Vale cuts iron ore forecast, as dam burst adds to low margin cutbacks
Dec 1 2015, 07:58 ET | About: Vale S.A. (VALE) | By: Carl Surran, SA News Editor
- Vale (NYSE:VALE) lowers its iron ore production forecast for next year to 340M-350M metric tons, compared with earlier guidance of 376M tons.
- The likelihood of missing guidance was flagged in July as slumping metal prices prompted efforts to lift average ore quality; since then are new reductions related to the dam collapse at its Samarco joint venture with BHP Billiton that halted output and damaged infrastructure used by another Vale mine.
- Vale, which is hosting its annual investor day event at the NYSE today, expects to produce 340M tons of iron ore this year.
Quelle: stockcharts.com
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