JSW Steel shows interest in 75% of Teck's coal business 'Elk Valley'

According to a media report, India's JSW Steel Ltd. is considering purchasing a 75% stake in Teck Resources' Elk Valley Resources, which mines coal for steel.

 

The Mumbai-based company reportedly expressed interest in up to 20% of Teck's coal business in the media in July. Banks have been contacted by JSW regarding financing for a potential deal. There is no guarantee that a deal will be achieved; discussions are still ongoing. The possible sale might value the company at $8 billion, competing with a previous offer from the massive Swiss commodities trader Glencore.

 

Glencore earlier this year offered to buy Teck's steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billion offer to combine the two companies. The chief executive officer of Teck, Jonathan Price, stated in July that the Canadian miner is evaluating a number of ideas, including the partial sale of its coal business to a number of interested partners. 

 

JSW declined to comment, while Teck Resources did not immediately respond to medias' request for a comment.

 

Source: Media Reports

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