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SXC

SunCoke Energy

$11.48

-0.12 (-1.03%)

, MT

ArcelorMittal

$7.47

-0.09 (-1.19%)

17:04
11/29/16
11/29
17:04
11/29/16
17:04

ArcelorMittal to redeem SunCoke's equity interest in Sol Coqueria Tubarao

SunCoke Energy (SXC) has announced that ArcelorMittal (MT) Brasil is redeeming SunCoke's indirectly held preferred and common equity interest in Sol Coqueria Tubarao for cash consideration of $41M. SunCoke received $20.5M in cash at closing and will receive the remaining $20.5M in cash, plus accrued interest, on April 1, 2017. Under the coke plant shareholders agreement, ArcelorMittal had the right to call the preferred interest at par in 2023 and as such, the parties negotiated an acceleration of that right. With the redemption, SunCoke will no longer receive its approximately $9.5M annual dividend from ArcelorMittal. Additionally, starting in 2016, SunCoke will receive an incremental $5.1M in technology fees per year through 2023 related to the addition of certain patents to its existing intellectual property licensing agreement, which are currently in use by ArcelorMittal at the Brazil facility. The total impact of these transactions is a net reduction of $4.4M to annual Adjusted EBITDA. SunCoke will continue to earn existing operating and technology fees of approximately $10M per year through 2023 and when combined with the new $5.1M in technology fees, the total expected Adjusted EBITDA contribution from the Brazil facility is expected to be approximately $15M per year. Even with this change, the Company reaffirmed its 2016 Adjusted EBITDA guidance of $210M-$235M. SunCoke will continue to operate the Brazil facility on behalf of ArcelorMittal. The heat-recovery coke plant produces approximately 1.7M tons of high-quality coke each year from its 320 ovens.

SXC

SunCoke Energy

$11.48

-0.12 (-1.03%)

MT

ArcelorMittal

$7.47

-0.09 (-1.19%)

SXC SunCoke Energy
$11.48

-0.12 (-1.03%)

12/02/15
12/02/15
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ARM Holdings (ARMH) downgraded on royalty outlook at JMP Securities... ArcBest (ARCB) downgraded to Underperform from Neutral at BofA/Merrill... ArcelorMittal (MT) downgraded to Neutral from Buy at Citi... Banco Bilbao (BBVA) downgraded to Underperform from Neutral at BofA/Merrill... Bayer (BAYRY) downgraded to Neutral from Buy at Citi... Belgacom (BGAOY) downgraded to Sell from Neutral at Citi... C.H. Robinson (CHRW) downgraded to Underperform from Neutral at BofA/Merrill... Cepheid (CPHD) downgraded to Market Perform from Outperform at Wells Fargo... Eagle Bancorp (EGBN) downgraded to Market Perform from Outperform at Keefe Bruyette... Franklin Street (FSP) downgraded to Underweight from Equalweight at Capital One... Golar LNG (GLNG) downgraded to Neutral from Buy at BofA/Merrill... Grifols (GRFS) downgraded to Hold from Buy at HSBC... ITC Holdings (ITC) downgraded to Hold from Buy at Argus... Johnson Controls (JCI) downgraded to Market Perform from Outperform at William Blair... Knight Transportation (KNX) downgraded to Neutral from Buy at BofA/Merrill... Liberty Property (LPT) downgraded to Equalweight from Overweight at Capital One... Mattson (MTSN) downgraded to Hold from Buy at Needham... Nike (NKE) downgraded to Buy from Conviction Buy at Goldman... Old Dominion (ODFL) downgraded to Neutral from Buy at BofA/Merrill... OncoGenex (OGXI) downgraded on data miss at Stifel... STAG Industrial (STAG) downgraded to Equalweight from Overweight at Capital One... SunCoke Energy (SXC) downgraded to Neutral from Buy at Clarksons Platou... Swift Energy (SFY) downgraded to Underperform from Market Perform at Wells Fargo... Swift Transport (SWFT) downgraded to Neutral from Buy at BofA/Merrill... TerraForm Global (GLBL) downgraded to Sell from Neutral at Goldman... Thor Industries (THO) downgraded to Hold from Buy at Gabelli... Werner (WERN) downgraded to Underperform from Neutral at BofA/Merrill.
12/09/15
BOFA
12/09/15
DOWNGRADE
BOFA
Underperform
SunCoke Energy downgraded to Underperform from Neutral at BofA/Merrill
12/09/15
12/09/15
DOWNGRADE
Target $3

Underperform
SunCoke Energy downgraded to Underperform at BofA/Merrill
As previously reported, BofA/Merrill downgraded SunCoke Energy (SXC) to Underperform from Neutral and lowered its price target to $3 from $9 on shares. Analyst PT Luther sees increased likelihood of a dividend cut from general partner SunCoke Energy Partners (SXCP) given liquidity pressures at steel and coal customers. Luther believes SunCoke Energy is free cash flow negative and relies on SunCoke Energy Partners for distributions.
12/09/15
12/09/15
DOWNGRADE

On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Residential Properties (ARPI) downgraded to Neutral at Sterne Agee CRT... Anglo American (AAUKY) downgraded to Underperform from Hold at Jefferies... CACI (CACI) downgraded to Hold from Buy at BB&T... Catalent (CTLT) downgraded to Market Perform from Outperform at Raymond James... CorEnergy (CORR) downgraded to Neutral from Buy at BofA/Merrill... Electrolux AB (ELUXY) downgraded to Underweight from Equal Weight at Barclays... F5 Networks (FFIV) downgraded to Reduce from Neutral at Nomura... Finish Line (FINL) downgraded to Neutral from Overweight at Piper Jaffray... Foresight Energy (FELP) downgraded to Market Perform from Outperform at Cowen... Hancock Holding (HBHC) downgraded to Equal Weight from Overweight at Stephens... Independent Bank (IBTX) downgraded to Equal Weight from Overweight at Stephens... Jabil Circuit (JBL) downgraded on valuation, results outlook at Stifel... Kinder Morgan (KMI) downgraded to Sector Perform from Outperform at RBC Capital... LegacyTexas Financial (LTXB) downgraded to Equal Weight from Overweight at Stephens... Manpower (MAN) downgraded to Hold from Buy at Deutsche Bank... Norwegian Cruise Line (NCLH) downgraded to Sell from Neutral at Goldman... On Assignment (ASGN) downgraded to Hold from Buy at Deutsche Bank... RAIT Financial (RAS) downgraded on dividend reduction at JMP Securities... Robert Half (RHI) downgraded to Hold from Buy at Deutsche Bank... SKF AB (SKFRY) downgraded to Equal Weight from Overweight at Barclays... Sandvik AB (SDVKY) downgraded to Underweight from Equal Weight at Barclays... Smith & Wesson (SWHC) downgraded on valuation at RBC Capital... SunCoke Energy Partners (SXCP) downgraded to Underperform from Buy at BofA/Merrill... SunCoke Energy (SXC) downgraded to Underperform at BofA/Merrill.
MT ArcelorMittal
$7.47

-0.09 (-1.19%)

10/13/16
GSCO
10/13/16
DOWNGRADE
GSCO
Neutral
ArcelorMittal downgraded to Neutral from Buy at Goldman (pre-open)
Pre-open, Goldman analyst Eugene King downgraded ArcelorMittal to Neutral citing year-to-date outperformance.
11/08/16
BOFA
11/08/16
DOWNGRADE
BOFA
Neutral
ArcelorMittal downgraded to Neutral from Buy at BofA/Merrill
11/08/16
11/08/16
DOWNGRADE

Neutral
Follow-up: ArcelorMittal downgraded to Neutral at BofA/Merrill
As previously reported, BofA/Merrill downgraded ArcelorMittal to Neutral from Buy. Analyst Jason Fairclough said Q3 shipments were weaker than the seasonal norm and management guided for comparably low Q4 shipments. He said steel prices are going up but will not fully offset input price pressures and believes Q3 was likely a peak in earnings.
11/25/16
RBCM
11/25/16
UPGRADE
RBCM
Outperform
ArcelorMittal upgraded to Outperform from Sector Perform at RBC Capital
RBC Capital analyst Ioannis Masvoulas upgraded ArcelorMittal to Outperform with a price target of EUR 8.20.

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