Glencore Buys Canada's Teck, Boosts Role in Steel Industry

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)