Reports in the financial press this morning indicate that the parent company of Essar Steel Algoma Inc. intends to buy a U.S. coal producer to supply its Sault Ste. Marie steelmaking and iron ore operations.
Mumbai-based Essar Group is reported to be in advanced negotiations to buy Trinity Coal for a price estimated between $550-$600 million.
Trinity, owned by U.S. investment firm Denham Capital Management, mines coal in Kentucky and West Virginia.
Its annual output is approximately seven million tonnes with reserves estimated at 200 million tonnes.
To read additional coverage of this story in this morning's Financial Times, please click here.
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