Shares of steelmaker JSW Steel were trading in the green on Friday on reports that the firm was looking to buy a stake in a Canada-based steelmaking coal business.

What Happened: JSW Steel is in the process of assembling a consortium to compete with rival Glencore’s offer for a majority stake in Teck Resources’ steelmaking coal business, Elk Valley Resources Ltd, Bloomberg reported, citing sources.

The Indian firm aims to acquire a 75% interest in the asset, signalling a shift from its initial interest in a smaller 20% stake. This move could potentially challenge Glencore’s $8 billion (₹66,450 crore) bid for the same coal business.

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The deal’s estimated valuation could exceed $8 billion, and JSW has been actively engaging with banks to explore financing options for a bid.

Bidding War Brewing: The competition for the coal asset could heat up as Glencore could still be interested in the Teck Resources coal business. In June, Glencore proposed acquiring the entire business as an alternative to a complete takeover of Teck Resources.

Japan’s Nippon Steel had also previously sought a stake in Elk Valley Resources before Teck did not get shareholder approval to separate coal and metals businesses.

Price Action: JSW Steel’s share price was up 0.35% at ₹792.50 at market open on Friday.

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