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SunCoke buys Phoenix Global in deal for $325M

Written by Ethan Bernard

May 29, 2025

SunCoke Energy has purchased Phoenix Global, a metals and mining services company, for $325 million.

Lisle, Ill.-based SunCoke said it has acquired all of the common units of Flame Aggregator LLC, which together with its subsidiaries operates as Radnor, Pa.-based Phoenix Global, a privately held firm.

SunCoke, a raw material processing and handling company, noted it will fund the transaction with existing cash and availability under its undrawn revolving credit facility.

Additionally, SunCoke said the Phoenix buy will allow it to diversify into electric arc furnace operations, including carbon steel and stainless steel mills. And Phoenix’s global footprint will add international markets to SunCoke’s portfolio.

“The acquisition of Phoenix is an excellent strategic fit for SunCoke, as it expands and diversifies our customer base and enhances our capabilities as a supplier of industrial services to steelmaking customers,” Katherine T. Gates, president and CEO of SunCoke, said in a statement on Wednesday.

The transaction is expected to be completed during the second half of 2025. It is subject to meeting customary closing conditions.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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