SunCoke Energy Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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3. Customer Concentrations
- Customer Concentrations
In 2023, the Company sold approximately 3.5 million tons of coke under long-term, take-or-pay contracts to itstwo primary customers in the U.S.: Cleveland-Cliffs Steel Holding Corporation and Cleveland-Cliffs Steel LLC, subsidiaries of Cleveland-Cliffs Inc. and collectively referred to as “Cliffs Steel,” and United States Steel Corporation (“U.S. Steel”).
The tables below show sales to the Company's significant customers:
| Years Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2021 | ||||
| Sales and other operating revenue | Percent of Company sales and other operating revenue | Sales and other operating revenue | Percent of Company sales and other operating revenue | Sales and other operating revenue | Percent of Company sales and other operating revenue | |
| (Dollars in millions) | ||||||
| Cliffs Steel(1) | $1,349.4 | 65.4% | $1,182.8 | 60.0% | $994.6 | 68.3% |
| U.S. Steel(2) | $300.8 | 14.6% | $284.8 | 14.4% | $210.0 | 14.4% |
(1)Represents revenues included in our Domestic Coke segment.
(2)Represents revenues included in our Domestic Coke and Logistics segments.
The Company generally does not require any collateral with respect to its receivables due under long-term, take-or-pay contracts. Receivables due from Cliffs Steel and U.S. Steel were approximately $35.7 million and $7.9 million as of December 31, 2023, respectively, and $33.5 million and $7.1 million as of December 31, 2022, respectively. These balances comprised approximately 50 percent and 39 percent of the Company's receivables balance as of December 31, 2023 and 2022, respectively. As a result, the Company experiences concentrations of credit risk in its receivables with these customers, which may be affected by changes in economic or other conditions affecting the steel industry.
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