Recently, the CEO of JSW Steel, Jayant Acharya, has stated that there is a big impact on the JSW Stells and Canadian company teck Resource because of the India-Canada diplomatic situation. The diplomatic tension between India and Canada has impacted many things right now. The statement by Acharya is currently in the headlines on many news channels. The statement by Acharya is viral right now. The situation between India and Canada is very tense because it has impacted the people of India who are living in Canada and the same as well as from the side of Canadian residents and this tension has also impacted many more things.
The Chief Executive Officer of JSW Steel, Jayant Acharya has released a statement in which he said that the talks between Teck Resource and JSW Steel over the stake in the latter coking coal unit have now led to nothing concrete. He has released this statement on 23rd October 2023, Monday. Currently, there is nothing concrete on Teck. Acharya has also said that they are in a discussion with the strategic possibilities and Tech is one of them. Till now Teck Resources has not given any statement regarding the statement by Acharya. But they have said some words that it is engaging with several counterparties because of the steelmaking coal business.
In September 2023, it was announced that India’s biggest steelmaker has now slowed down the process. It is going to down to acquire the stake in Teck Resource because of the flailing diplomatic tension between India and Canada. At this time the tension between India and Canada has turned very diplomatic and it has affected many things. Jayant Acharya has also said that they are looking at how the opportunities are going to evolve but also the tension between India and Canada does not affect the business decisions. Scroll down to know more.
By focusing on the business views so on Jayant Acharya has also said that the rising prices of the coking coal from the previous month and a half are going to impact the period of October to December until it gets moderate. As per the reports by JSW Steel, the Quarter 2 earning in the last week was showing profits which was backed by the lower input costs and also it robust domestic demand. Acharya has also claimed that they are not pursuing exports from the time when the domestic demand became strong.