X - Steel City Capital Investments - Suncoke Energy: An Attractive Takeout Target

• Suncoke Energy has continued to trade with a free cash flow yield in excess of 20%, reflecting considerable concern about the company’s prospects.
• SXC represents an attractive takeout target for industry-consolidator Cleveland Cliffs (CLF), which at a minimum provides downside protection, but also offers a potential catalyst for value realization in the future.
• SXC has had a rough go in the market since becoming publicly traded.
• The story of SXC is basically one of customer credit risk given its concentrated exposure to CLF.

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