- Vale (NYSE:VALE) cuts its 2016 capex outlook to $5.5M from $6.2M previously, and reiterates in a presentation that it plans to sell core assets in an attempt to lower its debt by $10B.
- Vale says its free cash flow already is near balance for the year and expects solid cash generation in 2016 regardless of price conditions in iron ore markets.
- Separately, Brazilian newspaper Valor reports Vale could sell a minority stake in its fertilizer unit by the end of the year, possibly to Norwegian fertilizer maker Yara International (OTCPK:YARIY), in a deal that could fetch $1.2B.
- Now read Vale confirms sale of CSA steel plant stake to ThyssenKrupp