Teck Warns of Further Coal Output Cuts If Market Doesn’t Improve
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Teck Resources Ltd., the world’s second-largest exporter of seaborne coal used in steelmaking, said it will consider further production cuts this year if the market for the commodity doesn’t improve.
Teck is implementing a round of rotating shutdowns at its Canadian metallurgical coal operations as the miner grapples with a global oversupply of the steelmaking ingredient. Third-quarter coal production will be 22 percent lower as a result of the closures, the Vancouver-based company said Thursday in its second-quarter earnings statement.