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JSW steel boss says ‘nothing concrete’ with Canada’s Teck Resources

24Oct

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JSW steel boss says ‘nothing concrete’ with Canada’s Teck Resources

By Neha Arora NEW DELHI (Reuters) -India's JSW Steel Ltd's discussions with Canada's Teck Resources over buying a possible stake in its coking coal unit have yielded "nothing concrete", JSW Steel Chief Executive Jayant Acharya told Reuters on Monday. Last month, Reuters reported that JSW Steel, India's largest steelmaker by capacity, had slowed down the process to buy a stake in Teck Resources because of a diplomatic spat between New Delhi and Canada. "There is nothing concrete on Teck. We are in discussion with strategic possibilities among which Teck is one," Acharya said in an interview. Teck did not comment on this specific statement, and said it is engaging with various counterparties regarding the steelmaking coal business. Ties between Indi...

JSW Steel declared preferred bidder for Karnataka’s iron ore mine

JSW Steel on Wednesday said it has emerged as the preferred bidder for the Jaisinghpura North Block iron ore mine in Karnataka. JSW Steel has received a communication from the Karnataka government in this regard, the company informed the exchanges. "The Company has been declared as a preferred bidder vide communication dated October 11, 2023, received from the Office of the Director, Department of Mines and Geology, Government of Karnataka, for Jaisinghpura North Block, in the Auction held on August 2, 2023," the filing said. The highest final offer price by the company to become a "Preferred Bidder" is 150.3 per cent of the value of the mineral dispatched. The projected iron ore resource is 17.66 in MMT (metric million tonnes). The company will take all...

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...