JSW Steel Considers Acquisition of 40% Stake in Teck Resources' Coal

JSW Steel Considers Acquisition of 40% Stake in Teck Resources' Coal

27 Aug, 2023

 

JSW Steel Considers Acquisition of 40% Stake in Teck Resources' Coal

 

JSW Steel Ltd is currently exploring the possibility of acquiring a significant stake, ranging from 20% to 40%, in Elk Valley Resources Ltd. This metallurgical coal unit belongs to Teck Resources, a Canadian company. During an exclusive interview on Bloomberg TV, JSW Steel Chairman Sajjan Jindal unveiled these potential developments. Jindal, a prominent Indian business magnate, conveyed that the intention is for JSW Steel to place a bid encompassing a substantial portion of Teck Resources' coal unit.

Collaboratively with certain mills hailing from Japan and South Korea, JSW Steel is contemplating a joint effort to procure stakes within the coal unit. The cumulative value of this combined offer is estimated to reach a substantial $8 billion. As per Jindal, the finalization of the deal could materialize within the span of a month. This potential acquisition holds vital importance for JSW Steel's strategic agenda, as securing coal supplies stands as a pivotal aspect of the company's ambitious plan to nearly double its annual steelmaking capacity to 50 million tons within India by the conclusion of this decade.

JSW Steel is diligently exploring global opportunities for coal assets, including promising regions such as Australia and Canada. However, it is pertinent to note that, besides the insights shared by Sajjan Jindal during the Bloomberg interview, JSW Steel has not yet issued any official statements concerning these matters. In response to a query from Reuters, Teck Resources declined to provide comments on "market rumours or speculation."

In a preceding instance, Sajjan Jindal, in JSW Steel's annual report for the past fiscal year, had communicated plans to enhance their capacity by an additional 9 million tons per annum (MTPA) over the next two years. This strategic move aims to elevate their total capacity in India to an impressive 37 MTPA by the fiscal year 2024-2025.

 


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