Teck's gross profit in met coal falls 42% YoY in Oct-Dec

Canada-based Teck Resources saw its gross profit in steelmaking coal business decrease by 42% in October-December last year compared to the same period in 2021, mainly due to the declining coal prices and sales, the two-month plant outage at Elkview Operations and extreme weather in December that affected its logistics chain, according to the company's fourth quarter results released on February 21.

Gross profit in the miner's steelmaking coal business unit totaled $849 million in Q4 2022, decreasing by $606 million compared to the same period in 2021, Teck said. "Realized steelmaking coal prices in the fourth quarter averaged $278/tonne, a decline of 21% from the fourth quarter a year ago," Teck