VISA Steel, SunCoke Energy Form Cokemaking Joint Venture in India

VISA Steel Limited and SunCoke Energy

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.