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Monday, December 15, 2014

SunCoke Energy to halve coal production, cut 175 jobs, (NYSE: SXC)

SunCoke Energy Inc, which produces coke used in steelmaking, said it would more than halve its annual coal production and cut 175 jobs due to weak prices.The company said it would reduce its annual coal production to 500,000 tons from 1.1 million tons.A number of coal producers have cut production as excess supply and tepid demand from China weigh on prices for metallurgical, or steel-making, coal.SunCoke Energy, which disclosed plans to sell its coal mines in March, said on Monday that is was still pursuing opportunities to sell all or a portion of the business.

SunCoke Energy, Inc. (SunCoke), is an independent producer of coke, a principal raw material in the integrated steelmaking process. Shares of SXC remained unchanged at $18.80. In the past year, the shares have traded as low as $18.54 and as high as $24.57. On average, 498828 shares of SXC exchange hands on a given day and today's volume is recorded at 0.