Sunoco Expects Lower '09 Coke Earnings On Economic Weakness
05 Febbraio 2009 - 10:13PM
Dow Jones News
Following record earnings from its coke business in 2008 of $105
million, Sunoco Inc. (SUN) expects a modest return from the
business in 2009, an official said Thursday.
Petroleum coke is used as a component in steel, and weakness in
the steel market will impact Sunoco's business, said Michael J.
Thomson, president of SunCoke Energy Inc., Sunoco's coke-making
division. Despite the anticipated dip in 2009, Sunoco executives
have said they plan to continue to invest in the coke division for
the long term.
Sunoco said it expects contract prices for coke to drop in 2009,
and anticipates lower sales.
-By Jessica Resnick-Ault, Dow Jones Newswires; 201-938-4435;
jessica.resnick-ault@dowjones.com