Nippon Steel still in talks with Teck as it seeks stake in coal asset
Nippon Steel is still in talks with Teck Resources, despite Glencore's bid for the Canadian miner, as Japan's top steelmaker remains eager to take a stake in Teck's high-grade coking coal asset, a senior executive said.
"We are still negotiating with Teck toward making an equity investment in coal assets," executive vice president Takahiro Mori told Reuters in an interview on Wednesday.
"The amount of our investment may need to be lifted due to Glencore's bid, but we are determined to take 15% or more stake in the coal asset so that we can make it an affiliate unit," he said.