Attachment: Glencore-Teck deal 1123

November 15, 2023–Researched by Industrial Info Resources (Sugar Land, Texas)–Coal’s status as an energy asset may be waning, but global corporations are investing heavily in its steelmaking value. Earlier this week, Glencore plc (Baar, Switzerland) put down US$6.9 billion to acquire a 77% stake in Teck Resources Limited‘s (NYSE:TECK) (Vancouver, British Columbia) Canadian coal assets, which it plans to merge with its own coal business and spin off into a separate entity within two years. Nippon Steel (Tokyo, Japan) and POSCO (Pohang, South Korea) will own the remaining stake.

Industrial Info is tracking nearly US$18 billion worth of active and planned projects from Glencore worldwide, including more than US$3.8 billion in the U.S. and Canada, and nearly US$500 million worth of coal projects from Teck. Among the most important assets to be acquired by Glencore are Teck’s four major coal mines in British Columbia.

Other companies featured: The Mosaic Company (NYSE:MOS) and Nutrien (NYSE:NTR)

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