NEW YORK SunCoke Energy Inc.s board has approved the sale of its coal mining assets.
"We currently anticipate a transaction by year-end 2014," the Lisle, Ill.-based company said July 23.
The company solicited offers for the assets in the second quarter and the segment is now considered "held for sale," it said.
"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 noncash pretax impairment charge of $103.1 million in the (second quarter)," SunCoke said.
The company produced 306,000 tons of coal in the first quarter from coal mining assets in Virginia and West Virginia.
SunCoke said previously it was planning to sell the assets, most likely to a privately financed coal company, trading organization or a major domestic steel mill due to depressed coal prices (amm.com, March 12).
The company said at the time that it would source coal for its coking operations in Haverhill and Middletown, Ohio, from existing domestic suppliers.