Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the global coking coal supply if it goes ahead with its takeover of Anglo American.
Australia is the world’s largest exporter of coking coal and the largest supplier to Japan, accounting for around 60% of imports, with the majority of steelmaking ingredients coming from the state of Queensland, where BHP and Anglo American are the two largest producers are.
Steelmakers’ concerns about BHP’s power in the coking coal market could derail a deal if the Australian giant returns with a revised offer for Anglo American after being rejected with a $39 billion offer last month.
