SEC suspends trading of Puda Coal Inc

Thursday, 25 Aug 2011

It is reported that the Securities and Exchange Commission suspended trading of China-based Puda Coal Inc citing a lack of current and accurate information on the company.

The move comes amid heightened scrutiny of Chinese companies listed in the US many of which have seen their stock tumble amid auditing problems and stubborn rumors of other improprieties. After an investigation, Puda earlier this year admitted it found evidence that supported allegations that Chairman Mr Ming Zhao had made unauthorized transactions in the shares of a business unit that were inconsistent with company disclosures.

The SEC recently cited the company findings as well as the July resignation of its auditors who said investors should no longer rely on the firm's previously issued audit reports. The agency ordered that trading be suspended through September 1.

The Chinese producer of high grade metallurgical coking coal which is used in steelmaking last month said it submitted a plan to the New York Stock Exchange Amex to regain compliance with its listing standards.

(Sourced from Dow Jones Newswires)

Sunoco commences separation of SunCoke following ArcelorMittal lawsuit

Wednesday, 02 February 2011 02:48:06 (GMT+2)

Philadelphia, Pennsylvania-based transportation fuel provider Sunoco, Inc. announced Monday that it has reached an agreement with ArcelorMittal resolving the lawsuit concerning coke pricing for the Jewell facility in Vansant, Virginia, and will subsequently move forward with the planned separation of SunCoke Energy, its metallurgical-grade coke manufacturing subsidiary.
The settlement agreement between Sunoco and ArcelorMittal stipulates the renegotiation of the Jewell coke contract-pricing of Jewell coal will instead be based upon the coal price at Suncoke's Haverhill, Ohio plant. Terms of the agreement also include a renegotiation and increase in fees paid under the Haverhill agreement, and a take-or-pay basis of the Jewell and Haverhill agreements with ArcelorMittal have been extended through 2020.
"The settlement is an important step in resolving a dispute with our largest customer. We continue to prepare SunCoke for successful operation as a stand-alone entity. We recently purchased coal assets contiguous to our Jewell operations, finalized our headquarters location in suburban Chicago, and began hiring additional key leadership," said Frederick A. "Fritz" Henderson, who will serve as chairman and chief executive of SunCoke Energy upon its separation from Sunoco.
Tags: raw mat , USA , North America , steelmaking , M&A , ArcelorMittal(sourced:steelorbis)