MELBOURNE/TOKYO ¨C Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the global supply of coking coal if it goes ahead with a takeover of Anglo American.
Australia is the world¡¯s biggest exporter of coking coal and top supplier to Japan, making up around 60% of its imports, with most of the steelmaking ingredient coming from the state of Queensland, where BHP and Anglo American are the two largest producers.
Steelmakers¡¯ concerns about BHP¡¯s coking coal market power could derail a deal if the Australian giant comes back with a revised bid for Anglo American, after being rebuffed with a $39 billion offer last month.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.