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☆ Morgan Stanley names this steel stock a top pick as it undergoes a transformation
▼ + stars: | 2023-10-02 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

U.S. Steel is undergoing a transformation to become a tech-savvy steelmaker, making it an attractive play, according to Morgan Stanley. Analyst Carlos De Alba upgraded the steelmaker to overweight from equal weight and named it a top pick on "the expected value creation from the company's transformational investments." He increased his price target by $15 to $40, implying the stock could gain roughly 23.2% over the next 12 months. "Furthermore, continuing interest from multiple parties in acquiring X, despite the near-term hit to FCF, highlights the value of the company's ongoing transformation strategy." U.S. Steel, historically an integrated blast furnace steelmaker, is rapidly transforming by expanding its electric arc furnace, or EAF, capabilities and high value-add downstream offerings, De Alba said.

Persons: Morgan Stanley, Carlos De Alba, De Alba, Steel, — CNBC's Michael Bloom Organizations: Steel, U.S . Steel, Cleveland, . Steel, Cleveland Cliffs Locations: U.S

☆ Indian shares set for subdued open as Fed angst weighs
▼ + stars: | 2023-09-22 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

A man walks past the new logo of the Bombay Stock Exchange (BSE) building in Mumbai, India, July 12, 2023. Already, foreign investors have been net sellers so far this month, offloading shares worth $996.2 million as of Sept. 20. Foreign institutional investors (FII) sold shares worth 31.11 billion rupees ($375.2 million), on a net basis, on Wednesday and 30.07 billion rupees worth on Thursday, according to stock exchange data. Domestic investors, meanwhile sold shares worth 5.73 billion rupees on Wednesday but bought shares worth 11.58 billion rupees on Thursday, the data showed. Meanwhile, Indian government bonds will be included in JPMorgan's widely tracked emerging market debt index from June 2024, the Wall Street bank said on Friday.

Persons: Francis Mascarenhas, Dalal, Aparna Iyer, Raja, Tesla, Archishma Iyer, Anisha Ajith, Savio D'Souza Organizations: Bombay Stock Exchange, REUTERS, Rights, NSE, Exchange, BSE, Federal Reserve, Wipro, LG Energy, Exide Industries, Power Systems, Glenmark Pharmaceuticals, Sciences, Glenmark Pharma, Teck Resources, Sethuraman NR, Thomson Locations: Mumbai, India, U.S, Asia, Pacific, Japan, Teck

☆ Exclusive: India's JSW Steel slows process to buy stake in Canada Teck coal unit, source says
▼ + stars: | 2023-09-21 | by ( Neha Arora | ) www.reuters.com time to read: +3 min

The source said discussions between JSW Steel - India's largest steelmaker by capacity - and Teck over the stake sale had slowed down, although work on the paperwork continued. JSW Steel declined to comment. "We do not comment on market rumours or speculation," Teck Resources said in an emailed response to Reuters queries. JSW steel is one of the largest customers of Teck's coal business. For India, Canada is the fourth-largest exporter of coking coal used in the steel business, according to Indian government data.

Persons: Chris Helgren, Teck, JSW Steel, JSW, Glencore, Neha Arora, Divya Rajagopal, Clara Denina, Emelia Sithole, Mark Porter Organizations: Teck Resources, Developers Association of Canada, REUTERS, JSW Steel, Ottawa, British Columbia, JSW, Reuters, Investment, Standard Chartered, Deutsche Bank, Japan's Nippon Steel, Thomson Locations: Teck, Toronto , Ontario, Canada, DELHI, India, New Delhi, Canadian, British, Vancouver, Australia, Russia, United States, Toronto, London

☆ Exclusive: India's JSW Steel slows process to buy stake in Canada Teck coal unit -source
▼ + stars: | 2023-09-21 | by ( Neha Arora | ) www.reuters.com time to read: +3 min

A British steel industry worker displays a badge on his Tata Steel work clothing during a protest over jobs, pay and conditions of work, outside of the Houses of Parliament in London, Britain, June 28, 2023. Britain said Friday's deal would help to safeguard 5,000 jobs, but Tata Steel UK currently employs more than 8,000 people, raising the prospect of 3,000 redundancies, as the lower-carbon electric furnaces are less labour intensive. India-owned Tata Steel had long warned that without government help it could close the Port Talbot site. Britain's steel industry directly employs 39,800 people according to figures released by UK Steel in May, and supports a further 50,000 jobs in the supply chain. The government said Tata Steel UK would now inform and consult with staff and unions.

Persons: Toby Melville, Friday's, Kemi Badenoch, Port Talbot, Sharon Graham, Sarah Young, Farouq Suleiman, Elizabeth Piper, Sachin Ravikumar, Jane Merriman Organizations: Tata Steel, REUTERS, Port Talbot Tata Steel, Tata, Tata Steel UK, Business, Company, European Union, Tata Group, British Steel, UK Steel, Trade, Thomson Locations: London, Britain, steelmaking, India, Talbot, United States, England, British, Scunthorpe, Port Talbot

“This proposal is a landmark moment for maintaining ongoing U.K. steel production, supporting sustainable economic growth, cutting emissions and creating green jobs,” said Treasury chief Jeremy Hunt. “With the support of the U.K. government and dedicated efforts of the employees of Tata Steel U.K. along with all stakeholders, we will work to transform Tata Steel UK into a green, modern, future-ready business," said Tata Steel’s chief executive and managing director, TV Narendran. Unions were furious about the potential job losses at Port Talbot, which at its height in the 1960s employed around 20,000 people, before cheaper offerings from around the world hit production. "The cost to local people and the wider Port Talbot community will be immense," said Gary Smith, general secretary of the GMB trade union. He noted that Germany has invested over $53 billion in decarbonising heavy industry and has committed to work with unions and protect jobs.

Persons: ”, Jeremy Hunt, Tata, Gary Smith, “, Luke Murphy Organizations: Tata, Britain’s Department for Business, Trade, “, Tata Steel, Tata Steel UK, Unions, Port Talbot, Institute for Public Policy Research Locations: Port Talbot, Wales, steelmaking, Britain, Germany

Germany, Italy and the Netherlands all reported sharp reductions in gas consumption in June and July compared with the pre-invasion average. Most energy-intensive industrial users require uninterrupted supplies, buy gas on contracts linked to longer-term averages, and hedge their costs forward to lock in profit margins. Prices for gas to be delivered throughout 2024 are still double the inflation-adjusted average for the five years between 2017 and 2021. But the region has paid a high price in terms of reduced manufacturing activity, which could lead to permanent deindustrialisation unless gas prices are reduced significantly within the next couple of years. Related columns:- Europe’s gas storage must peak early this autumn (September 8, 2023)- High prices keep lid on Europe's industrial gas use (July 11, 2023)- Europe’s gas storage space is filling too fast (July 6, 2023)John Kemp is a Reuters market analyst.

Persons: Fabian Bimmer, TJ, John Kemp, David Evans Organizations: REUTERS, Eurostat, TJ, Energy, Thomson, Reuters Locations: Netherlands, Germany, Embsen, Ukraine, Italy, Europe, Australia

The India-led International Solar Alliance launched the Green Hydrogen Innovation Centre earlier this year, and India itself approved $2.3 billion for the production, use and export of green hydrogen. Global cooperation on green hydrogen manufacturing and supply is expected to be discussed by G-20 leaders at this week's summit in New Delhi. WHAT IS GREEN HYDROGEN? Boshell said just replacing this so-called gray hydrogen — hydrogen produced from fossil fuels — would ensure a long-term market for green hydrogen. And then we can add additional demand and applications of green hydrogen as a fuel for industries, shipping and aviation,” he said.

Persons: Francisco Boshell, Robert Howarth, Boshell, ” Organizations: Solar Alliance, Hydrogen Innovation, International Renewable Energy Agency, Energy, Commission, Cornell University, Action, International Energy Agency, AP Locations: BENGALURU, India, New Delhi, Abu Dhabi, Ithaca , New York

☆ Indian interlopers can disrupt global mining M&A
▼ + stars: | 2023-08-25 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

BENGALURU, Aug 25 (Reuters Breakingviews) - An Indian tycoon has a powerful motive to throw himself into some global mining M&A. Sajjan Jindal is looking to pull together a consortium to take a 75% stake in the coal unit of Canadian miner Teck Resources (TECKb.TO), according to Bloomberg. Such a move would pit his $23 billion Mumbai-listed JSW Steel (JSTL.NS) against a rival $8 billion bid by Swiss commodities giant Glencore (GLEN.L). In North America, JSW already has steel plants in Ohio and Texas, and coal mining facilities in West Virginia. Anchoring a consortium bid makes sense but if push comes to shove, Indian tycoons can afford to be aggressive interlopers.

Persons: Sajjan Jindal, Jindal, JSW, Una Galani, Thomas Shum Organizations: Reuters, Teck Resources, Bloomberg, Tata Steel, Steel Authority of India, South, JSW, Elk Valley Resources, Deloitte, Chamber of Commerce, Thomson Locations: BENGALURU, Teck, Mumbai, India, JSW, Australia, Ukraine, North America, Ohio, Texas, West Virginia, Teck Resources, Elk Valley, Elk

☆ Building Green: New Technologies to Create Less Polluting Cement
▼ + stars: | 2023-08-24 | by ( Yusuf Khan | ) www.wsj.com time to read: +8 min

Roughly 7% of all carbon emissions today come from cement production, making it one of the highest-emitting industrial sectors, according to the consulting firm McKinsey. PREVIEW“Concrete is an essential building material,” said Claude Loréa, director of cement, innovation and ESG at the Global Cement and Concrete Association. About two thirds of the clinker emissions are released by the limestone when heated while the rest come from the combustion of fuels to create the heat. Increased efficiencyOne way the industry is looking to improve sustainability in cement production is by targeting efficiency gains. Cemex, one of the world’s largest cement producers, has been working with Switzerland-based Synhelion to produce clinker using solar energy rather than coal.

Persons: ”, Claude Loréa, Aidan O’Sullivan, ” O’Sullivan, Gianluca Ambrosetti, Christoph Beumelburg, Rick Fox, Fox, Partanna, Hurricane Dorian, Yusuf Khan Organizations: McKinsey, Sustainable Business, Global, Concrete Association, Carbon Re, International Energy Agency, IEA, Shell, National Basketball Association Locations: portland, Spain, Switzerland, Heidelberg, Brevik, Norway, Bergen, “, Delaware, Bahamas, Vegas, yusuf.khan

☆ How Y Combinator-backed Seabound is using carbon-capture tech to tackle the shipping industry's problematic emissions
▼ + stars: | 2023-08-21 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +9 min

The Y Combinator-backed Seabound believes its on board carbon-capture tech can play a key role. Fredriksson is the cofounder and CEO of Seabound, a climate-tech startup that aims to lower the greenhouse-gas emissions produced by the shipping industry. Seabound, backed by the famed accelerator Y Combinator, has built a carbon-capture machine that can be retrofitted onto ships. Having tested it on land, Seabound is now using a commercial container ship as its lab in a pilot project with the London-based shipping company Lomar Shipping. Fredriksson added that Seabound's reaction was exothermic, meaning it needed an injection of heat to get started but then was self-sustaining.

Persons: Seabound, Alisha Fredriksson didn't, Fredriksson, It's, Stephen Turnock, Ed Phillips, Alisha Fredriksson, Wen, Turnock, Alisha Fredriksson Decarbonization, we're, We're, Capital's Phillips, Leapfrogging Organizations: Shipping, Maritime Organization, Service, University College London, University Maritime Advisory Services, Southampton University, International Maritime, Planet Capital, Lomar Shipping, Ships Locations: Wall, Silicon, London, Yalova, Turkey

☆ US Steel, once a symbol of America’s economic might, is now for sale in the bargain bin
▼ + stars: | 2023-08-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

The Pittsburgh-based company formed in 1901 as a merger of the nation’s leading steel companies — including Carnegie Steel Corp. — and was engineered by financier J.P. Morgan. But, in recent years, US Steel’s fallen far below other American steel companies in steel output and stock market value. (Last year, US Steel shipped only 11.2 million tons of steel from its US operations and had just under 15,000 US employees.) That compares to 14.49 million metric tons from US Steel, including its operations in Europe, which rank 27th in the world for 2022, according to the World Steel Association. Bradford said all along the way, US Steel and other US integrated steelmaking rivals with storied names such as Bethlehem Steel, Inland Steel and LTV Steel underestimated the competitive challenge that they faced from overseas and mini-mills at home.

Persons: J.P, Morgan, Andrew Carnegie, eyeing, ”, Charles Bradford, “ It’s, ” Bradford, Nucor, Bradford, Walt, Joe Biden, Biden, what’s, he’s, Sen, J.D, Vance Organizations: New, New York CNN, US Steel Corp, US Steel, Steel, titans, Carnegie Steel Corp, United Nations, Homestead, US Steel's Carnegie, Illinois Steel Corp, Bettmann, Atlantic, Pittsburgh, Pittsburgh Post, Gazette, US, Fairfield Works, . Steel, World Steel Association . US Steel, Bethlehem Steel, Inland Steel, LTV Steel, Dow Jones, Walt Disney, JPMorgan, Co, Street, LTV, Reuters, Cliffs, The United Steelworkers, Ohio Republican Locations: New York, Pittsburgh, United States, Europe, Japan, Germany, Fairfield Works ., Charlotte, America, Bethlehem, steelmakers, China, India, Korea, Inland, Cleveland, Ohio

☆ U.S. Steel explores options after rejecting $7.3 billion offer from Cleveland-Cliffs
▼ + stars: | 2023-08-13 | by ( Jyoti Narayan | Akanksha Khushi | ) www.reuters.com time to read: +3 min

(Reuters) -United States Steel Corp on Sunday launched a formal review of its strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs Inc. FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File PhotoThe unsolicited cash-and-stock offer from Ohio-based Cliffs values U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday. Cliffs said its offer to acquire U.S. Steel had received the support of the United Steelworkers union, which is North America’s largest steel industry union. In a separate statement later Sunday, U.S. Steel confirmed it received an offer from Cliffs and other interested parties.

Persons: rebuffing, steelmaker, Lawrence Bryant, ”, Lourenco Goncalves, Davis Polk, Milbank, Lipton, Katz Organizations: Reuters, United States Steel Corp, Sunday, Cliffs, U.S . Steel, U.S . Steel Granite City, REUTERS, Steel, U.S, China . U.S . Steel, AK Steel Holding Corp, United Steelworkers, Company, UBS, Wardwell, . Steel, Barclays Capital, Goldman Sachs Group, Milbank LLP, Wachtell, Rosen Locations: steelmaker Cleveland, U.S . Steel Granite, Granite City , Illinois, U.S, Ohio, China . U.S, steelmaker, North, Wells Fargo, J.P.Morgan, Cleveland

An employee of a private security company stands in front of the logo of commodities trader Glencore during the company's annual shareholder meeting in Cham, Switzerland May 24, 2017. Analysts at Deutsche Bank had expected half-year earnings of $9.9 billion, while Citi's estimate was $11.4 billion. The company announced additional returns of around $2.2 billion, including a $1 billion special dividend and a $1.2 billion share buyback programme that will run until February 2024. Glencore in June offered to buy Teck's coal business as a standalone unit, having been rebuffed twice in its $22.5 billon bid to combine the two companies. As part of the deal, Glencore would spin-off and merge its thermal coal business with Teck's steelmaking coal one to form a separate New York-listed company.

Persons: Arnd, Glencore, Gary Nagle, Nagle, MARA, didn't, Bunge, Clara Denina, Pratima Desai, Kirsten Donovan Organizations: REUTERS, Canada's, Canada's Teck Resources, Tinto, Teck Resources, Deutsche Bank, Citi, U.S, Thomson Locations: Cham, Switzerland, Canada's Teck, Teck, China, New York, London, U.S

LONDON, July 27(Reuters Breakingviews) - The world is getting hotter, but when it comes to achieving net zero investors are cooling. Glencore (GLEN.L), the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed. Either way, the plan raises the prospect of Glencore bulking up in coal before offloading some or all of the enlarged business. True, a listing of Glencore’s enlarged coal business might not happen for a few years. While prices have now more than halved, Glencore‘s coal business would still make $9 billion in EBITDA in 2023 if they averaged $200 a tonne.

Persons: what’s, Glencore, Gary Nagle, Nagle, Teck, wouldn’t, There’s, Wael Sawan, Larry Fink, underwhelmed, ” Nagle, Glencore’s, George Hay, Karen Kwok, Peter Thal Larsen, Aditya Munjuluru Organizations: Reuters, Resources, Teck Resources, Bluebell Capital Partners, Investment, International Energy Agency, Reuters Graphics Reuters, Rio Tinto, BHP, GQG Partners, Capital Research Group, BlackRock, Vanguard, Services, Saudi, Aramco, United Nations, of, Pensions, Shell, Financial Times, “, Melbourne Mining, Capital Partners, Thomson Locations: Glasgow, Ukraine, EBITDA, American, U.S, Glencore, London, New York, Europe, Melbourne

☆ Glencore expects 2023 trading unit profits of up to $4 bln
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

LONDON, July 21 (Reuters) - Glencore (GLEN.L) on Friday said it expects profits at its trading division this year of up to $4 billion, exceeding its long-term annual guidance. It expects full-year trading earnings before interest and taxes (EBIT) to be between $3.5 and $4 billion. The group left its overall 2023 guidance for copper unchanged at 1.04 million metric tons, even as production fell by 10% to 488,000 tons in the first half. "Our full-year production guidance remains unchanged from earlier guidance," boss Gary Nagle said in a release. "Second-half volume weightings in copper, zinc and nickel reflect higher expected production volumes from Collahuasi, Kazzinc, Mount Isa and INO."

Persons: Gary Nagle, Mount Isa, INO, Clara Denina, Jason Neely, Jan Harvey Organizations: Democratic, Thomson Locations: Katanga, Democratic Republic of Congo, DRC

☆ Why Exxon Mobil is spending $4.9 billion on a company that pumps carbon dioxide back into the earth
▼ + stars: | 2023-07-14 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

That's a business Exxon, the biggest oil company in the US, is looking to expand. The largest US oil major said Thursday it would acquire Denbury, which has the largest network of carbon dioxide pipelines in the country, for $4.9 billion. Denbury is also in the business of what's called enhanced oil recovery, which involves using carbon dioxide to collect more oil from wells. Most of the captured carbon dioxide will likely be stored underground, however. Transporting CO2 requires pipelines, and Denbury has 1,300 miles of carbon dioxide pipelines; much of its network spans Louisiana, Texas, and Mississippi.

Persons: Denbury, what's, Joe Biden, Dan Ammann, there's, — Organizations: Exxon Mobil, Exxon, Service, Privacy, International Energy Agency, IEA, Exxon's, Carbon Solutions, Bloomberg, Denbury, United Nations Locations: Wall, Silicon, Louisiana , Texas, Mississippi, Louisiana, CCUS, US, Qatar, Australia

LONDON, July 11 (Reuters) - Europe's gas consumption has fallen by 10% to 15% compared with the decade before Russia's invasion of Ukraine as high prices enforce sharp cuts, especially by energy-intensive industries. Chartbook: Europe gas consumptionBy May 2023, prompt gas prices had fallen by 85% from their August 2022 peak as panic-buying for storage ended and a mild winter left Europe with record gas stocks at the end of winter. Some capacity has yet to re-open fully because long-term gas prices are too high to make resuming operations profitable. Europe averted gas shortages during winter 2022/23 but at the cost of significant de-industrialisation, which will be hard to reverse unless prices fall significantly. Related columns:- Europe’s gas storage space is filling too fast (July 6, 2023)- Europe’s gas prices stabilise as storage additions slow (June 8, 2023)- Europe's extraordinary good fortune with winter weather (April 18, 2023)- Europe only has space for a small gas refill in 2023 (April 14, 2023)John Kemp is a Reuters market analyst.

Persons: John Kemp, Alexander Smith Organizations: Eurostat, Thomson, Reuters Locations: Ukraine, Europe, Germany, France, Spain, Italy

☆ Glencore makes offer for Teck's steelmaking coal business
▼ + stars: | 2023-06-12 | by ( Clara Denina | ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters) - Glencore (GLEN.L) on Monday offered to buy Teck Resources' (TECKb.TO) steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies. "It would provide Teck with a cleaner exit from coal and allow Glencore to split its own business into CoalCo and MetalsCo." Glencore's CEO Gary Nagle in May said buying Teck's coal business as a standalone unit was a "distant second" for the Swiss mining company, as it still pursues its merger plans. Teck's steelmaking coal mines are among few left in the world, making them attractive to Glencore, as global efforts to phase out coal-fired power generation gather momentum. As part of its original proposal, Glencore offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal.

Persons: Teck, Gary Nagle, May, Pierre Lassonde, Glencore, Clara Denina, Eva Mathews, Dhanya Ann, Kirsten Donovan, Barbara Lewis Organizations: Teck Resources, Teck Metals, Deutsche Bank, Nippon Steel Corporation, Thomson Locations: Teck, CoalCo, Swiss

☆ Glencore’s Teck coal approach sends two signals
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters Breakingviews) - At first sight, the latest Teck Resources (TECKb.TO) chess move by Glencore (GLEN.L) is slightly confusing. While that approach still stands, Glencore on Monday said it has now also submitted a cash offer to buy only Teck’s coal unit. Teck’s coal arm is expected to make $2.9 billion of EBITDA in 2024, according to analysts’ estimate polled by Refinitiv, which on the 3 times multiple at which its steelmaking coal peers trade implies an $8.5 billion valuation. Yet Glencore is already offering cash for the coal arm in its punt for the whole company. One is to try to encourage Teck’s board to engage in discussions, given the coal arm has already received interest from Nippon Steel (5401.T) and billionaire Pierre Lassonde.

Persons: Glencore, Gary Nagle’s, Pierre Lassonde, Bunge, Nagle, Karen Kwok, Xavier Niel, George Hay, Oliver Taslic Organizations: Reuters, Teck Resources, Refinitiv, Nippon Steel, Twitter, Brookfield, Thomson Locations: China

☆ The World Bank is betting on this company to 'green' the $1.6 trillion steel industry — take a look inside
▼ + stars: | 2023-06-05 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +8 min

Boston Metal CEO, Tadeu Carneiro Photo courtesy Boston MetalThe Boston Metal offices in Woburn, Mass. A diagram of the process Boston Metal is using to make green steel. Zoom In Icon Arrows pointing outwards This is where the electricity is converted from AC to DC in the Boston Metal location. (A portion of the photo has been altered to protect the intellectual property of Boston Metal.) Zoom In Icon Arrows pointing outwards The Boston Metal electrolysis process releases oxygen as a byproduct.

Persons: Tadeu Carneiro, Cat Clifford, Adam Rauwerdink, It's, Carniero, Sonneborn, Rauwerdink, Boston Metal's, " Carneiro, doesn't Organizations: Boston Metal, CNBC, Boston, Boston Steel, DC, MIT, IFC, BHP, World Bank Locations: Woburn , Mass, Boston, Woburn, Asia, Burkina Faso, India, Brazil, South Asia

☆ Buying Teck's coal unit as a standalone a 'distant second' for Glencore - CEO
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 16 (Reuters) - Buying Teck Resources' (TECKb.TO) coal business as a standalone unit is a "distant second" for Glencore (GLEN.L) and Teck should not leave out the Swiss miner if it keeps pursuing its separation plan, boss Gary Nagle told the Bank of America conference in Barcelona on Tuesday. Teck has rebuffed the Swiss miner and trader's $22.5 billon offer to combine the two companies, instead pursuing plans to separate its copper and coal business. Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business. As part of its proposal, Glencore has offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal, the most polluting fossil fuel. Reporting by Clara Denina, additional reporting by Pratima Desai; editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ China's carbon emissions to hit new record in 2023 on economic rebound. But they could peak soon, report says
▼ + stars: | 2023-05-12 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s carbon emissions will likely hit a new record in 2023 on the back of an economic rebound, but a rapid expansion in green energy will enable its emissions to peak soon, a global energy think tank said on Friday. However, the emissions could peak soon, as China has accelerated its clean energy push and installed record amounts of solar and wind power capacity, the analysts pointed out. Coal production surged 11% in 2022 from 2021, according to the National Bureau of Statistics. This will lead to a sharp increase in bank lending and investment, particularly for manufacturing, transportation and energy production, they added. “When low-carbon power growth matches — and then exceeds — the annual increase in electricity demand, the sector’s CO2 emissions will peak,” they said.

TORONTO, May 9 (Reuters) - Pierre Lassonde, a Canadian mining industry veteran, has made an offer to invest in Teck Resources Ltd's (TECKb.TO) coal business, in a bid to thwart Glencore Plc's (GLEN.L) hostile attempt to merge with Teck. Vancouver-based Teck has rebuffed Swiss mining company Glencore's $22.5 billon offer to combine the two companies and is instead pursing plans to separate its copper and coal business. Teck last month pulled its initial business separation plan at the last minute after failing to secure enough shareholder support. Glencore has offered a cash component for Teck's coal business worth C$8 billion ($5.98 billion). A source close to the matter said that an alternative offer for Teck's steelmaking coal business might push the Swiss conglomerate to finally make an improved offer.

☆ Glencore says takeover bid for Teck Resources still stands
▼ + stars: | 2023-04-27 | by ( Clara Denina | ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Glencore Plc (GLEN.L) said on Thursday its takeover bid for Teck Resources Ltd (TECKb.TO) still stands, after the Canadian miner scrapped a restructuring plan that would have ended it. It chief executive, Jonathan Price, repeated on Wednesday his objection to Glencore's bid, saying he would "not engage in something that is a distraction". Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck. Glencore also said it "remains committed to ensuring that its proposal delivers real benefits to Canada." On Monday, Chrystia Freeland, Canada's deputy prime minister, said Teck should remain headquartered there, providing the clearest indication to date that Ottawa was closely watching the takeover battle.

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