Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the global supply of coking coal if it goes ahead with a takeover of Anglo American.
“BHP already has a large share of the supply of high-quality hard coking coal in the seaborne trade, and we will take measures to ensure that further oligopolization will not impede sound price formation and stable supply,” a JFE Steel spokesperson said, declining to elaborate on what measures they could take.
“BHP needs to explain to Japanese steelmakers and the market more broadly how it will ensure the ongoing supply of steelmaking coal remains competitive,” he said. The Fair Trade Commission declined to comment whether it has received any request to examine the BHP-Anglo deal. BHP CEO Mike Henry said last year the company “will not be investing any further growth dollars in Queensland under the current conditions”.
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