Vale Lowers Investments To Three Year Low

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.

Click here to read the full Bloomberg report.