SunCoke Energy, Inc.

Good day and welcome to the third quarter 2024 Suncoke Energy, Inc. Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Shantanu Agrawal, Vice President, Finance, and Treasurer. Please go ahead.

Thanks, Megan. Good morning, and thank you for joining us this morning to discuss Suncoke Energy's third quarter 2024 results. With me today are Catherine Gates, President and Chief Executive Officer, and Mark Marinko, Senior Vice President and Chief Financial Officer. Following management's prepared remarks, we'll open the call for Q&A. This conference call is being webcast live on the investor relations section of our website, and a replay will be available later today. If we do not get to your questions on the call today, please feel free to reach out to our investor relations team. Before I turn things over to Catherine, let me remind you that the various remarks we make on today's call regarding future expectations constitute forward-looking statements. The cautionary language regarding forward-looking statements in our SEC filings apply to the remarks we make today. These documents are available on our website as are reconciliations to non-GAAP financial measures discussed on today's call. With that, I'll now turn things over to Catherine.

Thanks, Shantanu. Good morning, and thank you for joining us on today's call. This morning, we announced Suncoke Energy's third quarter results. I want to share a few highlights from the quarter. as well as some updates on our 2024 key initiatives. First, I would like to thank all of our employees for their contributions to our results. Our domestic coke plants continued to run at full capacity, and our logistics terminals again had strong results. Through our collective efforts, we delivered consolidated adjusted EBITDA of $75.3 million during the quarter. This includes a one-time gain of $9.5 million due to a regulatory exemption received from the Department of Labor that eliminates the majority of our legacy federal black lung liabilities. From a leverage perspective, we ended the quarter at 1.86 times on a trailing 12 months adjusted EBITDA basis. Finally, we are increasing our guidance and now expect full-year consolidated adjusted EBITDA between $260 to $270 million primarily driven by favorable logistics performance and the gain from the Department of Labor regulatory exemption. Turning to slide four to discuss progress on our 2024 key initiatives. We announced several other important accomplishments this morning that demonstrate progress on our 2024 key initiatives and position us well for the future. First, we're pleased to have reached an agreement with the United States Department of Labor regarding our legacy federal black lung liabilities. In exchange for a one-time payment of $36 million to the Department of Labor, Suncoke received a regulatory exemption eliminating the majority of Suncoke's accrued black lung liabilities, totaling $45.5 million. As a result, we recognized a $9.5 million pre-tax gain during the quarter. Going forward, our annual legacy expenses will be lower, and the year-to-year volatility will be greatly reduced. In addition, SunCoke will not be subject to potential higher collateral requirements in the future. Second, we've extended our Granite City Coke supply agreement with U.S. Steel through June 30, 2025, with the option for U.S. Steel to extend for an additional six months. The agreement is for reduced tonnage coupled with lower economics compared to the current contract. This extension is part of the ongoing GPI project work, and we expect it to bridge the period before a final agreement may be reached. Finally, we signed a three-year barge-to-rail coal handling agreement at our KRT logistics facility. To handle the incremental volume, we will be undertaking a $12 million expansion project that will increase our barge unloading capacity from 2 million tons per year to 5 million tons per year. This project is expected to be completed in Q2 2025, after which the contract will begin. The contract builds upon this year's spot barge business at KRT. With that, I'll turn it over to Mark to review our third quarter earnings in detail. Mark?