Steel News

Report: Teck Resources Mulling Divestment of US$8 Billion Steelmaking Coal Operations

9/15/2021 - Canadian mining giant Teck Resources Ltd. is reportedly considering sale or spin-off its metallurgical coal business, according to Bloomberg News.

Bloomberg News cited a source claiming the miner is exploring alternative avenues for its steelmaking coal division as it faces investor pressure to reduce carbon emissions in response to climate change.

Teck Resources, one of the world’s largest exporters of steelmaking coal, operates four mines in western Canada. The company shipped more than 21 million metric tons of coal in 2020, accounting for more than a third of the company’s annual revenue. Bloomberg estimates that the steelmaking coal unit could be valued at US$8 billion.

Read the report from Bloomberg here.