TORONTO -Japan's JFE Steel Corp is in talks to buy a stake in the metallurgical coal business of Canada's Teck Resources, two people aware of the development told Reuters, adding to the list of suitors that also includes miner Glencore.
"We will continue to consider the acquisition of interests in coking coal, but we cannot answer individual questions," a spokesperson for Tokyo-based JFE Steel said in an email. JFE is one of Japan's largest steelmakers. There are only handful of steelmaking coal producers in the world, with the biggest in Australia, Canada and Russia.
Earlier this month, Teck CEO Jonathan Price said the company had received multiple suggestions from investors on how to separate its coal and metals businesses and he was hoping to make a decision on the split by the end of this year. Price said the company had two options -- a 100% sale of the coal business for cash or a partial sale of the coal business, with proceeds going to growing the copper business.
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