JSW Steel eyes 20% stake in Teck Resources' Steelmaking Coal Business

JSW Steel is planning to make a bid for a 20% stake in Teck Resources' steelmaking coal business based in Canada. Preliminary interest has been expressed by JSW, and negotiations with banks are underway regarding potential financing for the approximately $2 billion acquisition.

Teck Resources, Canada's largest diversified mining company, had previously announced its intention to separate its coal business. JSW Steel's move indicates its strategic interest in expanding its presence in the global steelmaking coal market.

During the first quarter of the current financial year, JSW Steel reported an impressive 11% year-on-year growth in consolidated steel production, reaching 6.43 million tonnes (MT). This marks a substantial increase compared to the 5.77 MT of steel produced in the April-June period of the previous fiscal year.

In addition, JSW Ispat, a subsidiary of JSW Steel, witnessed a remarkable growth of 74% year-on-year in its production volume during the June quarter, totaling 1.84 lakh tonnes. Furthermore, the volume also increased by 1% on a quarter-on-quarter basis.