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India’s JSW Steel Ltd is considering picking up a 75 per cent interest in Teck Resources’ TECK-B-T steelmaking coal business Elk Valley Resources, according to a Bloomberg report.

Bloomberg had reported in July that the Mumbai-based company was interested in up to 20 per cent of Teck’s coal business.

The potential deal could value the business at $8-billion, said Bloomberg, rivaling an earlier bid by Swiss commodities giant 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 billon offer to combine the two companies.

In July, Teck CEO Jonathan Price said the Canadian miner is considering a range of proposals including a partial sale of its coal business from various interested parties.

JSW declined to comment, while Teck Resources did not immediately respond to Reuters’ request for comment.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 29/05/24 3:59pm EDT.

SymbolName% changeLast
TECK-B-T
Teck Resources Ltd Cl B
-1.69%70.79
TECK-A-T
Teck Resources Ltd Cl A
-1.66%70.64

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