Vale cuts full-year iron ore production view, sets 2022 capex at $5.8B. Vale expects production of 320M-335M mt, which lags the 346M-ton consensus, according to Bloomberg. Iron ore prices recently plunged as China limited steel production. Vale also recently announced that its subsidiary Vale Canada entered into an agreement with Nucor Corporation. They will indirectly sell its 50% ownership interest in California Steel Industries. On completion of the deal, Vale will receive $400 million in cash for the 50% of the enterprise value.
VALE missed Q3 earnings by $0.36. - Deep value Play?
In other news -
The Vale-BHP 50-50 Samarco joint venture latest restructuring offer was rejected by Bondholders. The Vale-BHP venture was granted bankruptcy protection by a Brazilian court earlier this year to avoid early payment to some bondholders.
VALE missed Q3 earnings by $0.36.
- Scoot
VALE missed Q3 earnings by $0.36. - Deep value Play?
In other news -
The Vale-BHP 50-50 Samarco joint venture latest restructuring offer was rejected by Bondholders. The Vale-BHP venture was granted bankruptcy protection by a Brazilian court earlier this year to avoid early payment to some bondholders.
VALE missed Q3 earnings by $0.36.
- Scoot