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Bloomberg reported Vale SA (SAO:VALE5) will reduce investments to the lowest in three years as prices for iron ore slump on slowing Chinese demand.
Bloomberg reported Vale SA (SAO:VALE5) will reduce investments to the lowest in three years as prices for iron ore slump on slowing Chinese demand.
As quoted in the market news:
The biggest producer of the steel-making ingredient will approve a 2013 budget of $16.8 billion, 22 percent less than this year’s $21.4 billion, according to the average estimate from six analysts surveyed by Bloomberg News. Analysts cut estimates for Rio de Janeiro-based Vale’s 2013 adjusted profit by 19 percent in the past four weeks, more than BHP Billiton Ltd. (BHP) and Rio Tinto Group, data compiled by Bloomberg show.