6 unchanged sentences
Price of coal
−Removed: We did not use derivatives to hedge any of our coal purchases or sales.
Although we have not previously done so, we may enter into derivative financial instruments from time to time in the future to economically manage our exposure related to these market risks.
For our Domestic Coke segment, the largest component of the price of our coke is coal cost.
−Removed: However, under the coke sales agreements at all of our Domestic Coke cokemaking facilities, coal costs are a pass-through component of the coke price, provided that we are able to realize certain targeted coal-to-coke yields.
+Added: However, under long-term, take-or-pay coke sales agreements at our Domestic Coke cokemaking facilities, coal costs are a pass-through component of the coke price, provided that we are able to realize certain targeted coal-to-coke yields.
As such, when targeted coal-to-coke yields are achieved, the price of coal is not a significant determining factor in the profitability of these facilities.
−Removed: The coal component of the Jewell coke price is based on the weighted-average contract price of third-party coal purchases at our Haverhill facility applicable to Cliffs Steel coke sales.
−Removed: Therefore, we are subject to market risk to the extent the cost to procure coal at Jewell differs from the amount allowable to be passed through to our customer based on Haverhill's coal price.
−Removed: Additionally, we may be subject to market risk for the price of coals used to produce any tonnage in excess of those tons contracted in our long-term coke sales agreements.
+Added: The coal component of the Jewell coke price has historically been fixed annually for each calendar year based on the weighted-average contract price of third-party coal purchases at our Haverhill facility applicable to Cliffs Steel coke sales.
+Added: Beginning in 2022, Jewell coal purchases will be passed through at actual cost rather than at the price of Haverhill's coal, consistent with our other long-term, take-or-pay agreements.
+Added: Additionally, we are subject to market risk for the price of coals used to produce any tonnage in excess of those tons contracted in our long-term, take-or-pay coke sales agreements, specifically as it relates to the export and foundry coke markets.
+Added: Export coke sales are based on coal market pricing at the time of sale, and do not contain the same pass-through provisions as our long-term, take-or-pay agreements.
+Added: Our foundry coke prices are largely set at the time we negotiate our coal purchases.
The provisions of our coke sales agreements require us to meet minimum production levels and generally require us to secure replacement coke supplies at the prevailing market price if we do not meet contractual minimum volumes.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.