India's JSW Steel Considers 75% Interest in 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 GLEN.L.
SEATTLE (Scrap Monster): India's JSW Steel Ltd JSTL.NS is considering picking up a 75% interest in Teck Resources' TECKb.TO 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% 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 GLEN.L.
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.
Courtesy: www.nasdaq.com
Scrap Metal Prices
Copper Scrap | ||
Alternator | 0.39 | $US/Lb |
#1 Copper Bare Bright | 4.12 | $US/Lb |
Aluminum Scrap | ||
356 Aluminum Wheels (Clean) | 0.80 | $US/Lb |
6061 Extrusions | 0.70 | $US/Lb |
Steel Scrap | ||
#1 Bundle | 370.00 | $US/MT |
#1 Busheling | 390.00 | $US/MT |
Electronics Scrap |