Glencore, Nippon Steel and POSCO completed the acquisition of the steelmaking coal business of Teck Resources for $9bn.

Glencore, multinational commodity trading and mining company, Nippon Steel, Japan's largest steelmaker, and POSCO, a South Korean steel manufacturer, completed the acquisition of the steelmaking coal business of Teck Resources, a diversified natural resources company, for $9bn. Glencore acquired a 77%, Nippon Steel 20% and POSCO 3% stake. “We are pleased to have reached agreement to acquire Teck’s steelmaking coal operations in the Elk Valley. These world-class assets and the experienced people that operate them are expected to meaningfully complement our existing thermal and steelmaking coal production located in Australia, Colombia and South Africa. Glencore has high regard for the business that has been developed over many decades in British Columbia and looks forward to maintaining and enhancing its operational performance, environmental stewardship and social contribution," Gary Nagle, Glencore CEO.