Peabody Coal, ArcelorMittal to buy Australian coal giant
According to the St. Louis Business Journal, Australian coal giant Macarthur Coal has agreed to be bought by Peabody Energy and ArcelorMittal for $5.2 billion. St. Louis-based Peabody has pursued Macarthur for more than a year.
The Australian company is the biggest miner of pulverized coal, which is used in making steel and in great demand in Asia.
Senator Claire McCaskill says after a month of traveling to Missouri businesses she’ll introduce legislation to better enforce U.S. trade laws.
The Democrat says too many foreign companies are engaging in unfair trading practices, such as mislabeling products to avoid paying duties.
McCaskill says her bill will require all importers to have a physical address to ensure easier tracking and new shippers will be required to pay cash for duties instead of posting bonds that sometimes go unpaid.