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Reuters reported since Murilo Ferreira replaced Roger Agnelli as CEO, a series of setbacks have raised questions about Vale’s (SAO:VALE5) ability to increase sales and profit from iron ore.
Reuters reported since Murilo Ferreira replaced Roger Agnelli as CEO, a series of setbacks have raised questions about Vale’s (SAO:VALE5) ability to increase sales and profit from iron ore.
As quoted in the market news:
Costs are soaring, new mines are behind schedule and growth in China, Vale’s largest market, is slowing. The price of iron ore, responsible for nearly three-quarters of the Rio de Janeiro-based company’s sales, recently sank to three-year lows.
Making matters worse, Brazilian laws and government interference threaten to hobble Vale, the country’s biggest exporter. Vale shipped $42 billion of raw materials in 2011, 16 percent of exports from the world’s sixth-largest economy.
