Tuesday, February 4

Tag: Coal

JSW Steel plans to pick up 20%-40% stake in Teck Resources’ coal unit
25Aug By adminNo Comments
Business

JSW Steel plans to pick up 20%-40% stake in Teck Resources’ coal unit

JSW Steel is looking to pick up a 20-40% stake in the metallurgical coal unit of Canada's Teck Resources, Bloomberg News reported on Friday, citing the Indian steel producer's chairman, Sajjan Jindal.   JSW, along with Japanese and Korean mills, plans to buy a stake in Teck's Elk Valley Resources, with a combined offer valuing the unit at $8 billion, Jindal told the publication in an interview.   JSW Steel and Teck did not immediately respond to Reuters' requests for comment.   Sourcing metallurgical coal, a key raw material for steel production, is critical for JSW to meet its capacity target for India of 50 MTPA by the end of this decade.   Jindal had said in the company's annual report for last fiscal that it would add 9 MTPA o...
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India becomes only country after China to burn 1 billion tonne coal: IEA
27Jul By adminNo Comments
Business

India becomes only country after China to burn 1 billion tonne coal: IEA

NEW DELHI: India became the only country besides China to burn more than a billion tonne (BT) of coal in 2022 as demand grew at 8% on the back of robust economic growth and looks set to maintain the trend this year, according to the International Energy Agency.The agency’s latest Coal Market Update showed demand rising by about 5.5% in the first half of 2023 on continued strong economic growth and reliance on coal. “With growth in the power sector slowing down a bit in the second half, we expect a total increase of 5% for the year, totalling 1.2 BT,” the report said, pegging the growth in 2022 at 1.1 billion tonne.China and India will account for 70% of global coal consumption — or double the amount of coal burnt in the rest of the world combined, the report said. Together with a double-d...
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