SunCoke Energy, Inc. (NYSE: SXC) and VISA Steel Limited (BSE: 532721 and NSE: VISASTEEL) announced today the official launch of their cokemaking joint venture in India. The new joint venture will be called VISA SunCoke Limited . SunCoke Energy holds a 49% interest in the joint venture, with VISA Steel holding the remaining 51%. SunCoke has invested approximately Rs. 368 Crores (USD 67 million) to acquire a 49% stake in the joint venture.
VISA SunCoke Limited is comprised of a 400,000 metric ton heat recovery coke plant, and the associated steam generation units at Kalinganagar in Odisha, India. SunCoke and VISA Steel will co-manage the business with equal representation on the partnership’s board.
“This partnership marks a key milestone in SunCoke Energy’s international growth strategy. By teaming with VISA Steel, SunCoke is entering India with the wisdom and experience of a premier and highly regarded local partner,” said Frederick “Fritz” Henderson, Chairman and Chief Executive Officer of SunCoke Energy, Inc. Henderson emphasized, “As infrastructure, housing and transportation needs accelerate in India, local steelmaking companies will require high quality coke and VISA SunCoke is prepared to be their supplier of choice.”
Vishambhar Saran, Chairman of VISA Steel said, “We are pleased to finalize our partnership with SunCoke and it’s a great opportunity for VISA SunCoke to leverage its operating and technological expertise to serve customers across India with the highest quality coke. The coke industry in India is a key market that offers attractive growth opportunities and we believe that VISA SunCoke is well-positioned to grow its coke business and become an industry leader.”SUNCOKE ENERGY, INC. SunCoke Energy, Inc. is the largest independent producer of metallurgical coke in the Americas, with 50 years of experience supplying coke to the integrated steel industry. Our advanced, heat recovery cokemaking process produces high-quality coke for use in steelmaking, captures waste heat for derivative energy resale and meets or exceeds environmental standards. Our cokemaking facilities are located in Virginia, Indiana, Ohio, Illinois and Vitoria, Brazil, and our coal mining operations, which have more than 114 million tons of proven and probable reserves, are located in Virginia and West Virginia. To learn more about SunCoke Energy, Inc., visit website www.suncoke.com. VISA STEEL LIMITED VISA Steel is a leading player in the specialty steel, sponge iron, coke and ferro chrome industry in India with manufacturing facilities located at Kalinganagar Industrial Complex in Odisha. VISA Steel has transferred its business of manufacturing and sale of metallurgical coke and associated steam generation units located at Kalinganagar, Odisha by way of slump sale on a going concern basis to VISA SunCoke Limited where it holds 51% stake. VISA Steel also holds a 65% stake in VISA BAO Limited, a joint venture company with Baosteel, one of China’s leading steel companies, which is setting up a ferro chrome plant in Odisha. Further information about VISA Steel is available at www.visasteel.com. FORWARD LOOKING STATEMENTS Some of the statements included in this press release constitute “forward looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended). Such forward-looking statements are based on SunCoke Energy’s management’s beliefs and assumptions and on information currently available. You should not put undue reliance on any forward-looking statements. Forward-looking statements include all statements that are not historical facts and may be identified by the use of forward looking terminology such as the words “believe,” “expect,” “plan,” “project,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “will,” “should” or the negative of these terms or similar expressions. Forward-looking statements involve risks, uncertainties and assumptions.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV