Peabody Energy, a coal mining company, was falling early Monday after it agreed to buy the steelmaking coal business of mining giant Anglo American.Shares fell 1.7% to $26.95 when the market opened. The company is paying up to $3.

Anglo American’s deal sits in line with the mining company’s plans to refocus its business on copper, iron ore and crop nutrients.

Anglo American signed a deal to sell its remaining steelmaking coal assets to U.S. miner Peabody Energy for up to $3.8 billion, the first major step in its large-scale business reshaping.

With US demand for coal waning, Peabody Energy Corp. has struck a deal to shift its focus on targeting growth in the global steel market.

Anglo American is selling its remaining steelmaking coal assets for up to $3.8 billion to U.S. firm Peabody Energy, as the London-listed mining giant restructures its business after rejecting several takeover bids by rival BHP.

Anglo American Plc said it’s agreed to sell its steelmaking coal business for about $4.9 billion, including the already announced sale of its interest in Jellinbah Group.

"Peabody to acquire Anglo American’s steel-making coal assets in Australia for $2.32bn" was originally created and published by Mining Technology, a GlobalData owned brand.

Anglo American (LSE:AAL,OTCQX:AAUKF) said on Monday (November 25) that it has entered into definitive agreements to sell its entire steelmaking coal business in Australia to Peabody Energy (NYSE:BTU).