Teck Resources (TSX: TECK.B) has failed to meet guidance for the third quarter when it comes to steelmaking coal sales.
Steelmaking coal sales amounted to 5.2 million tonnes, falling short of the lower end of guidance by 7.7%. The company had previously indicated that it expected to sell between 5.6 to 6.0 million tonnes during the third quarter.
The shortfall was blamed by the company on a “slower than anticipated supply chain recovery,” which follows a hot season for fires in British Columbia, as well as strikes at the ports and plant challenges. On the latter point, an improvement initiative is said to be underway, with results improving in the current quarter.
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The realized steelmaking coal price during the third quarter meanwhile average US$229 per tonne, a 13.3% decline from the US$264 per tonne realized in the second quarter, and 18.8% down from the US$282 per tonne experienced in Q1.
Teck Resources Class B shares last traded at $53.15 on the TSX.
Information for this briefing was found via Teck Resources and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
