Teck predicts strong demand for steelmaking coal – “feeling pretty good about 2018”

Teck predicts that steelmaking coal demand is expected to keep climbing in 2018.

Picture of Don Lindsay.

Don Lindsay, President and Chief Executive Officer, Teck Resources Limited. — Photo courtesy Teck

Coming from its 2017 Q4 financial reporting and its recent earnings call, Teck Resources (TECK +2.3%) says it expects growing global steel production to boost demand for its steelmaking coal in 2018, and believes the company is well positioned to benefit from continued strength in commodity prices.

Teck is “feeling pretty good about 2018” after reporting in-line financial results, CEO Don Lindsay said during the earnings conference call, and steelmaking coal demand is expected to keep climbing in 2018 while ongoing logistics and production issues at key Australian mines support prices.

Teck forecasts steelmaking coal production of 26M-27M metric tons in 2018 and 26.5M-27.5M metric tons in 2019-22 despite this year’s closure of its Coal Mountain operations.

Shares of Teck, up nearly 15% YTD, are more than 2% higher after rebounding from early losses.

Source: Seeking Alpha/Carl Surran, SA news editor

Related articles

Kootenay BizBlog, East Kootenay, Cranbrook, Developments, Financial, Technology Nearly $35 thousand dollars in energy savings thanks to pool dehumidification project at WFP

Last year’s retrofit of the pool dehumidification system at Western Financial Place (WFP) continues to produce significant energy and cost savings for the City.

Kootenay BizBlog, East Kootenay, West Kootenay, Financial MP Wayne Stetski encourages students and employers to look to Canada Summer Jobs 2019 funding

Service Canada will be accepting applications for the 2019 Canada Summer Jobs (CSJ) program starting Monday, December 17th, 2018.

View all articles

Comments