JSW Steel expresses greater interest in Elk Valley Resources.

Chamber of Shipping > Blog > News > Local > JSW Steel expresses greater interest in Elk Valley Resources.

JSW Steel is considering forming a consortium to increase its bid from a 20% stake to a 75% interest in Teck Resources’ steelmaking coal business, according to Bloomberg. A deal could value the coal business at more than $8 billion and JSW has been sounding out banks about financing for a potential offer. A JSW consortium could face competition from Glencore, which in June proposed buying the business for about $8 billion as an alternative to a full takeover of Teck.

JSW Steel is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group. After the merger of Bhushan Power & Steel, Ispat Steel and Jindal Vijayanagar Steel Limited, JSW Steel became India’s second-largest private-sector steel company.

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