SunCoke Energy Inc (SXC) 2025 Q3 法說會逐字稿

Good day, and welcome to the Q3 2025 SunCoke Energy Inc., earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 SunCoke Energy Inc. 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給財務副總裁兼司庫 Shantanu Agrawal。請繼續，先生。

Thanks, Nick. Good morning, and thank you for joining us to discuss SunCoke Energy's third-quarter 2025 results. With me today are Katherine Gates, President and Chief Executive Officer; and Mark Marinko, Senior Vice President and Chief Financial Officer. This conference call is being webcast live on the Investor Relations section of our website, and a replay will be available later today. Following management's prepared remarks, we'll open the call for Q&A.

謝謝你，尼克。早安，感謝各位參加本次研討會，共同探討 SunCoke Energy 2025 年第三季業績。今天陪同我的是總裁兼執行長凱瑟琳蓋茨，以及資深副總裁兼財務長馬克馬林科。本次電話會議正在我們網站的投資者關係版塊進行網路直播，稍後將提供回放。在管理階層發表準備好的演講後，我們將開放問答環節。

If we do not get to your questions on the call today, please feel free to reach out to our Investor Relations team. 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.

如果今天的電話會議沒有解答您的問題，請隨時聯絡我們的投資者關係團隊。在將發言權交給凱瑟琳之前，我想提醒各位，我們在今天的電話會議上就未來預期發表的各種言論都屬於前瞻性陳述。我們在提交給美國證券交易委員會的文件中關於前瞻性陳述的警示性措辭也適用於我們今天發表的言論。這些文件以及今天電話會議上討論的非GAAP財務指標的調節表都可以在我們的網站上找到。

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

接下來，我會把工作交給凱瑟琳。

Thanks, Shantanu. Good morning, and thank you for joining us on today's call. This morning, we announced SunCoke Energy's third quarter results I want to share a few highlights before turning it over to Mark to discuss the results in detail. We delivered Q3 2025 consolidated adjusted EBITDA of $59.1 million representing a sequential improvement over the second quarter, although not to the extent we expected at the end of Q2. We completed the acquisition of Phoenix Global on August 1, and are pleased with the progress we've made on integration activities thus far.

謝謝你，沙塔努。早安，感謝各位參加今天的電話會議。今天上午，我們公佈了SunCoke Energy第三季的業績。在把詳細討論業績之前，我想先分享幾個亮點。我們實現了 2025 年第三季合併調整 EBITDA 5,910 萬美元，較第二季有所環比成長，但並未達到我們在第二季末的預期水準。我們於 8 月 1 日完成了對 Phoenix Global 的收購，並對迄今為止在整合活動方面取得的進展感到滿意。

We expect to begin recognizing synergies in 2026. Phoenix's financial results will be reported in our new Industrial Services segment, which also includes our former Logistics segment. During the quarter, we also extended our coke-making agreement with US Steel at Granite City through the end of 2025. With the Phoenix acquisition complete and an updated view of market conditions driving the balance of 2025, we are revising our consolidated adjusted EBITDA guidance range to between $220 million and $225 million.

我們預計將於 2026 年開始顯現綜效。Phoenix 的財務表現將計入我們新的工業服務部門，該部門也包括我們以前的物流部門。本季度，我們也與美國鋼鐵公司在花崗岩城延長了焦炭生產協議，有效期至 2025 年底。隨著對 Phoenix 的收購完成，以及對 2025 年剩餘時間市場狀況的最新看法，我們將合併調整後的 EBITDA 預期範圍修訂為 2.2 億美元至 2.25 億美元。

Our updated guidance is inclusive of the addition of five months of Phoenix results, partially offset by the impact of a deferral of the sale of approximately 200,000 coke tons due to a breach of contract by one of our customers. Our revised guidance contemplates the production and storage and inventory of the 200,000 tons of coke until there is a resolution of the issue.

我們更新後的業績指引包含了鳳凰公司五個月的業績，但部分被因一位客戶違約而推遲銷售約 20 萬噸焦炭的影響所抵消。我們修訂後的指導意見考慮了20萬噸焦炭的生產、儲存和庫存，直到問題解決為止。

Any changes to these assumptions could impact our guidance range. We are actively pursuing all legal means to enforce the contract. Earlier today, we also announced a quarterly dividend of $0.12 per share payable to shareholders on December 1, 2025. This is our 25th consecutive quarter announcing a dividend. While the dividend is evaluated on a quarterly basis by our Board, we expect to continue the dividend to reward our long-term shareholders.

這些假設的任何變化都可能影響我們的指導範圍。我們正在積極採取一切法律手段來強制執行該合約。今天早些時候，我們也宣布將於 2025 年 12 月 1 日向股東派發每股 0.12 美元的季度股息。這是我們連續第25季宣布派發股息。雖然董事會按季度評估股息狀況，但我們預計將繼續派發股息，以回報我們的長期股東。

With that, I'll turn it over to Mark to review our third quarter earnings in detail. Mark?

接下來，我將把時間交給馬克，讓他詳細回顧我們第三季的收益。標記？

Thanks, Katherine. Turning to slide 4. Net income attributable to SunCoke was $0.26 per share in the third quarter of 2025, down $0.10 versus the prior year period. The decrease was primarily driven by the mix of contract and spot coke sales coupled with lower economics from the Granite City contract extension in the Domestic Coke segment. Additionally, an $0.11 per share impact is due to the absence of the gain on elimination of the majority of legacy black lung liabilities recorded in Q3 2024.

謝謝你，凱瑟琳。翻到第4張投影片。2025 年第三季歸屬於 SunCoke 的淨收入為每股 0.26 美元，比去年同期下降 0.10 美元。下降的主要原因是合約焦炭銷售和現貨焦炭銷售的組合，以及 Granite City 合約續約對國內焦炭業務帶來的經濟效益降低。此外，每股收益減少 0.11 美元是由於 2024 年第三季確認的大部分遺留黑肺病負債消除收益尚未計入。

Transaction and restructuring costs had an impact of $0.09 per share in the quarter. These dilutive impacts were partially offset by a $0.32 per share improvement driven by lower income tax expense driven by capital investment tax credits. Consolidated adjusted EBITDA for the third quarter of 2025 was $59.1 million compared to $75.3 million in the prior year period.

本季交易和重組成本對每股收益的影響為 0.09 美元。這些稀釋性影響被每股盈餘提高 0.32 美元所部分抵消，這主要得益於資本投資稅收抵免帶來的所得稅支出減少。2025 年第三季綜合調整 EBITDA 為 5,910 萬美元，而去年同期為 7,530 萬美元。

The decrease in adjusted EBITDA was primarily driven by the mix of contract and spot coke sales and unfavorable economics on the Granite City contract extension in the Domestic Coke segment, lower transloading volumes at the logistics terminals, and the absence of the $9.5 million gain on the elimination of the majority of legacy black lung liabilities recorded in the third quarter of 2024 partially offset by the addition of 2 months of Phoenix global results.

調整後 EBITDA 的下降主要是由於合約焦炭銷售和現貨焦炭銷售的組合以及國內焦炭業務中 Granite City 合約延期帶來的不利經濟效益、物流終端轉運量下降，以及 2024 年第三季度確認的消除大部分遺留黑肺病負債的 950 萬美元收益的缺失，部分被 Phoenix 全球業績所抵消。

Moving to slide 5 to discuss our Domestic Coke business performance in detail. Third quarter domestic coke adjusted EBITDA was $44 million and coke sales volumes were 951,000 tons compared to $58.1 million and 1,027 000 tons in the prior year period. The decrease in adjusted EBITDA was primarily driven by the change in mix of contracted spot coke sales resulting in lower pricing and lower economics and volumes at Granite City from the contract extension.

接下來請看第 5 張投影片，詳細討論我們國內可口可樂業務的表現。第三季國內焦炭調整後 EBITDA 為 4,400 萬美元，焦炭銷售量為 95.1 萬噸，而上年同期分別為 5,810 萬美元及 102.7 萬噸。調整後 EBITDA 的下降主要是由於合約現貨焦炭銷售組合的變化，導致 Granite City 的價格下降，合約延期帶來的經濟效益和銷售也下降。

Lower cold coke yields at Haverhill and a weather event at Indiana Harbor resulted in lower production volumes during the quarter as well. While this quarter's performance didn't fully meet our expectations, we did realize modest improvement over the second quarter with sequentially higher adjusted EBITDA and coke production and sales tons.

哈佛希爾冷焦產量下降以及印第安納港遭遇天氣事件，也導致該季度產量下降。雖然本季的業績沒有完全達到我們的預期，但與第二季度相比，我們確實取得了小幅改善，調整後的 EBITDA 和焦炭產量及銷量均環比增長。

During our second quarter earnings call, we projected a more favorable mix of coke sales in the second half of the year with higher contract volumes driving improvement in the Domestic Coke segment. However, due to the breach of contract by one of our customers, we had marginally lower sales volumes in the third quarter and currently expect a significant impact to results in the fourth quarter.

在第二季財報電話會議上，我們預測下半年焦炭銷售結構將更加有利，更高的合約銷售將推動國內焦炭業務板塊的改善。然而，由於我們的一位客戶違反了合同，我們第三季度的銷售額略有下降，目前預計第四季度的業績將受到重大影響。

For that reason, we are updating our guidance to reflect the impact of approximately 200,000 tons of unsold blast furnace coke production, which will be stored in inventory. Our full year 2025 Domestic Coke adjusted EBITDA is now expected to be between $172 million and $176 million. Now moving on to slide 6 to discuss our new Industrial Services segment.

因此，我們正在更新我們的指導意見，以反映大約 20 萬噸未售出的高爐焦炭產量的影響，這些焦炭將儲存在庫存中。預計 2025 年全年國內可口可樂調整後 EBITDA 將介於 1.72 億美元至 1.76 億美元之間。現在轉到第 6 張投影片，討論我們新的工業服務板塊。

Our Industrial Services segment, which includes our logistics business, and our Phoenix Global business generated $18.2 million of adjusted EBITDA in the third quarter of 2025 compared to $13.7 million in the prior year period. The increase in adjusted EBITDA was primarily driven by the addition of two months of Phoenix Global results, partially offset by lower volumes at our logistics terminals due to unfavorable market conditions.

我們的工業服務部門（包括我們的物流業務）和 Phoenix Global 業務在 2025 年第三季產生了 1,820 萬美元的調整後 EBITDA，而去年同期為 1,370 萬美元。調整後 EBITDA 的成長主要得益於 Phoenix Global 兩個月業績的增加，但部分被不利的市場環境導致物流終端貨運量下降所抵銷。

Going forward, the Industrial Services segment will report total volumes handled by our logistics terminals and customer volumes serviced at our Phoenix Global sites. The third quarter total logistics handling volumes were 5.2 million tons. Phoenix customer volume service were 3.8 million tons for the two months included in third quarter results.

展望未來，工業服務部門將報告我們物流終端處理的總貨量以及我們在 Phoenix Global 站點服務的客戶貨量。第三季物流處理總量為520萬噸。鳳凰公司第三季業績所涵蓋的兩個月的客戶服務量為 380 萬噸。

Similar to the Domestic Coke segment, the improvement in logistics business during the third quarter did not match what we previously anticipated due to persistent weak market conditions. While we expect to see further improvement quarter over quarter, the full-year logistics business contribution is expected to be moderately lower than previously guided.

與國內可口可樂業務部門類似，由於市場狀況持續疲軟，第三季物流業務的改善並未達到我們先前的預期。儘管我們預計各季度業績將進一步改善，但全年物流業務貢獻預計將略低於先前預期。

We are updating our full-year Industrial Services adjusted EBITDA guidance to between $63 million and $67 million, reflecting five months of Phoenix Global results and lower-than-expected volume improvement at logistics terminals in the second half of the year. Now turning to slide 7 to discuss our liquidity position for Q3. SunCoke ended the third quarter with a cash balance of $80.4 million and revolver availability of $126 million, representing ample liquidity of $206 million post-acquisition.

我們將全年工業服務調整後 EBITDA 預期更新為 6,300 萬美元至 6,700 萬美元，反映了 Phoenix Global 五個月的業績以及下半年物流碼頭業務量改善低於預期。現在請看第 7 張投影片，討論我們第三季的流動性狀況。SunCoke 第三季末現金餘額為 8,040 萬美元，循環信貸額度為 1.26 億美元，收購後流動資金充足，達到 2.06 億美元。

Net cash provided by operating activities was $9.2 million and was negatively impacted by two items: number one, the accounting treatment of a portion of Phoenix Global's acquisition price. Phoenix's management incentive plan and transaction cost cash payments totaled $29.3 million were included in the acquisition price but flowed through our operating cash flow as a use of cash.

經營活動產生的淨現金為 920 萬美元，受到兩個因素的負面影響：第一，鳳凰環球收購價格的一部分的會計處理。Phoenix 的管理層激勵計劃和交易成本現金支付總額為 2,930 萬美元，已包含在收購價格中，但作為現金使用計入了我們的經營現金流。

Number two, the timing of cash receipts of $23 million at quarter end, which was subsequently received in October. Without the impact of these two one-time items, our operating cash flow would have been approximately $52 million higher. Net borrowing on our revolver was $199 million, cash acquired from the Phoenix Global acquisition was $24.3 million, and after factoring in the $29.3 million flowing through our operating cash flow, the net purchase consideration for Phoenix was $295.8 million.

第二點是季度末收到的 2,300 萬美元現金，但實際上是在 10 月才收到。如果不計入這兩項一次性項目的影響，我們的營運現金流將增加約 5,200 萬美元。我們的循環信貸淨借款為 1.99 億美元，從 Phoenix Global 收購中獲得的現金為 2,430 萬美元，加上透過我們經營現金流流入的 2,930 萬美元，Phoenix 的淨購買對價為 2.958 億美元。

We spent $25.5 million on CapEx and paid $10.1 million in dividends at the rate of $0.12 per share this quarter. SunCoke has a strong track record of generating steady free cash flow, and we expect the trend to continue with the addition of Phoenix Global. As Katherine mentioned earlier, we intend to continue utilizing our free cash flow to reward our shareholders with a regular dividend, which is reviewed and improved on a quarterly basis by our Board of Directors.

本季我們在資本支出上花費了 2,550 萬美元，並以每股 0.12 美元的利率支付了 1,010 萬美元的股息。SunCoke 在產生穩定的自由現金流方面有著良好的記錄，我們預計隨著 Phoenix Global 的加入，這一趨勢將繼續下去。正如凱瑟琳先前提到的，我們打算繼續利用自由現金流向股東派發定期股息，董事會每季都會對股息進行審查和改進。

Let's move to slide 8 to discuss our updated 2025 guidance. The summary is our full-year 2025 adjusted EBITDA guidance. We now expect domestic coke adjusted EBITDA between $172 million and $176 million, reflecting the impact of a deferral of approximately 200,000 coke sales tons. We expect Industrial Services adjusted EBITDA between $63 million and $67 million, reflecting the addition of five months of Phoenix Global contribution, partially offset by lower volumes at our logistics terminals due to weak market conditions.

讓我們翻到第 8 張投影片，討論我們更新後的 2025 年指引。摘要是我們對 2025 年全年調整後 EBITDA 的預期。我們現在預計國內焦炭調整後 EBITDA 在 1.72 億美元至 1.76 億美元之間，這反映了約 20 萬噸焦炭銷售延期的影響。我們預計工業服務調整後的 EBITDA 在 6,300 萬美元至 6,700 萬美元之間，這反映了 Phoenix Global 五個月的貢獻，但部分被市場疲軟導致的物流終端吞吐量下降所抵消。

Consolidated adjusted EBITDA is now expected to be between $220 million and $225 million. Any changes to the assumptions related to the deferral of the coke sales could impact our guidance range. We have updated our CapEx guidance to approximately $70 million, reflecting lower CapEx at our coke plants plus the inclusion of Phoenix's portion of CapEx.

合併調整後 EBITDA 預計在 2.2 億美元至 2.25 億美元之間。與焦炭銷售延期相關的假設的任何變化都可能影響我們的業績指引範圍。我們已將資本支出預期更新至約 7,000 萬美元，這反映了我們焦化廠資本支出的減少，以及鳳凰城資本支出部分的納入。

Our free cash flow guidance has changed significantly due to several factors. Last quarter, we updated our free cash flow guidance to include the favorable impact from tax law changes and lower CapEx spend partially offset by transaction and debt issuance costs. We are now also expecting a $70 million unfavorable impact to our free cash flow for the full year, resulting from the deferral of cash receipts from our customers' breach of contract. This estimate is based on the information we have as of today.

由於多種因素，我們的自由現金流預期發生了重大變化。上個季度，我們更新了自由現金流預期，以納入稅法變化帶來的有利影響和資本支出減少，但部分被交易和債務發行成本所抵消。由於客戶違約導致現金收入延遲到賬，我們預計全年自由現金流將受到 7,000 萬美元的不利影響。該估算是基於我們截至目前所掌握的資訊。

As Katherine mentioned, we intend to pursue all avenues to recover our losses from this event, and it is possible that we will reach a conclusion by later this year or early next year. Additionally, the $29.3 million related to Phoenix's management incentive plan and transaction costs, which were reflected in the acquisition price are now running through operating cash flow and impacting our free cash flow for the year. We now expect free cash flow in the range of negative $10 million to $0 and expect $62 million to $72 million in operating cash flow for the full year.

正如凱瑟琳所說，我們打算採取一切途徑來挽回我們在事件中的損失，我們有可能在今年晚些時候或明年年初得出結論。此外，與 Phoenix 的管理層激勵計劃和交易成本相關的 2,930 萬美元（已反映在收購價格中）現在正在透過經營現金流支出，並影響我們今年的自由現金流。我們現在預計自由現金流在負 1,000 萬美元到 0 美元之間，預計全年經營現金流為 6,200 萬美元至 7,200 萬美元。

With that, I will turn it over to Katherine.

接下來，我會把麥克風交給凱瑟琳。

Thanks, Mark. Wrapping up on slide 9. While we're not in a position to give guidance for 2026 at this time, we are optimistic about what is to come next year. We continue to have a strong, profitable long-term coke business, underpinned by the three pillars of Indiana Harbor, Middletown and Jewell Foundry, which have consistently delivered excellent performance and results. Our Granite City coke plant is distinctly tied to US Steel's need for Coke as well as the granulated pig iron project.

謝謝你，馬克。第9張投影片的內容就到此為止。雖然我們目前無法對 2026 年的情況做出預測，但我們對明年充滿信心。我們擁有強勁且獲利的長期焦炭業務，這得益於印第安納港、米德爾頓和朱厄爾鑄造廠這三大支柱，它們一直以來都取得了優異的業績和成果。我們的花崗岩城焦化廠與美國鋼鐵公司對焦炭的需求以及粒化生鐵計畫有著密切的聯繫。

Our Haverhill plant is tied to Cleveland-Cliffs, Algoma and the spot market, which remains weak. We're in active dialogue with Cliffs on contract negotiations, but have not signed a final contract yet. We'll have more to say on these plants when we give our 2026 guidance. We continue to have a positive long-term outlook for our Industrial Services segment.

我們的哈佛希爾工廠與克里夫蘭-克里夫斯、阿爾戈馬和現貨市場息息相關，而現貨市場仍疲軟。我們正在與克里夫斯公司積極進行合約談判，但尚未簽署最終合約。我們將在發布 2026 年發展指引時對這些植物進行更詳細的說明。我們對工業服務業務板塊的長期前景依然保持樂觀。

2026 will benefit from a full year of Phoenix Global adjusted EBITDA contribution. We believe the headwinds we are facing in the logistics business are transitory with modest recovery expected in the logistics business next year. As always, we take a balanced yet opportunistic approach to capital allocation.

2026 年將受益於 Phoenix Global 全年的調整後 EBITDA 貢獻。我們認為目前物流業務面臨的不利因素是暫時的，預計明年物流業務將出現溫和復甦。一如既往，我們在資本配置方面採取平衡而又機會主義的方法。

On the back of our steady and healthy cash flow generation, we intend to continue our quarterly dividend as approved by our Board, which has always been well received by our long-term shareholders. 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.

憑藉著穩定健康的現金流，我們將繼續按照董事會批准的方式派發季度股息，這項舉措一直受到我們長期股東的歡迎。我們會持續評估公司的資金需求、資本結構以及回報股東的必要性，並據此做出相應的資本配置決策。

We're committed to maximizing value for all of our stakeholders which means operating and investing in our assets in the best and most efficient way possible. Overall, we see the strong fundamentals of our business and expect our 2026 results to be an improvement over 2025. Let's go ahead and open up the call for Q&A.

我們致力於為所有利害關係人創造最大價值，這意味著以最佳、最有效的方式經營和投資我們的資產。總體而言，我們看到了公司業務的強勁基本面，並預計 2026 年的業績將比 2025 年有所改善。接下來，我們進入問答環節。

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

（操作員說明）Nick Giles，B. Riley Securities。

This is Henry Hearle on for Nick Giles today. So to start off, following the deferral of the 200,000 tons, what is your level of confidence that incremental deferrals won't occur? And then also, would you be able to specify which facilities this deferral is from?

今天由亨利·赫爾代尼克·吉爾斯為您報道。首先，在推遲交付 20 萬噸之後，您對不會出現進一步推遲交付的信心有多大？另外，您能否具體說明此次延期來自哪些機構？

So thanks for the question. The 200,000 tons are tons that we anticipate making and putting into inventory for 2025. So as you think about the guidance that we're giving for 2025, it contemplates the production and storage of that coke. We don't talk about specific facilities and contracts in detail. What I can tell you and what you do know is that we make and produce coke for Algoma out of our Haverhill facility.

謝謝你的提問。這 20 萬噸是我們預計在 2025 年生產併入庫的噸數。因此，在考慮我們為 2025 年提供的指導方針時，其中考慮了焦炭的生產和儲存。我們不詳細討論具體的設施和合約。我可以告訴你，你也知道的是，我們透過位於哈佛希爾的工廠為阿爾戈馬公司生產焦炭。

We have flexibility to produce and make coke for Algoma and other customers out of other facilities. But the customer that is in breach of contract and that is resulting in our producing and storing these tons and having the impact on our guidance for 2025 is Algoma.

我們有能力靈活地利用其他設施為 Algoma 和其他客戶生產焦炭。但是，違反合約並導致我們生產和儲存這些噸產品，並對我們 2025 年的業績預期產生影響的客戶是 Algoma 公司。

Okay. And then we also mentioned that you're pursuing remedies. What do those currently look like?

好的。然後我們也提到，您正在尋求補救措施。它們現在的樣子是什麼樣的？

So I know you can appreciate that from a legal perspective, there really is very little that we can say. What I will say is that we absolutely think that we have an enforceable contract. We are working with counsel. These are what we call long-term take-or-pay contracts. So without being able to get into litigation strategy and talk about it in more detail, it's very important to note that we think that we have an enforceable contract.

所以我知道您能理解，從法律角度來看，我們真的沒什麼好說的。我想說的是，我們絕對認為我們簽訂了一份具有法律效力的合約。我們正在諮詢律師。這就是我們所說的長期照付不議合約。因此，在無法深入探討訴訟策略並進行更詳細討論的情況下，非常重要的一點是，我們認為我們擁有一份可強制執行的合約。

We're working with counsel. We're pursuing all of our legal remedies in order to recover any financial losses that have occurred from their breach.

我們正在諮詢律師。我們將採取一切法律手段，追回因違約行為造成的任何經濟損失。

Right. And if the contract cannot be enforced in the off chance that happens, where do you go next?

正確的。如果萬一合約無法執行，你接下來該怎麼辦？

Well, we -- I mean, we think that the contract hand and will be enforced, and we're pursuing the proper legal avenues to do that. And so what we're doing now, including the assumed production and storage of this coking inventory doesn't impact our ability to recover those financial losses. So we expect to be able to recover and we're going through the process to do that.

嗯，我們——我的意思是，我們認為這份合約將會得到執行，我們正在尋求適當的法律途徑來實現這一點。因此，我們現在所做的一切，包括假設的焦化庫存的生產和儲存，都不會影響我們彌補這些經濟損失的能力。所以我們預計能夠恢復，我們正在採取相應措施來實現這一目標。

Okay. And then one more for me before I turn it over. So according to our math, if you annualize those 200,000 tons, you get 800,000 tons. And at $47 per ton that would be an EBITDA impact of around $40 million. And this year, you've drawn $272 million year-to-date on your revolver and you're guiding to near free cash flow breakeven.

好的。在我翻過來之前，我還要再來一個。根據我們的計算，如果將這 20 萬噸年產量計算出來，就是 80 萬噸。如果以每噸 47 美元計算，這將對 EBITDA 造成約 4000 萬美元的影響。今年迄今為止，您已從循環信貸中提取了 2.72 億美元，預計自由現金流將接近盈虧平衡點。

Could you please walk us through your level of confidence in retaining the dividend and liquidity going forward?

請您詳細說明您對未來維持股利和流動性的信心程度？

So Henry, one thing to note, the 200,000 tons, that is the total exposure left for this year to Algoma. So that's the extent of it. It's not that it's 200,000 on an annual basis or anything like that. That's just the exposure that we have to Algoma that is being currently being produced and stored and that's what kind of the disputed amount is.

所以亨利，有一點要注意，20萬噸，這是今年阿爾戈馬地區剩餘的總暴露量。事情就是這樣。並不是說每年有 20 萬之類的數字。這就是我們目前所接觸到的正在生產和儲存的阿爾戈馬石油，而這正是有爭議的數量。

Nathan Martin, Seaport Global.

Nathan Martin，Seaport Global。

It's actually with The Benchmark company, but good morning, everyone. Sticking with the Domestic Coke business for a second, can you guys talk about your strategy for 2026 that you're unable to renew Granite City and Haverhill production under a long-term contract?

實際上，這件事與 Benchmark 公司有關，不過，大家早安。再說一下國內可口可樂業務，你們能否談談 2026 年的策略，因為你們無法與 Granite City 和 Haverhill 簽訂長期合約來續簽生產合約？

Yes, absolutely. I mean we're really -- as I sort of said in my remarks, we're really optimistic for 2026. So if you think about the different pieces that we have going into the year, first, we're going to have a full year of the Phoenix results and we expect to have the synergies that we talked about when we announced the transaction.

是的，絕對的。我的意思是，正如我在演講中所說，我們對 2026 年真的非常樂觀。所以，如果你想想我們今年面臨的各種情況，首先，我們將迎來鳳凰城公司一整年的業績，我們預計會實現我們在宣布交易時所談到的協同效應。

So that will be flowing through in '26. I mentioned that when we sort of build our '26 with logistics, we see that some of the challenges we had this year in terms of just the market imbalance domestic, having higher prices than international, we had 2 customer force majeure events there.

所以這股潮流將在 2026 年到來。我提到過，當我們著手建立 2026 年的物流計劃時，我們發現今年我們在國內市場失衡、價格高於國際市場方面遇到了一些挑戰，此外，我們還遇到了 2 起客戶不可抗力事件。

Those really caused us to be lower than what our expectations were at the time of Q2. But as we look to 2026, we see modest recovery in that portion of our Industrial Services segment. So then when you think about Coke, you really have the pillars of the Coke business. And those are Middletown, which is a very profitable contract through December 2032. Indiana Harbor likewise through September 2035 and then you have our foundry coke business, which we continue to grow and has had very strong results for us out of Jewell.

這些因素確實導致我們在第二季業績低於預期。但展望 2026 年，我們預期工業服務部門的這一部分將出現溫和復甦。所以，當你想到可口可樂時，你就會明白可口可樂事業的支柱所在。其中包括米德爾頓，這是一份非常有利可圖的合同，有效期至 2032 年 12 月。印第安納港的情況也類似，一直持續到 2035 年 9 月。此外，我們還有鑄造焦炭業務，我們一直在不斷發展，並且 Jewell 的業績非常強勁。

With Haverhill, we are in active discussions with Cliffs for a contract with our anticipated coke coming out of that facility, although as I mentioned earlier, we can supply out of other locations. So that we're in active dialogue with Cliffs. If we are not able to contract for the full capacity of that plant, then we would have to obviously look at selling into the spot market or selling to others in the North American market, seaborne market, what have you. If we couldn't do that profitably, then in that case, we would have to look at rationalizing our facility.

我們正積極與克里夫斯公司就哈弗希爾工廠的焦炭供應合約進行磋商，預計該工廠將生產焦炭。不過，正如我之前提到的，我們也可以從其他地方供應。因此，我們正在與克里夫斯公司進行積極對話。如果我們無法簽訂該工廠全部產能的合同，那麼我們顯然需要考慮在現貨市場銷售，或在北美市場、海運市場等其他市場銷售。如果這樣做無法獲利，那麼我們就必須考慮對我們的設施進行合理化調整。

And then with respect to Granite City, that is, as I mentioned, really a plant that's very much tied to US Steel. We're in active discussions with US Steel regarding the extension of that contract. But if we weren't able to extend that contract either because of they're not needing coke or not moving forward with the GPI project. In that instance, then we would not expect to continue to run that facility because it's just so tied to US Steel.

至於 Granite City，正如我之前提到的，它實際上是一家與美國鋼鐵公司聯繫非常緊密的工廠。我們正與美國鋼鐵公司積極商討延長該合約的事宜。但如果因為我們無法延長合同，無論是因為他們不需要可卡因，還是因為他們沒有推進 GPI 計畫。在這種情況下，我們預計不會繼續運營該工廠，因為它與美國鋼鐵公司聯繫太緊密了。

But as I said before, we are in active discussions with US Steel regarding the extension of Granite City, we are in active discussions with Cliffs regarding the extension of what I'll call the Haverhill contract. And as we look ahead to '26 and we think about having that full year of Phoenix results, having the modest recovery on the logistics side and then really having that for foundation of Middletown and Indiana Harbor and Jewell foundry, we expect that our results in 2026 are going to be stronger than 2025.

但正如我之前所說，我們正在與美國鋼鐵公司積極討論延長 Granite City 合同，我們也正在與克里夫斯公司積極討論延長我稱之為 Haverhill 合同的合同。展望 2026 年，考慮到 Phoenix 全年業績的實現、物流方面的適度復甦，以及 Middletown、Indiana Harbor 和 Jewell 鑄造廠的建設基礎，我們預計 2026 年的業績將比 2025 年更好。

Katherine, I appreciate that thorough rundown. Just maybe any updates you can give on that Granite City GPI project in those negotiations you just referred to?

凱瑟琳，感謝你詳盡的報告。您能否就剛才提到的談判中涉及的 Granite City GPI 項目提供一些最新進展？

You just appreciate that obviously, those are -- those discussions are confidential, but they are ongoing. So we expect that we'll have more to say when we give guidance in early '26.

你應該明白，很顯然，這些討論是保密的，但它們仍在進行中。因此，我們預計在 2026 年初發布業績指引時，會有更多內容要說明。

Okay. That's fair. Maybe shifting over to the new industrial segment. Is there any way to break out how much of the $18 million in adjusted EBITDA was specifically from Phoenix?

好的。這很合理。或許會轉型進入新的產業領域。是否有辦法將調整後的 1800 萬美元 EBITDA 中具體有多少來自 Phoenix？

So kind of when we announced the Phoenix acquisition, right, like we laid out their LTM EBITDA of around $60 million on an annual basis. So that's kind of a good baseline to use like on a -- like you can divide it by 12 and take it a monthly number.

所以，當我們宣布收購 Phoenix 時，我們公佈了他們過去 12 個月的 EBITDA 約為每年 6000 萬美元。所以這算是一個很好的基準，例如你可以把它除以 12，得到一個月的數字。

So that's kind of a good proxy for what the Phoenix contribution is and going forward, right, like because it's one segment now, we look at it as like Industrial Services. They're similar businesses, logistics -- formerly logistics and Phoenix Global going forward. We are going to be reporting them together. But that's a good proxy to use for these results.

所以這可以很好地代表 Phoenix 的貢獻，而且展望未來，因為它現在是一個部門，所以我們把它看作是工業服務部門。它們是類似的業務，都是物流——以前是物流，現在叫 Phoenix Global。我們將一起報道這些內容。但對於這些結果來說，這是一個不錯的近似值。

Okay, Shantanu. And then from a I guess from a customer volume perspective, right, the 3.8 million tons you guys shipped from the legacy Phoenix business over the two months. Is that a good run rate for a monthly call it, 1.2 million tons. So that kind of gets you to that $60 million EBITDA number you just referred to.

好的，沙塔努。然後，從客戶數量的角度來看，你們在兩個月內從原 Phoenix 業務中發貨了 380 萬噸。每月120萬噸的產量算好嗎？這樣就大致達到了你剛才提到的 6000 萬美元 EBITDA 的數字。

Yes, roughly. I mean, I think we'll give a more refined number when we give the 2026 guidance, that will be a yearly number. but it's in the ballpark, the 1.9 million tons of customer volume service, we are calling it. That's a good monthly number to get to the $60 million annual EBITDA.

是的，差不多。我的意思是，我認為我們在發布 2026 年的業績指引時會給出更精確的數字，那將是一個年度數字。但大致來說，我們預測的客戶吞吐量將達到 190 萬噸。這是實現年度 6000 萬美元 EBITDA 目標的一個不錯的月度數字。

Okay. Perfect. I'll pass it on. Appreciate the time everybody in best luck in the fourth quarter.

好的。完美的。我會轉達的。感謝大家的陪伴，也祝福大家第四節比賽好運。

This concludes our question-and-answer session. I would like to turn the conference back over to Katherine Gates for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給凱瑟琳蓋茨，請她作總結發言。

Thank you, guys, again for joining us on today's call and your continued interest in SunCoke. Let's continue to work safely today and every day.

再次感謝各位參加今天的電話會議，也感謝你們對SunCoke的持續關注。讓我們今天以及每一天都繼續安全工作。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。