6 unchanged sentences
Price of coal and coke
−Removed: 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.
Coal is the key raw material for our cokemaking business and is the largest component of the cost of our coke.
11 unchanged sentences
However, our foundry coke prices are largely set at the time we negotiate our coal purchases and therefore we are less exposed to market risk as it relates to the volatility in the price of coal on our foundry coke sales.
+Added: 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.
Interest rates
1 unchanged sentence
During the years ended December 31, 2025 and 2024, the daily average outstanding balance on borrowings with variable interest rates was $87.4 million and $0.2 million, respectively.
−Removed: Assuming a 50 basis point change in secured overnight financing rate (“SOFR”), interest expense would have been impacted by zero and $0.1 million in 2024 and 2023, respectively.
−Removed: At December 31, 2024, we had no outstanding borrowings with variable interest rates under the Revolving Facility.
+Added: Assuming a 50 basis point change in secured overnight financing rate (“SOFR”), interest expense would have been impacted by $0.4 million and zero in 2025 and 2024, respectively.
+Added: At December 31, 2025, we had $193.0 million outstanding borrowings with variable interest rates under the Revolving Facility.
At December 31, 2025 and 2024, we had cash and cash equivalents of $88.7 million and $189.6 million, respectively, which accrue interest at various rates.
1 unchanged sentence
Foreign currency
−Removed: Because we operate outside the U.S., we are subject to risk resulting from changes in the Brazilian real currency exchange rates.
+Added: Since we operate outside the U.S., we are primarily subject to risk resulting from changes in the Brazilian real and euro currency exchange rates.
The currency exchange rates are influenced by a variety of economic factors including local inflation, growth, interest rates and governmental actions, as well as other factors.
Revenues and expenses of our foreign operations are translated at average exchange rates during the period and balance sheet accounts are translated at period-end exchange rates.
−Removed: Balance sheet translation adjustments are excluded from the results of operations and are recorded in equity as a component of accumulated other compr ehensive income (loss).
−Removed: If the currency exchange rates had changed by 10 percent, we estimate the impact to our net income in 2024 and 2023 would have been approximately $0.2 million and $0.4 million, respectively.
+Added: Balance sheet translation adjustments are excluded from the results of operations and are recorded in equity as a component of accumulated other comprehensive (loss) income.
+Added: If the exchange rate for the Brazilian real had changed by 10 percent, we estimate the impact to our net income in 2025 and 2024 would have been approximately $0.6 million and $0.2 million, respectively.
+Added: If the exchange rate for the euro had changed by 10 percent, we estimate the impact to our net income in 2025 would have been an immaterial amount.
+Added: We did not have any operations impacted by fluctuations in the euro currency exchange rate in 2024.
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.