SunCoke Energy, Inc. Provides Update on Coal Mining Divestiture
Concurrent with this approval, our Coal Mining segment is now considered “held for sale” and will be reflected as discontinued operations in our financial statements beginning in third quarter 2014. We estimate we will incur total pre-tax exit and disposal costs of $10 million to $13 million, with the majority of these costs occurring in second half 2014. The foregoing are estimates only. Actual costs relating to these actions will not be known until we finalize the sale/disposition plan. In addition, we will no longer record depreciation expense in our Coal Mining segment.
In the second quarter 2014, pursuant to our exit strategy, we solicited
and received indicative offers for the purchase of our Coal Mining
segment. In view of these offers, the continuing weakness in coal
pricing and our analysis of the recoverability of our long lived assets
and goodwill, we recorded a non-cash pre-tax impairment charge of
UPCOMING EVENTS
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). Forward-looking statements include all statements that are not historical facts and may be identified by the use of such words as “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 are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of the Company) that could cause actual results to differ materially.
Such risks and uncertainties include, but are not limited to domestic and international economic, political, business, operational, competitive, regulatory and/or market factors affecting the Company, as well as uncertainties related to: pending or future litigation, legislation, or regulatory actions; liability for remedial actions or assessments under existing or future environmental regulations; gains and losses related to acquisition, disposition or impairment of assets; recapitalizations; access to, and costs of, capital; the effects of changes in accounting rules applicable to the Company; and changes in tax, environmental and other laws and regulations applicable to the Company’s businesses.
Forward-looking statements are not guarantees of future performance, but are based upon the current knowledge, beliefs and expectations of the Company’s management, and upon assumptions by the Company concerning future conditions, any or all of which ultimately may prove to be inaccurate. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not intend, and expressly disclaims any obligation, to update or alter its forward-looking statements (or associated cautionary language), whether as a result of new information, future events or otherwise after the date of this press release except as required by applicable law.
In accordance with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, the Company has included in its filings
with the
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