India's JSW Steel Considers 75% Interest in Teck's Coal Business

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