Mining

Teck is seen as a logical merger partner in particular for Anglo American or Vale's base-metals business, both of which have studied the specifics of a potential deal internally.

The acquisition will expand Cliffs’ steelmaking footprint doubles its exposure to the flat-rolled spot market.

The announcement extends a month of drama that has captivated the mining world, confirming the return to mega M&A by the industry’s biggest players after years on the sidelines.