健康狀況的想法也可能會有所幫助。我的意思是，你們說現在那裡基本上已經賣光了，但你們也再次強調了那裡面臨的極端挑戰。我猜，這種疲軟狀況還能持續多久？您認為什麼最終會讓市場重新收緊？

Well, sort of taking the last part of that question first. I mean, I think it's just -- we're very closely sort of monitoring the environment. I think it's very hard to know. And I think you've heard from others, it's very hard to know exactly what the market is going to look like out ahead. I think we though saw that the pricing environment and certainly, the work that Cliffs is doing this year was such that we expected to not be contracting with Cliffs for more coke beyond the contracts that we have with them for this year.

好吧，首先回答這個問題的最後一部分。我的意思是，我認為這只是——我們正在非常密切地監視環境。我認為這很難知道。我想您也聽其他人說過，很難確切知道未來的市場會是什麼樣子。我認為，我們看到了定價環境，當然還有 Cliffs 今年所做的工作，我們預計不會與 Cliffs 簽訂超出今年合約範圍的焦炭合約。

And we also expected that the price environment for this year was not going to get stronger. That's why we made the decisions to sell early in the year and are essentially sold out. So I think what I can say is the price environment for the coke. We feel good about having made those decisions to sell at the beginning of the year at the price we did, not the price we wanted certainly, but I think that that was a sound decision given what we're seeing this year. Really beyond that, very hard to say what the price environment looks like.

我們也預計今年的價格環境不會變得更強勁。這就是為什麼我們決定在年初出售並且目前基本上已經售罄。所以我想我能說的是可樂的價格環境。我們很高興在年初做出了以當時的價格出售的決定，當然這不是我們想要的價格，但我認為，考慮到我們今年看到的情況，這是一個明智的決定。除此之外，很難說價格環境是什麼樣的。

And with respect to our work with Cliffs, we're continuously in dialogue with them regarding our contract at Haverhill. So those discussions move ahead even as we sit here in this otherwise kind of challenging environment.

關於我們與 Cliffs 的合作，我們一直在與他們就我們在 Haverhill 的合約進行對話。因此，即使我們身處在這種充滿挑戰的環境中，這些討論仍在繼續。

Okay. Got it. I guess, I would say even against that backdrop, your EBITDA per ton in the Domestic Coke segment of $55 was well above the $48 high end of your full-year guidance. So any thoughts there?

好的。知道了。我想說，即使在這樣的背景下，貴公司國內可樂部門每噸 55 美元的 EBITDA 也遠高於全年預期的 48 美元高端。那麼有什麼想法嗎？

Yes. Nate, I mean, on that, kind of you saw that like in Q1 last year, we had some spot blast coke sales, which we had very minimal of that this year. So that impacted on a profitability margin basis. That kind of drove our EBITDA per ton for coke higher. But if you look at full year, I think we're going to go back to kind of what our guidance range is. So there's a little bit of timing factor that is getting played in, and you're going to see the impact of those lower-margin blast coke sales come into the later half of the year.

是的。內特，我的意思是，就這一點而言，您似乎看到，就像去年第一季一樣，我們有一些現貨爆破可樂的銷售，而今年的銷售量非常少。因此這對獲利利潤率產生了影響。這在一定程度上提高了我們焦炭每噸 EBITDA 的水平。但如果你看一下全年情況，我認為我們將回到我們的指導範圍。因此，其中有一點時間因素在起作用，你將會看到利潤率較低的高爐焦炭銷售的影響在下半年顯現。

Okay. Got it. And Shantanu, just kind of going back to your answer to an earlier question. The production from Haverhill, 200,000 tons in the quarter, well below your normal rates behind the full-year guidance, which is a little over 1 million tons. Was that kind of a timing thing, too? Did I understand that correctly? Maybe just confirm.

好的。知道了。Shantanu，我們回到你之前問題的回答。本季哈佛希爾的產量為 20 萬噸，遠低於正常產量，而全年產量預期略高於 100 萬噸。這也是一種時間問題嗎？我理解得對嗎？也許只是確認一下。

Yes, that was planned when we went out with the guidance in early this year. Given what Katherine mentioned about challenges in the spot coke market and what we are seeing out ahead, what the pricing and the demand market environment looks like, that was planned that we will have a lower production in Q1 for Haverhill. And that's kind of built into our 4 million tons approximately sales number for our Domestic Coke.

是的，這是我們在今年年初發布指導時制定的計劃。考慮到凱瑟琳提到的現貨焦炭市場面臨的挑戰以及我們對未來的預期、定價和需求市場環境，我們計劃在第一季降低哈弗希爾的產量。這已經算進了我們國內焦炭約 400 萬噸的銷量中。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Katherine Gates, Chief Executive Officer and President, for any closing remarks.

（操作員指示）我們的問答環節到此結束。我想將會議交還給執行長兼總裁凱瑟琳·蓋茨，請她致閉幕詞。

Thank you all again for joining us this morning and for your continued interest in SunCoke. We're well positioned to navigate the challenging market conditions and create value for shareholders. Let's continue to work safely today and every day.

再次感謝大家今天早上加入我們，並感謝你們對 SunCoke 的持續關注。我們已做好準備應對充滿挑戰的市場環境並為股東創造價值。讓我們今天以及每一天繼續安全地工作。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。