Philadelphia Business Journal reported that Sunoco Inc said that it has resolved a lawsuit over pricing that will allow it to spin off SunCoke Energy.

The Philadelphia company said the settlement with Luxembourg based ArcelorMittal is effective retroactive to January 1 and is expected to reduce SunCoke’s 2012 earnings before interest, taxes, depreciation and amortization by USD 60 million.

Sunoco said it will discuss additional information about the spin off and update its guidance for SunCoke in light of the settlement, in its earnings call Thursday.

It also disclosed that SunCoke, a manufacturer of coke, which is used as fuel in steel making, will be based in suburban Chicago.

(Sourced from Philadelphia Business Journal)