Tycoon Jindal’s JSW Steel Seeks Significant Stake in Teck’s Coal Unit
- Indian mill plans to partner with Japanese, South Korean firms
- Jindal said he expects transaction to close within a month
Train cars are loaded with coal at a Teck Resources Elkview Operations steelmaking coal mine in the Elk Valley, British Columbia, Canada.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
JSW Steel Ltd. is looking to snap up a major stake in Teck Resources Ltd.’s metallurgical coal unit as it seeks to secure supplies for its expansion plans, according to Chairman Sajjan Jindal.
India’s biggest steel producer intends to bid for 20%-40% of Elk Valley Resources Ltd., a unit of the Canadian company, Jindal said. Japanese and South Korean mills also plan to buy a stake in the asset, and a combined offer could value the unit at $8 billion, he said.