What changed in this filing

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Item 1. Business

2026-02-20 compared with 2025-02-21 · 149 added, 162 removed, 366 unchanged (46% of the section changed)

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(“ArcelorMittal Brazil”), which has approximately 1.7 million tons of annual cokemaking capacity.

We also own and operate a logistics business that provides export and domestic material handling and/or mixing services to steel, coke (including some of our domestic cokemaking facilities), electric utility, coal producing and other manufacturing based customers.

Our logistics terminals, which are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports, have the collective capacity to mix and/or transload more than 40 million tons of product annually and have storage capacity of approximately 3 million tons.

We report our business results through three reportable segments:

Domestic Coke, Brazil Coke and Logistics.

We also own and operate an industrial services business that provides export and domestic material handling and/or mixing services to coke, coal, steel, power and other bulk customers, as well as mission-critical mill services to leading steel producers globally.

Our logistics terminals have the collective capacity to mix and transload more than 40 million tons of coal and other products annually and have storage capacity of approximately 3 million tons.

These terminals are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports.

Industrial services also include the removal, handling, and processing of molten slag at customer sites, as well as preparation and transportation of metal scraps, raw materials, and finished products.

We report our business results through two reportable segments:

Domestic Coke and Industrial Services.

Domestic Coke

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Middletown, Ohio 2011 Power generation 100 550 Cliffs Steel December 2032 Capacity

Haverhill II Franklin Furnace, Ohio 2008 Power generation 100 550 Cliffs Steel June 2025 Capacity (4)

Granite City Granite City, Illinois 2009 Steam for power generation 120 650 U.S.

Steel June 2025

Steel December 2026

Indiana Harbor East Chicago, Indiana 1998 Heat for power generation 268 1,220 Cliffs Steel September

2035 Capacity

Jewell Vansant, Virginia 1962 Partially used for coal drying 142 720 Cliffs Steel/

Algoma Steel (6)

December 2025/

December 2026 400 / 165

Haverhill I Franklin Furnace, Ohio 2005 Process steam 100 550

Total 830 4,240

Haverhill II Franklin Furnace, Ohio 2008 Power generation 100 550 Cliffs Steel/Algoma Steel (5)

December 2028 (6) /December 2026

Jewell Vansant, Virginia 1962 Partially used for coal drying 142 720

Vitória Vitória, Brazil 2007 Steam for power generation 320 1,700 ArcelorMittal Brazil January 2028 Capacity

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The production of foundry coke tons does not replace blast furnace coke tons on a ton for ton basis, as foundry coke requires longer coking time.

(2) The Middletown coke sales agreement provides for coke sales on a “run of oven” basis, which includes both blast furnace coke and small coke.

Middletown nameplate capacity on a “run of oven” basis is 578 thousand tons per year.

(2) Customers under long-term, take-or-pay agreements include Cleveland-Cliffs Steel Holding Corporation and Cleveland-Cliffs Steel LLC, both subsidiaries of Cleveland-Cliffs Inc.

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( “ Algoma Steel ” ).

(4) Non-contracted blast coke produced utilizing capacity in excess of that reserved for the long-term, take-or-pay agreement is sold into the export and North American spot coke markets.

(5) In October 2024, the Granite City long-term, take-or-pay agreement with U.S.

Steel was extended through June 30, 2025, with an option for U.S.

Steel to extend for an additional six months.

Under the terms of the extension, Granite City will operate at a turn-down capacity, supplying 295 thousand tons of coke to U.S.

Steel during the initial six-month term.

See further discussion in “ Management's Discussion and Analysis Financial Condition and Results of Operations.

(6) Under the long-term, take-or-pay agreement with Cliffs Steel, Jewell and Haverhill I supply a combined 400 thousand tons annually through 2025.

Additionally, the long-term, take-or-pay agreement between Haverhill I and Algoma Steel provides for coke supply to shift to Jewell.

Non-contracted blast coke produced utilizing capacity in excess of that reserved for our long-term, take-or-pay agreements at Jewell and Haverhill I is generally sold into the foundry, export and North American spot coke markets.

(3) The Middletown coke sales agreement provides for coke sales on a “run of oven” basis, which includes both blast furnace coke and small coke.

Middletown nameplate capacity on a “run of oven” basis is 578 thousand tons per year.

(4) In January 2026, the Granite City long-term, take-or-pay agreement with U.S.

Steel was extended through December 31, 2026.

Under the extension, the Company will provide 590 thousand tons of metallurgical coke.

See further discussion in “ Management's Discussion and Analysis of Financial Condition and Results of Operations.

(5) At the end of the third quarter of 2025, we were notified of Algoma Steel's breach of contract and refusal to accept any additional coke tons.

We are actively pursuing all avenues to enforce the contract and recover any financial losses.

(6) In November 2025, the Haverhill II long-term, take-or-pay agreement with Cliffs Steel, was extended through December 31, 2028 to provide 500 thousand tons of metallurgical coke annually.

Additionally, the long-term, take-or-pay agreement between Haverhill II and Cliffs Steel provides for coke supply to shift to Jewell.

Non-contracted blast coke produced utilizing capacity in excess of that reserved for our long-term, take-or-pay agreements at Jewell and Haverhill II is generally sold into the foundry, export and North American spot coke markets.

(7) In the fourth quarter of 2025, the Company made the decision to optimize its coke fleet and close its Haverhill I cokemaking facility in the first quarter of 2026.

Blast Furnace Coke

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As a result, our ability to produce the contracted coke volume is a key determinant of our profitability.

Our domestic capacity is largely consumed by these long-term agreements, which do not have exposure to the fluctuations in domestic and global spot prices for blast furnace coke.

Our long-term, take-or-pay coke sales agreements contain pass-through provisions for costs we incur in the cokemaking process, including coal and coal procurement costs, subject to meeting contractual coal-to-coke yields, operating and maintenance expenses, costs related to the transportation of coke to our customers, taxes (other than income taxes) and costs associated with changes in regulation.

Our domestic capacity is

largely consumed by these long-term agreements, which do not have exposure to the fluctuations in domestic and global spot prices for blast furnace coke.

Some of our long-term, take-or-pay coke sales agreements contain pass-through provisions for costs we incur in the cokemaking process, including coal and coal procurement costs, subject to meeting contractual coal-to-coke yields, operating and maintenance expenses, costs related to the transportation of coke to our customers, taxes (other than income taxes) and costs associated with changes in regulation.

When targeted coal-to-coke yields are achieved, the price of coal is not a significant determining factor in the profitability of our long-term, take-or-pay coke sales agreements, although it does affect our revenue and cost of sales for these facilities in approximately equal amounts.

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During 2025, operating costs under four of our coke sales agreements are fixed subject to an annual adjustment based on an inflation index.

Under our other three coke sales agreements, operating costs are passed through to the respective customers subject to an annually negotiated budget, in some cases subject to a cap annually adjusted for inflation, and we share any difference in costs from the budgeted amounts with our customers.

Under our other coke sales agreement, operating costs are passed through to the respective customers subject to an annually negotiated budget, in some cases subject to a cap annually adjusted for inflation, and we share any difference in costs from the budgeted amounts with our customers.

Accordingly, actual operating costs in excess of caps or budgets can have a significant impact on the profitability of all of our domestic cokemaking facilities.

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Foundry coke sales are generally made under annual agreements with our customers for an agreed upon price and do not contain take-or-pay volume commitments.

Our Brazil segment consists of our cokemaking operations located in Vitória, Brazil, where we operate the ArcelorMittal Brazil cokemaking facility for a Brazilian subsidiary of ArcelorMittal S.A.

Revenues from the Brazilian cokemaking facility are derived from licensing and operating fees, which are based upon the level of production required by our customer and full pass-through of the operating costs of the facility.

Our Logistics segment consists of Convent Marine Terminal ( “ CMT ” ), Kanawha River Terminal ( “ KRT ” ) and SunCoke Lake Terminal ( “ Lake Terminal ” ).

Our terminals act as intermediaries between our customers and end users by providing transloading and mixing services.

Industrial Services

Our Industrial services segment consists of Convent Marine Terminal ( “ CMT ” ), Kanawha River Terminal ( “ KRT ” ) and SunCoke Lake Terminal ( “ Lake Terminal ” ) as well as fifteen molten slag removal, handling and processing operating sites across the United States, Brazil, Slovakia and Spain.

A portion of our industrial services business consists of providing on-site scrap and slag handling and processing services for steel manufacturing customers.

The transaction price for these contracts include fixed fees as well as other volume based variable charges, which are correlated to customer production.

Given the long-term nature of these arrangements, most contracts permit periodic adjustment based on changes in macroeconomic indicators.

Additionally, handling and/or mixing services are provided to steel, coke (including some of our domestic cokemaking facilities), electric utility, coal producing and other manufacturing based customers.

Materials are transported in numerous ways, including rail, truck, barge or ship.

We do not take possession of materials handled but instead derive our revenues by providing handling and/or mixing services to our customers on a per ton basis.

CMT is located in Convent, Louisiana, with strategic access to seaborne markets for coal and other industrial materials.

The terminal provides loading and unloading services and has direct rail access and the current capability to transload 15 million tons annually with its top of the line ship loader.

The facility serves coal mining customers as well as other merchant business, including aggregates (crushed stone), petroleum coke and iron ore.

CMT's efficient barge unloading capabilities complement its rail and truck offerings and provide the terminal with the ability to transload and mix a significantly broader variety of materials, including coal, petroleum coke and other materials from barges at its dock.

KRT is a leading metallurgical and thermal coal mixing and handling terminal service provider with collective capacity to mix and transload 25 million tons annually through its operations in Ceredo and Belle, West Virginia.

Lake Terminal provides coal handling and mixing services to SunCoke's Indiana Harbor cokemaking operations.

We do not take ownership of materials handled, but rather act as intermediaries between our customers and end users, deriving our revenues from services provided on a per ton basis.

The handling and mixing services generally consist primarily of unloading and loading of materials.

Market Discussion and Competition

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Most of the world’s coke production capacity is owned by blast furnace steel companies.

The international merchant coke market is largely supplied by Chinese and Colombian producers, among others, but it can be challenging to maintain high quality coke in the export market, and when coupled with transportation costs, coke imports into the U.S.

The international merchant coke market is largely supplied by Chinese, Colombian and Indonesian producers, among others, but it can be challenging to maintain high quality coke in the export market, and when coupled with transportation costs, coke imports into the U.S.

are often not economical.

However, the supply of coke from international merchants does impact our ability to sell tons in excess of those contracted under out long-term, take-or-pay agreements into the export coke market.

However, the supply of coke from international merchants does impact our ability to sell tons in excess of those contracted under our long-term, take-or-pay agreements into the export coke market.

We believe we are well-positioned to compete with other coke producers.

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We also monitor ferrous technologies, such as direct reduced iron production, as these could indirectly impact our blast furnace customers.

During 2024, our domestic coke plants continued to operate at full capacity.

Our long-term, take-or-pay Domestic Coke sales agreements, which largely consume our capacity, are not impacted by the fluctuations of global coke prices.

Non-contracted blast coke, which is produced utilizing capacity in excess of that reserved for long-term, take-or-pay Domestic Coke sales agreements, is sold in the global market and can be impacted by fluctuations of global coke prices.

Our principal competitors of CMT are located on the U.S.

Gulf Coast or U.S.

CMT is one of the largest export terminals on the U.S.

Gulf Coast and provides strategic access to seaborne markets for coal and other bulk materials.

Additionally, CMT is the largest bulk material terminal in the lower U.S.

with direct rail access on the Canadian National Railway.

In 2024, CMT accounted for ap proximately 38 per cent of U.S.

thermal coal exports from the U.S.

Gulf Coast and approxim ately 16 pe rcent of total U.S.

thermal coal exports.

CMT has a state-of-the-art ship loader, the largest of its kind in the world.

Industrial Services

Our Industrial Services business includes materials handling at our terminals and our on-site scrap and slag handling and processing operating sites for steel manufacturing customers.

Our Convent Marine Terminal (“CMT”) serves certain customers impacted by seaborne export market dynamics.

CMT is the largest bulk material terminal in the lower U.S.

with direct rail access on the Canadian National Railway as well as a state-of-the-art ship loader, which is the largest of its kind in the world.

We believe this ship loader has the fastest loading rate available in the Gulf Region, which should allow our customers to benefit from lower shipping costs.

Additionally, CMT has a strategic alliance with a company that performs barge unloading services for the terminal, which provides CMT with the ability to transload and mix a significantly broader variety of materials.

Our coal handling customers at CMT are impacted by seaborne export market dynamics.

Fluctuations in global energy needs and the benchmark pricing for coal delivery into Europe, as referenced in the Argus/McCloskey's Coal Price Index Report ("API2 index price"), as well as coal exports out of the U.S.

Gulf Coast, as referenced in the Platt's FOB New Orleans 3 percent Sulfur Coal Index, contribute to our customers' decisions to place tons into the export market and thus impacted transloading volumes through CMT during 2024.

Fluctuations in benchmark pricing can be impacted by weather conditions, natural gas prices, geopolitical issues, U.S.

Volumes through CMT are impacted by fluctuations in global energy needs and benchmark pricing for coal exports out of the U.S.

Gulf Coast, which can be impacted by weather conditions, natural gas prices, geopolitical issues, U.S.

thermal coal supply and global thermal coal demand.

Our KRT terminals serve two primary domestic markets, metallurgical coal trade and thermal coal trade.

Our Kanawha River Terminal (“KRT”) serves two primary domestic markets, metallurgical coal trade and thermal coal trade.

Metallurgical markets are primarily impacted by steel prices and blast furnace operating levels whereas thermal markets are impacted by natural gas prices and electricity demand.

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KRT also has the ability to provide pad storage and has access to both CSX and Norfolk Southern rail lines as well as the Ohio River system.

Demand for our services at KRT increased during 2024, driven by the

desire for certain coal suppliers to diversify transloading tons across the U.S.

This increased demand also resulted in an additional coal handling agreement and an associated capital expenditure project to be completed at KRT in 2025.

Lake Terminal provides coal handling and mixing services to our Indiana Harbor cokemaking facility and therefore, does not have any competitors.

Our Industrial Services operations also serves customers with scrap and slag handling services at approximately fifteen operating sites across the United States, Brazil, Slovakia and Spain.

Our customer base includes large steel producers in the regions where we operate, serving a mix of integrated and mini-mill operations.

Our scrap and slag handling services business competes principally with a small number of businesses for these services that are outsourced by customers on a global basis and, to some degree, customers that may decide to perform certain services themselves.

In recent years, a significant portion of the service contracts related to these operations were extended including periodic adjustments based on the changes in macroeconomic indicators, which mitigates certain financial risks, such as inflationary impacts.

Our revenues in our Domestic Coke segment are largely tied to long-term, take-or-pay agreements and as such, are not seasonal.

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KRT service demand fluctuates due to changes in the domestic electricity markets.

Excessively hot summer weather or cold winter weather may increase commercial and residential needs for air conditioning or heat, which in turn may increase electricity usage and the demand for thermal coal and, therefore, may favorably impact our logistics business.

Additionally, operating costs at CMT are impacted by water levels on the Mississippi River, which are often higher in the spring months.

Demand for services provided at our slag removal, handling and processing operating sites are largely tied to our customer steelmaking volumes.

However, demand is also subject to seasonal changes related to weather conditions, inventory management through the steel-industry supply chain, and customer maintenance outages.

The timing of these impacts varies by region and customer.

Raw Materials

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In 2026, our metallurgical coal contracts are generally based on coke production requirements.

Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for further detail on our coal contractual obligations.

See further discussion on our coal contractual obligations in “Management's Discussion and Analysis of Financial Condition and Results of Operations.”

Transportation and Freight

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At our Middletown, Indiana Harbor and Granite City cokemaking facilities, coke is delivered primarily by a conveyor belt leading to the customer’s blast furnace, with the customer responsible for additional transportation costs, if any.

Most transportation and freight costs in our Logistics segment are paid by the customer directly to the transportation provider.

Most transportation and freight costs in our Industrial Services segment are paid by the customer directly to the transportation provider.

Research and Development and Intellectual Property and Proprietary Rights

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Over the years, this program has produced numerous patents related to our heat recovery coking design and operation, including patents for pollution control systems, oven pushing and charging mechanisms, oven flue gas control mechanisms, high quality foundry coke, higher activity foundry coke, hydrated activated carbon for removing mercury from a flue-gas desulfurization system, corrosion resistant spray dry absorber, low particulate matter quench tower design and various others.

Additionally, we have continued to successfully utilize our existing coke ovens to produce foundry coke in addition to our primary product of blast furnace

Additionally, we have continued to successfully utilize our existing coke ovens to produce foundry coke in addition to our primary product of blast furnace coke.

As of December 31, 2025, we had 102 patents issued and 29 pending in the U.S., as well as 116 issued and 80 pending in foreign jurisdictions.

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We live by the ethos:

Our top priority has always been the safety and health of our employees, contractors and visitors.

Our top priority is the safety and health of our employees, contractors and visitors.

Safety is so important to SunCoke that we include safety in our core values and also incorporate safety as a metric in our short-term incentive program.

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• Incident investigation – We have a structured process for investigating incidents and perform root cause failure analyses.

Our target for Total Rec ordable Incident Rate (“TRIR”) at SunCoke for 2024 was 0.80 company-wide, which includes both employees and contractors.

Our safety performance in 2024 was a 0.50 TRIR.

Our target for Total Rec ordable Incident Rate (“TRIR”) at SunCoke for our Coke facilities and Industrial Services terminals for 2025 was 0.80, which includes both employees and contractors.

Our safety performance for these facilities in 2025 was a 0.55 TRIR.

The Industrial Services operating sites (excluding our Industrial Services terminals) were acquired in 2025 and were not part of the TRIR target for 2025.

Our excellent safety record is best understood in comparison to industry-wide safety performance.

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Our year-over-year safety performance is consistently significantly lower than average industry-wide rates, demonstrating our strong commitment to safety.

Year Total TRIR

Year Coke and Terminals TRIR

Human Capital Strategy

Our human capital strategy is centered on talent retention, succession planning, workforce stability, training and total compensation.

At SunCoke, we strive to create a welcoming work environment where our employees are valued, trusted, and motivated to contribute meaningfully both as individuals and as a part of the team.

Company leadership and the Compensation Committee of our Board of Directors are actively involved in overseeing the Company’s human capital management programs.

Our human capital strategy is focused on retaining and developing a skilled, safety-focused workforce;

strengthening leadership succession;

maintaining workforce stability across union and salaried populations;

fostering collaboration;

investing in training and development;

and providing competitive, market-aligned total rewards to support long-term operational and financial performance.

We continue to foster a welcoming and inclusive work environment where employees are valued, trusted, and motivated to contribute both individually and as a part of a high-performing team.

The leadership of our Human Resources department sponsors the development and oversight of all human capital programs in the organization including:

workforce composition, talent acquisition and retention, culture, workforce stability, employee development and training, benefits, talent management and total compensation.

Additionally, our Legal department, including the Chief Compliance Officer, oversees matters related to ethics and compliance.

Culture and Core Values

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Workforce Composition

As of December 31, 2024, we have 868 employees in the U.S.

Approximately 40 percent of our domestic employees, at our cokemaking operations, are represented by the United Steelworkers union under various local collective bargaining agreements.

Additionally, approximately 3 percent of our domestic employees are represented by the International Union of Operating Engineers at our Lake Terminal facility.

As of December 31, 2024, we have 300 employees at the cokemaking facility in Vitória, Brazil, all of whom are represented by Sindimetal-ES - Union of Metallurgists under a labor agreement.

Talent Retention, Development & Training

We strive to continually attract, develop, engage, and retain a high-performing team that executes our strategy of long-term profitable growth.

We are committed to employee development and helping individuals reach their full potential, by making ongoing investments in our team.

We have a continual focus on strengthening technical, professional and leadership capabilities at every level using contemporary learning strategies to foster high performance.

Development occurs in the form of specialized leadership training through third-party vendors, cross training, stretch assignments, and on the job training.

In 2024, frontline supervisors and first-time managers received training to strengthen their leadership skills, including training on conflict resolution, high-quality decision making, communication, coaching others, and safety and workplace performance.

Strategic talent reviews occur at a minimum, twice a year, across the company through succession planning discussions and annual performance calibration.

SunCoke also provides a robust training program that is meant to meet applicable regulatory requirements.

In addition to the annual interactive video-based SunCoke Code of Business Conduct and Ethics training we provide to all employees, we also provide specialized trainings on an as-needed basis for current topics throughout the year.

Over the past several years, special training topics have included Active Shooter Preparedness, Harassment, Worker’s Compensation, Unconscious Bias at the Workplace, Conducting Effective Investigations, Retirement Planning, and Substance Abuse Awareness.

SunCoke’s Personal Information & Privacy Policy outlines specific procedures for employees to handle sensitive information in a secure and responsible manner.

The Personal Information & Privacy Policy is updated periodically to reflect evolving data security best practices.

SunCoke utilizes a variety of information security training methods, including training segments on data security best practices and periodic security awareness communications that remind employees to stay vigilant with respect to data security.

Succession Planning

We pride ourselves on being a lean workforce that focuses on developing and promoting talent internally.

Our open roles are almost half filled internally.

We engage in succession planning to help identify development and training opportunities for high performing talent, preparing potential successors for our most critical roles through assessment of the incumbents and equipping these employees with individualized development plans and job assignments to help them grow.

We have customized leadership development plans for the immediate successors of key positions across the Company.

As of December 31, 2025, we had approximately 2,477 employees in 6 countries.

53 percent of these employees are represented by labor unions, through approximately 10 collective bargaining agreements.

Talent Retention and Development

We are committed to attracting, developing, and retaining a high-performing workforce that drives our strategy for sustainable, long-term growth.

By investing in our people, we aim to help every employee reach their full potential and contribute meaningfully to our success.

We focus on building technical expertise, professional skills, and leadership capabilities across all levels of the organization.

Our annual performance management process begins with setting company-wide goals that cascade into departmental and individual objectives.

This alignment ensures that each employee’s work supports the broader business strategy, while regular reviews provide opportunities for feedback, career development, and performance improvement.

We take pride in maintaining a lean, agile workforce and emphasize internal development and promotion.

Nearly half of our open positions are filled by internal candidates.

Through robust succession planning, we identify and support high-performing employees by assessing critical roles, creating individualized development plans, and offering stretch assignments to prepare future leaders.

We provide comprehensive training programs that meet both regulatory requirements and company standards.

All employees complete annual interactive training on our Code of Business Conduct and Ethics, supplemented by targeted programs throughout the year.

Additional training topics have included workplace safety, harassment prevention, active shooter preparedness, workers’ compensation, unconscious bias, and data privacy.

Our training initiatives reflect our ongoing commitment to safety, compliance, and professional growth at every level of the organization.

Compensation and Benefits

Providing competitive benefits and compensation underpins our commitment to our engaged and productive employees.

Our pay-for-performance philosophy aligns employee’s individual contributions, behaviors and business results with individual rewards.

Our short-term incentives include both financial metrics as well as performance-based environmental and safety metrics.

The level of pay at risk increases progressively with positions of greater responsibility, with long-term cash and equity incentives with multi-year vesting periods granted at the Director, Vice President and Senior Vice President levels.

Further, below the Director level, top performers may be granted long-term incentive (restricted stock units) with multi-year vesting for retention.

This helps the Company to retain those identified as having the top skills and abilities that are critical to our business.

We offer comprehensive benefits to our employees and their families, including health care coverage, retirement benefits, life and disability insurance, vacation and leave policies.

We also offer supplemental benefits programs designed to enhance the daily life and well-being of our employees, including:

supplemental life insurance for all eligible family members, supplemental short-term disability, a legal services plan, an identity theft and device protection program, financial retirement planning education and coaching, paid-time off (including time for community service), tuition reimbursement, health management for chronic conditions, a 24/7 employee assistance program, telemedicine, critical illness, accident and hospital indemnity insurance.

Talent Management

We use an annual review process to evaluate employees' performance and assist in their development.

Our full-year performance management process begins with setting annual goals for the Company, which guide the development of functional, local and individual employee goals.

Employees and their managers are accountable for the goals and must review their performance against the goals on an ongoing basis.

Company leadership and the Compensation Committee of our Board of Directors are actively involved in overseeing the Company’s human capital management programs.

We seek to attract, motivate and retain talented employees by offering competitive compensation and benefits.

Our pay-for-performance philosophy is designed to align individual contributions and business results with rewards, with incentive opportunities that vary by role and level of responsibility.

Incentive compensation includes short-term and long-term components, with a greater proportion of compensation at risk for employees in positions of increased responsibility, and long-term incentives used selectively to support retention of key talent.

We provide a comprehensive benefits program intended to support the health, financial security and overall well-being of our employees and their families.

These benefits include health and welfare coverage, retirement programs, paid time off and leave policies, and other programs designed to support employee well-being, professional development and work-life balance.

Workforce Stability & Leadership Experience

Our regrettable turnover rate is approximately 1 percent in 2024.

Our regrettable turnover rate was less than 1 percent in 2025.

This low rate is a testament to our commitment to employee retention.

The stability of our workforce is also anchored by our experienced corporate leadership team along with our General Managers that lead the day-to-day operations at our facilities.

Our leaders each have an average of nearly 20 years of leadership experience and an average tenure (or length of service) of 14 years with SunCoke.

Our leaders have an average of nearly 20 years of leadership experience and an average tenure (or length of service) of 11 years with the Company.

Ethics & Compliance

Our Chief Legal and Administrative Officer oversees a Compliance Team that includes legal and human resources representatives on matters related to ethics and compliance.

We have adopted a Code of Business Conduct and Ethics that applies to all of our officers, directors and employees, including senior financial officers and executives.

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Guidance & Reporting Without Fear of Retaliation

All employees, officers and directors must report suspected policy violations of our Code of Business Conduct and Ethics to the Compliance Team, which is led by our Chief Compliance Officer and oversees investigations conducted by representatives from our Human Resources and Legal departments.

All employees, officers and directors must report suspected policy violations of our Code of Business Conduct and Ethics to the Compliance Team.

They can do so through a variety of channels, including, but not limited to, directly reporting to a supervisor, providing email or verbal reports directly to the Compliance Team and using our confidential, third-party 24/7 reporting hotline or website.

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Permitting and Bonding

• Permitting Process for Cokemaking Facilities.

The permitting process for our cokemaking facilities is administered by each state individually.

• Permitting Process for Cokemaking Facilities and Industrial Services Operations.

The permitting process for our facilities is administered by each state individually.

However, the main requirements for obtaining environmental construction and operating permits are found in the federal regulations.

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A facility's operating permit may be a state operating permit or a Title V operating permit.

For our industrial services operations, we either operate under our own permits or operate under the permits held by our mill customers.

• Air Quality.

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Certain MACT standards for cokemaking facilities were developed using test data from SunCoke's facilities.

Additionally, under applicable federal air quality regulations, permitting requirements may differ among facilities, depending upon whether the cokemaking facility will be located in an “attainment” area—i.e., one that meets the national ambient air quality standards (“NAAQS”) for certain pollutants, or in a “non-attainment” or "unclassifiable" area.

Additionally, under applicable federal air quality regulations, permitting requirements may differ among facilities, depending upon whether the cokemaking facility or industrial services operations will be located in an “attainment” area—i.e., one that meets the national ambient air quality standards (“NAAQS”) for certain pollutants, or in a “non-attainment” or "unclassifiable" area.

The status of an area may change over time as new NAAQS standards are adopted, resulting in an area changing from one status or classification to another.

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• More stringent NAAQS for ambient nitrogen dioxide (“NO2”) and sulfur dioxide (“SO2”) went into effect in 2010.

In July 2013, the EPA identified or "designated" as non-attainment 29 areas in 16 states where monitored air quality showed violations of the 2010 1-hour SO2 NAAQS.

In December 2017, the EPA issued a final designation of attainment or unclassifiable for all areas where our facilities are located.

In December 2017, the EPA issued a final S02 designation of attainment or unclassifiable for all

areas where our facilities are located.

These designations mean that no action is required for the facilities wi th respect to SO2 emissions at this time.

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There is a potential risk that any re-designations may have an impact on our operations and costs for facilities located in areas that the EPA determines to be non-attainment with the 1-hour SO2 NAAQS.

• In 2012, more stringent NAAQS for fine particulate matter (“PM”), or PM 2.5, went into effect.

In January 2015, the areas where the Granite City and Indiana Harbor facilities are located were designated unclassifiable for PM 2.5, and the areas where the Haverhill and Jewell facilities are located were designated unclassifiable/attainment for PM 2.5.

In April 2015, the area where the Middletown facility is located was designated unclassifiable/attainment for PM 2.5.

These designations mean that no action is required for the facilities with respect to the 2012 PM 2.5 NAAQS at this time.

However, on February 7, 2024, the EPA adopted a rule that lowers the annual PM 2.5 NAAQS and maintains the daily PM 2.5 standard, the daily PM 10 standard, and the secondary NAAQS for PM 10 and PM 2.5.

In March 2024, a coalition of states initiated litigation against EPA regarding the legality of the new PM 2.5 standard in the U.S.

• On February 7, 2024, the EPA adopted a rule that lowers the annual fine particulate matter ("PM 2.5") NAAQS and maintains the daily PM 2.5 standard, the daily PM 10 standard, and the secondary NAAQS for PM 10 and PM 2.5.

In March 2024, a coalition of states initiated litigation against the EPA regarding the legality of the new PM 2.5 standard in the U.S.

Court of Appeals for the District of Columbia Circuit, which is ongoing at this time.

In November 2024, the state of Ohio, which is where our Middletown facility is located, has been preliminarily designated as nonattainment under the new PM 2.5.

In November 2025, the EPA asked the court to vacate the new PM 2.5 standard, asserting that it is unlawful.

In November 2024, the state of Ohio preliminarily designated the area where our Middletown facility is located as a nonattainment area under the new PM 2.5 standard.

It is possible that the areas where our other facilities are located may also be redesignated in the future as non-attainment areas as a result of this rule.

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and (2) facilities operating in areas that are classified as moderate non-attainment areas may be required to install Reasonably Available Control Technology (“RACT”) or demonstrate that they already meet RACT standards.

While we are not able to determine the extent to which any new ozone standards will impact our business at this time, it presents a potential risk of having an impact on our operations and costs.

In November 2025, the Indiana Department of Environmental Management finalized a rule establishing RACT requirements for the nonattainment area where Indiana Harbor is located.

The final rule defines RACT as certain measures already implemented by our Indiana Harbor facility or that are inherent to its design.

While we are not able to determine the extent to which any new ozone standards or RACT rules will impact our business at this time, it presents a potential risk of having an impact on our operations and costs.

• The EPA adopted a rule in 2010 requiring a new facility that is a major source of greenhouse gases (“GHGs”) to install equipment or employ BACT procedures.

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Our cokemaking facilities, in some cases, have non-process wastewater and/or stormwater discharge permits.

Our industrial services operations have stormwater discharge permits or operate under the permits held by our mill customers.

The primary solid waste product from our heat recovery cokemaking technology is calcium sulfate from flue gas desulfurization, which is generally taken to a solid waste landfill.

The material from periodic cleaning of heat recovery steam generators has been disposed of off-site as hazardous waste.

Our industrial services operations generate minimal volumes of hazardous waste.

Our facilities only generate wastes and do not have permits for waste transportation, storage or disposal.

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Endangered Species Act of 1973 and certain counterpart state regulations are intended to protect species whose populations allow for categorization as either endangered or threatened.

With respect to permitting additional cokemaking facilities, protection of endangered or threatened species may have the effect of prohibiting, limiting the extent of or placing permitting conditions on soil removal, road building and other activities in areas containing the affected species.

With respect to permitting additional facilities, protection of endangered or threatened species may have the effect of prohibiting, limiting the extent of or placing permitting conditions on soil removal, road building and other activities in areas containing the affected species.

Based on the species that have been designated as endangered or threatened on our properties and the current application of these laws and regulations, we do not believe that they are likely to have a material adverse effect on our operations.

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• Clean Air Act.

The Clean Air Act (“CAA”) and similar state laws and regulations affect our cokemaking operations.

These may be through permitting and/or emissions control requirements relating to criteria

pollutants or MACT standards.

The Clean Air Act (“CAA”) and similar state laws and regulations affect our cokemaking operations and industrial services operations.

These may be through permitting and/or emissions control requirements relating to criteria pollutants or MACT standards.

These air emissions programs that may affect our operations, directly or indirectly, include, but are not limited to:

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and New Source Review.

◦ Regulation of hazardous air pollutants through the development and promulgation of various industry-specific MACT standards impacts our cokemaking facilities.

We are subject to two categories of MACT standards.

• Regulation of hazardous air pollutants through the development and promulgation of various industry-specific MACT standards impacts our facilities.

We are subject to two categories of MACT standards for cokemaking.

The first category applies to pushing, quenching, and emissions from the main stacks and bypass vent stacks.

The second category applies to emissions from charging and coke oven doors.

The EPA is required to periodically make a risk-based determination for certain emissions sources and determine whether additional emissions reductions would be necessary.

On July 5, 2024, the EPA published a final rule that imposes various new emissions limits and other requirements under both categories of MACT standards regulating our cokemaking facilities.

We had previously submitted comments for the EPA’s consideration in response to its proposed rule.

Although EPA addressed certain comments we made in August 2023, we and other industry participants filed petitions for reconsideration with EPA, as well as litigation in the U.S.

Although the EPA addressed in the final rule certain comments we made, we and other industry participants filed petitions for reconsideration with the EPA, as well as litigation in the U.S.

Court of Appeals for the District of Columbia Circuit, in response to certain other aspects of this rule.

If the rule remains intact and withstands legal challenges, compliance with some of these proposed requirements may require the installation of additional pollution control systems and presents a potential risk of having an impact on operations and costs at our facilities.

In March 2025, the EPA announced that it would reconsider the rule.

In November 2025, President Trump signed a Proclamation extending by two years

new compliance deadlines for certain requirements under the revised MACT standards.

Depending on the outcome of the EPA’s reconsideration of the rule and other legal challenges, compliance with future requirements may present a potential risk of having an impact on operations and costs at our facilities.

• Our industrial services operations became subject to new opacity standards under the revised Integrated Iron and Steel MACT promulgated in April 2024.

In response to the final rule, industry participants initiated litigation in the U.S.

Court of Appeals for the District of Columbia Circuit in June 2024.

In August 2024 and March 2025, the EPA agreed to reconsider various aspects of the rule in response to petitions for reconsideration.

In December 2025, the EPA finalized an extension until April 2027 for certain compliance deadlines under the revised rule.

• The Regional Haze program requires that states submit State Implementation Plans (“SIPs”) that demonstrate reasonable progress towards achieving natural visibility conditions in Class I areas.

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On November 5, 2020, the Virginia Department of Environmental Quality (“VDEQ”) requested that the Jewell facility conduct an analysis of potential controls for SO2 under the Regional Haze program.

Jewell determined that the installation of new controls is not feasible and any new requirements should be limited to operating pollution controls already present at the facility.

While we are not able to determine at this time the extent to which a determination by the VDEQ or the EPA requiring more significant measures would impact our business, were it to withstand legal challenges, it presents a potential risk of having an impact on our operations and costs at the Jewell facility.

◦ On April 6, 2022, the EPA proposed a Federal Implementation Plan Addressing Regional Ozone Transport for the 2015 Ozone NAAQS, which proposed requirements applicable to certain coke plant operations.

SunCoke submitted comments on the proposed rule requesting clarification that the rule does not apply to our facilities.

In response to comments from SunCoke and other coke manufacturers, the EPA did not regulate coke ovens under the final rule released in March 2023.

Jewell determined that the installation of new controls is not feasible.

In October 2025, VDEQ submitted a Regional Haze SIP to the EPA for approval that requires no new compliance measures at the Jewell facility.

While we are not able to determine at this time the extent to which a determination by the EPA requiring more significant measures would impact our business, were it to withstand legal challenges, it presents a potential risk of having an impact on our operations and costs at the Jewell facility.

• Terminal Operations.

Our terminal operations located along waterways and the Gulf of Mexico are also governed by permitting requirements under the CWA (as defined below) and the CAA.

These terminals are subject to U.S.

These terminals and certain of our industrial services operations are subject to U.S.

Coast Guard regulations and comparable state statutes regarding design, installation, construction, management and security.

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Discharges must either meet state water quality standards or be authorized through available regulatory processes such as alternate standards or variances.

Additionally, through the CWA Section 401 certification program, states have approval authority over water

discharge permits or licenses that might result in a discharge to their waters.

Additionally, through the CWA Section 401 certification program, states have approval authority over water discharge permits or licenses that might result in a discharge to their waters.

Similarly, for permitting or any future water intake and/or discharge projects, our facilities could be subject to the Army Corps of Engineers Section 404 permitting process.

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Our facilities are presently subject to the GHG reporting rule, which obligates us to report annual emissions of GHGs.

In September 2025, the EPA proposed a rule to eliminate reporting obligations under the GHG reporting rule that apply to our operations, among other source categories.

The EPA also finalized a rule in 2010 requiring a new facility that is a major source of GHGs to install equipment or employ BACT procedures.

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• The EPA has engaged in various rulemakings in recent years to regulate GHG emissions from existing and new coal fired power plants.

If the EPA were to ever promulgate a similar rule that applies to our facilities, it may present a risk of having an impact on our operations and cost structure.

While the EPA has proposed to rescind the 2009 endangerment finding regarding GHGs, which allows the EPA to promulgate GHG restrictions under the CAA, if the EPA were to ever promulgate a similar rule that applies to our facilities, it may present a risk of having an impact on our operations and cost structure.

• The SEC published a final rule on March 6, 2024 requiring disclosure of certain climate change-related information.

The rule is currently stayed and being challenged in federal court.

The court ruled in September 2025 that the SEC must conduct notice-and-comment rulemaking if the agency plans to rescind the rule.

If the rule survives, we expect that our operations would be subject to this final rule.

• Occupational Safety and Health ACT (OSH Act).

Our facilities are subject to regulation by OSHA or MSHA under the OSH Act and other agencies with standards designed to ensure worker safety.

• Occupational Safety and Health.

Our facilities are subject to regulation by OSHA or MSHA and other agencies with standards designed to ensure worker safety.

These standards impose minimum requirements for our operations to maintain and operate sites and equipment in a safe manner.

CMT is subject to regulation by the U.S.

Certain of our facilities are subject to regulation by the U.S.

Coast Guard pursuant to the Maritime Transportation Security Act.

We have an internal inspection program designed to monitor and ensure compliance by CMT with these requirements.

We believe that we are in material compliance with all applicable laws and regulations regarding the security of the facility.

We have an internal inspection program designed to monitor and ensure compliance with these requirements.

We believe that we are in material compliance with all applicable laws and regulations regarding the security of the facilities.

• Black Lung Benefits Revenue Act of 1977 and Black Lung Benefits Reform Act of 1977, as amended in 1981.

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The Patient Protection and Affordable Care Act (“PPACA”), which was implemented in 2010, amended previous legislation and provides for the automatic extension of awarded lifetime benefits to surviving spouses and changes the legal criteria used to assess and award claims.

SunCoke is not an active coal mine operator and does not

perform or oversee coal mining.

SunCoke is not an active coal mine operator and does not perform or oversee coal mining.

However, SunCoke has retained certain black lung liabilities associated with legacy coal operations.

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See Note 13 to our consolidated financial statements for further detail.

Our remaining obligation related to black lung benefits at December 31, 2024 was $13.7 million and was estimated based on various assumptions, including actuarial estimates, discount rates, number of active claims, changes in health care costs and the impact of PPACA.

Our remaining obligation related to black lung benefits at December 31, 2025 was $12.6 million

and was estimated based on various assumptions, including actuarial estimates, discount rates, number of active claims, changes in health care costs and the impact of PPACA.

Available Information

We make available free of charge on our website, www.suncoke.com, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to such reports as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.

The SEC maintains an Internet site (www.sec.gov) that contains our electronically filed information.

Our website also includes our Code of Business Conduct and Ethics, our Governance Guidelines, our Related Persons Transaction Policy and the charters of our Board Committees.

The SEC maintains an Internet site (www.sec.gov) that contains our electronically filed or furnished information.

Our website also includes our Code of Business Conduct and Ethics, our Corporate Governance Guidelines, our Related Persons Transaction Policy and the charters of our Board Committees.

A copy of any of these documents will be provided without charge upon written request to Investor Relations, SunCoke Energy, Inc., 1011 Warrenville Road, Suite 600, Lisle, Illinois 60532.

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Michael Hardesty 63 Senior Vice President, Commercial Operations, Business Development, Terminals and International Coke

Albert 47 Senior Vice President, Chief Legal and Administrative Officer

Zabiello 40 Vice President, Controller

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Quanci 64 Vice President, Engineering and Technology and Chief Technology Officer

Nigl 58 Vice President, Coke Operations

Gates became Chief Executive Officer of SunCoke Energy, Inc.

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Hardesty served as Vice President of Commercial Optimization at Arch Coal, where he developed and executed trade strategies, optimized production output and directed coal purchasing activities.

He is a past board member and Secretary-Treasurer of the Putnam County Development Authority in West Virginia.

In addition, from October 2015 through June 2019, Mr.

Hardesty served as a director of SunCoke Energy Partners GP LLC, the general partner of SunCoke Energy Partners, L.P., our former master limited partnership subsidiary.

Albert was appointed as SunCoke’s Senior Vice President, Chief Legal and Administrative Officer, on June 22, 2025.

Albert joined SunCoke Energy in January 2020 and has held leadership positions of increasing responsibility since then, most recently serving as Vice President, Assistant General Counsel and Chief Compliance Officer.

In her current role, Ms.

Albert is responsible for overseeing the Company’s Legal, Compliance, Human Resources, Environmental, and Government Relations functions.

Prior to joining SunCoke, Ms.

Albert was a Partner at Beveridge & Diamond, P.C., where she represented clients (including SunCoke) on environmental, litigation, commercial, and regulatory issues.

Zabiello was appointed Vice President and Controller of SunCoke Energy, Inc.

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In his current roles, Mr.

Agrawal has led the Company’s finance function, including budgeting, forecasting, financial analysis, cash management, investor relations and procurement.

Agrawal has led the Company’s finance function, including budgeting, forecasting, financial analysis, cash management, investor relations, risk management and procurement.

Quanci joined SunCoke Energy, Inc.

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and international patents and patent applications.

Nigl was appointed as SunCoke Energy, Inc.’s Vice President, Coke Operations in January 2022.

Prior to that, he served as General Manager at the Company’s Indiana Harbor cokemaking operations, located in East Chicago, Indiana, from September 2015.

From March 2015 to September 2015, he was Operations Manager at the Indiana Harbor facility.

Since joining SunCoke in February 2011 as Maintenance Manager at the Company’s Haverhill, Ohio cokemaking facility, Mr.

Nigl has progressed into leadership and oversight roles for the Company’s domestic cokemaking operations.

Prior to joining SunCoke, Mr.

Nigl was Machining General Manager at DMAX Ltd., an American manufacturer of diesel engines for heavy-duty trucks.

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.

What changed 10-K

Item 1. Business