VISA Steel and SunCoke Energy, Inc. Announce Indian Joint Venture

  VISA Steel and SunCoke Energy, Inc. Announce Indian Joint Venture

Business Wire

KOLKATA, India & LISLE, Ill. -- November 20, 2012

VISA Steel Limited (BSE: 532721 and NSE: VISASTEEL) and SunCoke Energy, Inc.
(NYSE: SXC) are pleased to announce that they have entered into agreements to
form a cokemaking joint venture in India. SunCoke Energy will invest
approximately Rs. 368 Crores (US$67 million) to acquire a 49% interest in the
joint venture. VISA Steel will hold the remaining 51%. The joint venture,
which will be unlevered at closing, will be comprised of VISA Steel’s existing
400,000 MT per annum heat recovery coke plant and associated steam generation
units at Kalinganagar in Odisha, India. The transaction is expected to close
in the first quarter of 2013, subject to customary conditions, including
approval from VISA Steel shareholders.

Commenting on the announcement, Mr. Vishambhar Saran, Chairman of VISA Steel
said, “This is a great opportunity for VISA Steel to partner with SunCoke,
known for its operating and technological expertise, to grow the coke
business.” He added, “The demand for coke from large and medium size steel
producers has been increasing substantially and there is a potential to grow
the coke business on a standalone basis.”

“We are pleased to partner with VISA Steel, a company with strong leadership
in the steel and coke industry, to grow our international footprint and
establish a cokemaking presence in India,” said Mr. Fritz Henderson, Chairman
and Chief Executive Officer of SunCoke Energy, Inc. He continued, “We believe
that the coke industry in India is a key market that offers us attractive
growth opportunities.”

VISA STEEL LIMITED

VISA Steel is a leading player in the Special Steel, Coke and Ferro Chrome
industry in India with manufacturing facilities located at Kalinganagar
Industrial Complex in Odisha. VISA Steel has decided to transfer its Business
of manufacturing and sale of metallurgical coke and associated steam
generation units located at Kalinganagar, Odisha by way of Slump Sale on a
going concern basis to its subsidiary VISA Coke Limited. VISA Steel also holds
a 65% stake in VISA BAO Limited, a joint venture company with Baosteel, one of
China’s leading Steel Companies, which is setting up a Ferro Chrome Plant in
Odisha. Further information about VISA Steel is available at
www.visasteel.com.

SUNCOKE ENERGY, INC.

SunCoke Energy, Inc. is the largest independent producer of metallurgical coke
in the Americas, with 50 years of experience supplying coke to the integrated
steel industry. Our advanced, heat recovery cokemaking process produces
high-quality coke for use in steelmaking, captures waste heat for derivative
energy resale and meets or exceeds environmental standards. Our cokemaking
facilities are located in Virginia, Indiana, Ohio, Illinois and Vitoria,
Brazil, and our coal mining operations, which have more than 114 million tons
of proven and probable reserves, are located in Virginia and West Virginia. To
learn more about SunCoke Energy, Inc., visit our website at www.suncoke.com.

FORWARD LOOKING STATEMENTS

Some of the statements included in this press release constitute “forward
looking statements” (as defined in Section 27A of the Securities Act of 1933,
as amended and Section 21E of the Securities Exchange Act of 1934, as
amended). Such forward-looking statements are based on SunCoke Energy’s
management’s beliefs and assumptions and on information currently available.
You should not put undue reliance on any forward-looking statements.
Forward-looking statements include all statements that are not historical
facts and may be identified by the use of forward looking terminology such as
the words “believe,” “expect,” “plan,” “project,” “intend,” “anticipate,”
“estimate,” “predict,” “potential,” “continue,” “may,” “will,” “should” or the
negative of these terms or similar expressions. Forward-looking statements
involve risks, uncertainties and assumptions.

Risks and uncertainties that could cause actual results to differ materially
from those expressed in forward-looking statements include economic, business,
competitive and/or regulatory factors affecting SunCoke Energy’s business, as
well as uncertainties related to the outcomes of pending or future litigation,
legislation, or regulatory actions. Among such risks are: changes in levels of
production, production capacity, pricing and/or margins for metallurgical coal
and coke; variation in availability, quality and supply of metallurgical coal
used in the cokemaking process, including as a result of non-performance by
our suppliers; changes in the marketplace that may affect supply and demand
for our metallurgical coal and/or coke products, including increased exports
of coke from China related to reduced export duties and export quotas and
increasing competition from alternative steelmaking and cokemaking
technologies that have the potential to reduce or eliminate the use of
metallurgical coke; our dependence on, and relationships with, and other
conditions affecting, our customers; severe financial hardship or bankruptcy
of one of more of our major customers, or the occurrence of a customer default
and other events affecting our ability to collect payments from our customers;
volatility and cyclical downturns in the carbon steel industry and other
industries in which our customers operate; our ability to enter into new, or
renew existing, long-term agreements upon favorable terms for the supply of
metallurgical coke to domestic and/or foreign steel producers; our ability to
develop, design, permit, construct, start up or operate new cokemaking
facilities in the U.S.; our ability to successfully implement our
international growth strategy; our ability to realize expected benefits from
investments and acquisitions, including our investment in the Indian joint
venture; the possibility that our investment in the Indian joint venture does
not close for any reason; our ability to consummate investments under
favorable terms, including with respect to existing cokemaking facilities,
which may utilize by-product technology, in the U.S. and Canada, and integrate
them into our existing businesses and have them perform at anticipated levels;
the timing and structure of the planned MLP may change; unanticipated
developments may delay or negatively impact the planned MLP; receipt of
regulatory approvals and compliance with contractual obligations required in
connection with the planned MLP; the impact of the planned MLP on our
relationships with our employees, customers and vendors and our credit rating
and cost of funds; changes in market conditions; future opportunities that our
Board of Directors may determine present greater potential value to
stockholders than the planned MLP; age of, and changes in the reliability,
efficiency and capacity of the various equipment and operating facilities used
in our coal mining and/or cokemaking operations, and in the operations of our
major customers, business partners and/or suppliers; changes in the expected
operating levels of our assets; our ability to meet minimum volume
requirements, coal-to-coke yield standards and coke quality requirements in
our coke sales agreements; changes in the level of capital expenditures or
operating expenses, including any changes in the level of environmental
capital, operating or remediation expenditures; our ability to service our
outstanding indebtedness; our ability to comply with the restrictions imposed
by our financing arrangements; nonperformance or force majeure by, or disputes
with or changes in contract terms with, major customers, suppliers, dealers,
distributors or other business partners; availability of skilled employees for
our coal mining and/or cokemaking operations, and other workplace factors;
effects of railroad, barge, truck and other transportation performance and
costs, including any transportation disruptions; effects of adverse events
relating to the operation of our facilities and to the transportation and
storage of hazardous materials (including equipment malfunction, explosions,
fires, spills, and the effects of severe weather conditions); our ability to
enter into joint ventures and other similar arrangements under favorable
terms; changes in the availability and cost of equity and debt financing;
impact on our liquidity and ability to raise capital as a result of changes in
the credit ratings assigned to our indebtedness; changes in credit terms
required by our suppliers; risks related to labor relations and workplace
safety; changes in, or new, statutes, regulations, governmental policies and
taxes, or their interpretations, including those relating to the environment
and global warming; the existence of hazardous substances or other
environmental contamination on property owned or used by us; the availability
of future permits authorizing the disposition of certain mining waste; claims
of our noncompliance with any statutory and regulatory requirements; changes
in the status of, or initiation of new litigation, arbitration, or other
proceedings to which we are a party or liability resulting from such
litigation, arbitration, or other proceedings; historical combined and
consolidated financial data may not be reliable indicator of future results;
effects resulting from our separation from Sunoco, Inc.; incremental costs as
a stand-alone public company; our substantial indebtedness; certain covenants
in our debt documents; our ability to secure new coal supply agreements or to
renew existing coal supply agreements; our ability to acquire or develop coal
reserves in an economically feasible manner; defects in title or the loss of
one or more mineral leasehold interests; disruptions in the quantities of coal
produced by our contract mine operators; our ability to obtain and renew
mining permits, and the availability and cost of surety bonds needed in our
coal mining operations; changes in product specifications for either the coal
or coke that we produce; changes in insurance markets impacting costs and the
level and types of coverage available, and the financial ability of our
insurers to meet their obligations; changes in accounting rules and/or tax
laws or their interpretations, including the method of accounting for
inventories, leases and/or pensions; changes in financial markets impacting
pension expense and funding requirements; the accuracy of our estimates of
reclamation and other mine closure obligations; and effects of geologic
conditions, weather, natural disasters and other inherent risks beyond our
control. Unpredictable or unknown factors not disclosed in this release also
could have material adverse effects on forward-looking statements.

In accordance with the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, SunCoke Energy has included in its filings with
the Securities and Exchange Commission cautionary language identifying
important factors (but not necessarily all the important factors) that could
cause actual results to differ materially from those expressed in any
forward-looking statement made by SunCoke Energy. For more information
concerning these factors, see SunCoke Energy’s Securities and Exchange
Commission filings. All forward-looking statements included in this press
release are expressly qualified in their entirety by such cautionary
statements. SunCoke Energy does not have any intention or obligation to update
any forward-looking statement (or its associated cautionary language) whether
as a result of new information or future events, after the date of this press
release except as required by applicable law.

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Contact:

VISA STEEL LIMITED
Media:
Ms. Shyamali Banerjee: +91-33-30119224
or
SUNCOKE ENERGY, INC.
Investors:
Ryan Osterholm: +1-630-8241907
or
Media:
Anna Rozenich: +1-630-8241945