JSW Steel eyes majority stake in Teck coal unit
ECONOMY & POLICY

JSW Steel eyes majority stake in Teck coal unit

JSW Steel is considering the formation of a consortium to make a bid for a majority stake in Teck Resources steelmaking coal business. This move could potentially challenge an $ 8 billion offer presented by the commodities giant Glencore Plc.

Mumbai-based JSW is in search of partners to join them in making an offer to acquire a 75% stake in the asset known as Elk Valley Resources. This marks a notable change in approach compared to July when JSW's interest was acquiring up to 20% of Teck's coal business.

A potential deal might set the value of the coal business at over $ 8 billion. JSW has reportedly been engaging with banks to explore financing options for a prospective offer. However, these discussions are still ongoing, and there is no assurance that an agreement will ultimately be reached.

It is possible that any consortium established by JSW may encounter competition for the coal asset from Glencore. Glencore had previously proposed an $8 billion purchase of the business in June as an alternative to a complete takeover of Teck, a mining company based in Vancouver.

Around the same time, Teck revealed that it had received several indications of interest in its coal operations, though the parties interested were not named. In February, Japan's Nippon Steel Corp. had agreed to take a stake in a separate entity called Elk Valley Resources. However, Teck later abandoned the plan to split its coal and metals businesses.

In the preceding month, Glencore demonstrated its sustained interest in the deal by reserving $ 2 billion for a potential acquisition of the Canadian miner's coal business. This amount was initially intended to be returned to shareholders.

Also read: 
Bahrain Steel partners with Essar Group for Green Steel Initiative
CM Gehlot approves Rs 246.81 bn investment boost for Rajasthan's growth


JSW Steel is considering the formation of a consortium to make a bid for a majority stake in Teck Resources steelmaking coal business. This move could potentially challenge an $ 8 billion offer presented by the commodities giant Glencore Plc. Mumbai-based JSW is in search of partners to join them in making an offer to acquire a 75% stake in the asset known as Elk Valley Resources. This marks a notable change in approach compared to July when JSW's interest was acquiring up to 20% of Teck's coal business. A potential deal might set the value of the coal business at over $ 8 billion. JSW has reportedly been engaging with banks to explore financing options for a prospective offer. However, these discussions are still ongoing, and there is no assurance that an agreement will ultimately be reached. It is possible that any consortium established by JSW may encounter competition for the coal asset from Glencore. Glencore had previously proposed an $8 billion purchase of the business in June as an alternative to a complete takeover of Teck, a mining company based in Vancouver. Around the same time, Teck revealed that it had received several indications of interest in its coal operations, though the parties interested were not named. In February, Japan's Nippon Steel Corp. had agreed to take a stake in a separate entity called Elk Valley Resources. However, Teck later abandoned the plan to split its coal and metals businesses. In the preceding month, Glencore demonstrated its sustained interest in the deal by reserving $ 2 billion for a potential acquisition of the Canadian miner's coal business. This amount was initially intended to be returned to shareholders. Also read:  Bahrain Steel partners with Essar Group for Green Steel InitiativeCM Gehlot approves Rs 246.81 bn investment boost for Rajasthan's growth

Related Stories

Gold Stories

Next Story
Infrastructure Energy

Asian Energy Services Q1 FY27 PAT Rises 129 Per Cent

Asian Energy Services Limited reported a 129 per cent year-on-year rise in net profit to Rs 128 million for Q1 FY27, compared with the corresponding quarter last year.Revenue increased 135 per cent year-on-year to Rs 2.71 billion, supported by continued momentum across its services business, disciplined execution and contributions from domestic and international operations. EBITDA grew 81 per cent year-on-year during the quarter.As of June 30, 2026, the company’s standalone order book stood at Rs 17.54 billion, with around 60 per cent coming from oil and gas services and 40 per cent from min..

Next Story
Infrastructure Urban

BioBTX to Build First Commercial-Scale Circular Chemicals Plant

Dutch circular chemistry technology developer BioBTX is building what it says will be the world’s first commercial-scale plant to convert mixed plastic waste into high-quality aromatic chemicals using its proprietary Integrated Catalytic Cracking Process (ICCP) technology.The facility will be built at Chemical Park Delfzijl on the northern coast of the Netherlands and is expected to create 35 jobs. Covestro, which has been a shareholder and strategic partner of BioBTX since 2024, holds a mid-single-digit million-euro investment in the company.BioBTX’s ICCP technology uses catalytic pyrolys..

Next Story
Real Estate

Awfis Q1 FY27 PAT Jumps 140% as Revenue Rises 27%

Awfis Space Solutions reported a 140 per cent year-on-year rise in consolidated profit after tax (PAT) to Rs 240 million for Q1 FY27, compared with Rs 100 million in the corresponding quarter last year.Revenue from operations increased 27 per cent to Rs 4.25 billion from Rs 3.35 billion, while EBITDA rose 28 per cent to Rs 1.62 billion. EBITDA margin improved to 38.2 per cent from 37.8 per cent. Profit before tax increased 135 per cent to Rs 240 million.The company's co-working business recorded 27 per cent year-on-year growth, supported by demand from enterprises, Global Capability Centres (G..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement