Teck reviewing alternatives for steelmaking coal business

By The Canadian Press on February 16, 2023.

VANCOUVER – Teck Resources Ltd. says it’s evaluating alternatives for its steelmaking coal business, including the possible spin-out of an interest in that business to its shareholders.

It says no decision has been reached to proceed with a transaction, and it can’t make any assurances that any kind of deal will happen.

Teck says any transaction would be expected to create value for the company’s shareholders, and support continued benefits for communities and Indigenous Peoples in the areas where Teck operates.

It says it made the comments at the request of the Investment Industry Regulatory Organization of Canada after Bloomberg reported that the company was planning to spin out the division.

Teck has been repositioning itself to focus on resources it sees will be in demand in a lower emissions world.

Last year the company sold its stake in the Fort Hills oilsands project to Suncor Energy Inc. for about $1 billion in cash.

Companies in this story: (TSX:TECK.B)

8
-7