SunCoke Energy, Inc. (NYSE: SXC), a leading U.S. producer of high-quality metallurgical coke and logistics services, has announced a definitive agreement to acquire Phoenix Global for $325 million. The all-cash deal will significantly expand SunCoke’s presence in the steel value chain, diversify its customer base, and accelerate international growth.
Phoenix Global, a privately held company operating under Flame Aggregator, LLC, is a mission-critical service provider to top global steel producers. The company operates across 19 mill sites in North America, Brazil, Europe, and South Africa, offering services such as molten slag handling, scrap metal processing, and logistics for steelmaking inputs and outputs.
The acquisition marks a strategic shift for SunCoke, as it moves beyond traditional blast furnace-focused services into supporting electric arc furnace (EAF) operators, including both carbon and stainless steel producers. With the global steel industry increasingly transitioning toward more energy-efficient EAF technology, this move positions SunCoke at the forefront of evolving demand.
The purchase price implies a 5.4x multiple on Phoenix’s last twelve months (LTM) adjusted EBITDA of $61 million, as of March 31, 2025. SunCoke will finance the transaction using a mix of existing cash and availability under its undrawn revolving credit facility. The deal is expected to be immediately accretive to SunCoke’s earnings and to deliver annual synergies of $5 million to $10 million.
“This acquisition is a powerful step forward for SunCoke,” said Katherine T. Gates, President and CEO of SunCoke Energy. “Phoenix brings an impressive asset base, a global footprint, and long-term customer contracts that complement our current operations. This merger strengthens our role as a critical partner in the steel industry while expanding our reach into new markets and technologies.”
Phoenix has invested approximately $72 million in capital improvements since 2023, ensuring the durability and efficiency of its operations. Its revenue model, based on long-term contracts with fixed components, adds predictable earnings for SunCoke and reduces exposure to commodity price volatility.
The deal has been unanimously approved by the boards of directors of both companies and is backed by a majority of Phoenix’s unitholders. Completion is expected in the second half of 2025, pending customary regulatory approvals, including antitrust clearance under the Hart-Scott-Rodino Act.
Analysts see the acquisition as a strategic masterstroke for SunCoke, enabling the company to leverage its technical expertise, strong financial profile, and sustainable infrastructure into adjacent industrial services. Moreover, SunCoke’s expansion into global markets and EAF-related services could open new avenues for organic growth and customer engagement.
With this acquisition, SunCoke not only solidifies its position in the North American steel supply chain but also extends its reach as a global service provider committed to innovation, sustainability, and long-term value creation.