JSW Steel to Form JV with Whitehaven Coal

0
coal-mine

JSW Steel Ltd from India is currently in talks with Whitehaven Coal, an Australian mining firm, regarding a potential collaboration for a stake in the Blackwater metallurgical coal mine. As India’s largest steel producer, JSW Steel is currently undergoing a thorough due diligence process.

JSW Steel is one of India’s leading integrated steel manufacturers, producing a wide range of products for the automotive, construction, and manufacturing industries. With a focus on innovation and sustainability, JSW Steel has established itself as a leader in the steel industry, known for its high-quality products and commitment to environmental stewardship.

The company operates state-of-the-art facilities in India and abroad, employing cutting-edge technology to produce steel products that meet the highest international standards. JSW Steel’s dedication to excellence and customer satisfaction has made it a trusted name in the steel industry.

Whitehaven Coal is Australia’s leading coal producer, with a focus on producing high-quality coal for the global market. The company operates several mines in New South Wales, Australia, producing both metallurgical and thermal coal for use in steelmaking and power generation. With a strong commitment to safety, sustainability, and community engagement, Whitehaven Coal has established itself as a responsible and reliable coal producer.

By the end of this month, they anticipate receiving a sample of coking coal from the Blackwater mine for specification verification. Whitehaven Coal had previously announced its exploration of selling up to 20% of the Blackwater mine to global steel companies in exchange for strategic joint ventures. Last October, Whitehaven paid BHP Group a sum of US$4.1 billion to acquire the Blackwater and Daunia mines. The acquisition is expected to be finalized in early April.

While JSW Steel and Blackwater have engaged in initial talks, the latter has yet to review the coking coal specifications from the Australian metallurgical coal mine. JSW Steel has actively sought overseas assets related to coking coal; last year, the company held discussions with Teck Resources in Canada. However, a consortium led by Glencore ultimately paid US$9 billion to acquire the interest.

In an attempt to address the shortages faced by domestic steel firms, India has recently been exploring the formation of a consortium comprising state-owned companies to facilitate coking coal imports. Steel industries in India consume about 70 million metric tons of coking coal annually, representing approximately 85 percent of the country’s total coking coal requirements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here