Reported about 7 hours ago
Peabody Energy Corp., the largest US coal miner, has announced a $3.78 billion deal to acquire four Australian mines supplying metallurgical coal, essential for steel production. This move aims to capitalize on the growing global steel market as domestic coal demand decreases. Peabody's strategy is set to nearly triple its met coal output within two years, increasing its international revenue share from 50% to 74%. The acquisition positions Peabody to become a major player in the global met coal market amidst rising steel production, particularly in Asia.
Source: YAHOO