Vale S.A. (VALE) - NYSE
  • Wed, May 11, 5:35 PM
    • Top gainers, as of 5.25 p.m.: JACK +9.4%. VALE +4.5%. LCI +4.0%. BHP +3.5%. WB +2.3%.
    • Top losers, as of 5.25p.m.: TERP -8.1%. JD -7.9%. DAL -6.4%. SINA -4.5%. LOXO -4.5%.
    | Wed, May 11, 5:35 PM | 3 Comments
  • Mon, May 9, 9:14 AM
    | Mon, May 9, 9:14 AM
  • Fri, May 6, 12:58 PM
    • Iron ore prices wrapped up their biggest weekly loss in four years after China dampened speculation in raw materials trading and concerns rose about whether a recent improvement in Chinese demand will be sustained.
    • Ore with 62% content delivered to Qingdao fell 3.3% to $58.29/metric ton today, taking this week drop to 12%, the most since October 2011.
    • Iron ore is retreating from April's 15-month high as regulatory authorities and exchanges in China team up to stem a record spike in speculation of commodities, including iron ore and steel.
    • Also, inventories held at ports across China rose 1.4% this week to 99.85M tons and have expanded 7.3% this year, indicating that demand may be slipping.
    • Relevant tickers: BHP, RIO, VALE, MT, TCK, CLF
    • Now read ArcelorMittal says steel markets are stabilizing
    | Fri, May 6, 12:58 PM | 23 Comments
  • Fri, May 6, 9:53 AM
    • The Brazilian prosecutors’ argument linking the Samarco disaster to the BP oil spill does not hold up, and Brazil does not have the same stranglehold on Vale (VALE +3%) and BHP Billiton (BHP +0.1%) as the U.S. had on BP, Bernstein analyst Paul Gait says.
    • Investors were surprised this week by the $44B damages claim over last year's deadly tailings dam collapse at the Samarco mine because BHP and Vale reached agreement on a much smaller settlement in March, but Gait believes those worries are overdone.
    • For example: The U.S. could have banned BP from the domestic oil market, as BP’s sales to U.S. consumers accounted for a third of company revenue, but Vale’s sales to Brazilian customers account for 7.5% of revenue and BHP’s domestic sales only 1.6%.
    • Now read Vale: Crippling debt but modest potential
    | Fri, May 6, 9:53 AM | 23 Comments
  • Fri, May 6, 2:40 AM
    • A Brazilian judge has ratified the settlement Samarco and its owners, BHP Billiton (NYSE:BHP) and Vale (NYSE:VALE), signed with the government in March for last year's deadly dam spill.
    • The agreement will see the group pay an estimated 20B reais ($5.6B) over 15 years to cover and repair damages.
    • The move could also sap some energy from a separate $44B lawsuit filed by federal prosecutors earlier this week who criticized the settlement as insufficient.
    | Fri, May 6, 2:40 AM | 9 Comments
  • Wed, May 4, 9:19 AM
    • BHP Billiton (NYSE:BHP) -5.6% and Vale (NYSE:VALE) -5.3% premarket after Brazilian prosecutors reveal their $43B claim for damages related to the November tailings dam burst, considered the country ’s worst ever environmental disaster.
    • The damages claim has been based on the clean-up costs of BP’s Deepwater Horizon accident in the U.S., as “preliminary studies show the human, economic and socio-environmental impacts of the collapse of the dam are, at least, equivalent to those verified in the Gulf of Mexico," the prosecutors say.
    • BHP says it had not yet received any formal notice of the legal claim but “remains committed to helping Samarco to rebuild the community and restore the environment affected by the failure of the dam."
    • Brazilian prosecutors have a reputation for demanding very high compensation payments, although settlements sometimes are reached for a much lower cost, as happened with Chevron in 2011 over an oil spill off the coast of Rio de Janeiro.
    | Wed, May 4, 9:19 AM | 3 Comments
  • Wed, May 4, 9:10 AM
    | Wed, May 4, 9:10 AM
  • Tue, May 3, 4:59 PM
    • Brazilian prosecutors file a civil suit worth 155B reais ($43B) against Vale (NYSE:VALE), BHP Billiton (NYSE:BHP) and their Samarco joint venture for the fatal November tailings dam burst, Bloomberg reports, citing a document from the prosecutors office.
    • The civil suit, which prosecutors said they put together after a six-month investigation, also targets Brazil’s federal government along with the Minas Gerais and Espirito Santo state governments.
    • Last week, a Minas Gerais state environmental prosecutor filed a petition to block a Samarco restart until the mine can prove that the failed dam is no longer polluting waterways.
    • BHP -7.2%; VALE -4.8% premarket
    • Now read Vale upgraded to Buy at BB&T as free cash flow accelerates
    | Tue, May 3, 4:59 PM | 32 Comments
  • Mon, May 2, 12:25 PM
    • Vale (VALE -1.2%) is upgraded to Buy from Hold with a $10 price target at BB&T, which notes the company posted much better than expected Q1 results on higher iron ore price realizations and lower costs per ton.
    • The firm says iron ore price realizations should increase substantially in subsequent quarters, providing some much-needed breathing room for Vale given its substantial $27.7B net debt balance.
    • BB&T links its bullish call to its belief that the completion of its two major expansion projects in the coming months - Moatize II on the met coal side and S11D on the iron ore side - sets the stage for meaningful free cash flow improvement and balance sheet de-leveraging.
    • Now read Vale: Rally to be existent but short-lived
    | Mon, May 2, 12:25 PM | 4 Comments
  • Mon, May 2, 11:48 AM
    • Brazilian prosecutors are trying to prevent the restart of Vale (VALE -0.8%) and BHP Billiton’s (BHP -0.8%) stalled Samarco iron ore venture until the mine proves it is not continuing to pollute waterways following the tailings dam collapse last November, Bloomberg reports.
    • Saying the dam is still leaking, a Minas Gerais state environmental prosecutor filed a petition late last week for a court to block the planned restart until Samarco can submit proof that any leakage has been contained.
    • Vale and BHP are seeking a restart once regulators and the local community are in agreement, to help pay ~$1.1B in damages over the next three years, and Samarco's CEO said in March that he expected the mine to restart operations in Q4.
    • Now read Did BHP Billiton cut the dividend too soon?
    | Mon, May 2, 11:48 AM
  • Thu, Apr. 28, 2:37 PM
    • Vale (VALE +3.5%) believes the global iron ore market is in better shape than expected, and sees China's demand for iron ore picking up this year on the back of government stimulus measures.
    • CEO Murilo Ferreira said in today's earnings conference call that he had been pleasantly surprised by the health of the Chinese market during a visit to the country in March.
    • “I think you guys exaggerated the pessimism regarding the scenario we were facing in China,” Ferreira told analysts on the call.
    • Shares have been higher throughout the day after reporting Q1 earnings and revenues that came in ahead of expectations.
    • Also higher today: BHP +2.6%, RIO +3.5%, MT +4.8%.
    • Now read Goldman sees iron ore headed back to $35 as glut returns
    | Thu, Apr. 28, 2:37 PM | 18 Comments
  • Thu, Apr. 28, 5:04 AM
    • Vale (NYSE:VALE): Q1 EPS of $0.10 beats by $0.05.
    • Revenue of $5.72B (-8.3% Y/Y) beats by $370M.
    • Press Release
    | Thu, Apr. 28, 5:04 AM | 15 Comments
  • Wed, Apr. 27, 4:44 PM
    • Vale (NYSE:VALE) says it is considering a restart of its Rio Colorado potash project in Argentina after a long delay, although the project would have a lower production target than originally planned.
    • Vale suspended work on Rio Colorado in 2012 after spending $2.2B, as potash prices crashed and after the former government refused to offer tax concessions to ease soaring costs related to Argentina's inflation and exchange rate.
    • The provincial government says Vale is now looking to invest $1.5B to restart construction at Rio Colorado in coming months, but was cutting forecast capacity for the project to 1.3M metric tons/year from a previous goal of 4M annually.
    • Now read Vale: Can the furious run continue?
    | Wed, Apr. 27, 4:44 PM | 5 Comments
  • Wed, Apr. 27, 12:52 PM
    • Navios Maritime (NM -8.8%) is downgraded to Sell from Neutral with a $1 price target at Citigroup, which says shares have recovered “a bit too quickly” and are trading “too far from recent lows.”
    • "Recent improvement in dry bulk rates and prospects for further improvement do not warrant material optimism that the worst is necessarily behind us,” says Citi's Christian Wetherbee, adding that while rates may continue to improve, even at higher rates several companies that would continue to burn cash, and NM would be one of them.
    • Wetherbee also says the recent news that Vale (NYSE:VALE) would not be able to honor its contract for iron ore loading through Navios Logistics’ facility, which is under construction in Uruguay, poses "a material headwind to improving valuation."
    • Now read Activism halts Navios malfeasance
    | Wed, Apr. 27, 12:52 PM | 5 Comments
  • Wed, Apr. 27, 10:58 AM
    • The World Bank upwardly revises its iron ore price forecast for the five years through 2020 after the commodity rallied in Q1 on a surge in steel prices in China.
    • The bank now sees iron ore at $50/metric ton this year, $51.50 in 2017 and extending gains to $56.20 by 2020, vs. its January outlook for $42/metric ton this year, $44.10 in 2017 and $51 by 2020.
    • While raising its price forecasts, the World Bank still expects supplies will continue to increase, saying "Significant volumes of low-cost capacity are expected over the next 2-3 years, while high-cost capacity is being shut down. Further closure of high-cost capacity is required to balance the market.”
    • Related tickers: BHP -2.5%, RIO -1.2%, VALE +1.5%, CLF +6.9%.
    • Now read Goldman sees iron ore headed back to $35 as glut returns
    | Wed, Apr. 27, 10:58 AM | 18 Comments
  • Fri, Apr. 22, 2:59 PM
    • Goldman Sachs sees the oversupply in the iron ore market returning, sending prices back to $35/metric ton during Q4, which would be 50% below yesterday’s close of $70.46/ton, the highest level since January 2015.
    • Goldman analysts say that while the rally in Chinese rebar was leading the commodities rebound, the “tight steel market in China is a temporary distraction” for iron ore, and “the current rally is unsustainable.”
    • "When we look at the profitability of steel mills, we’ve gone from multiyear lows late last year to a multiyear high in the last couple of weeks. It’s a huge swing,” Goldman's Christian Lelong says. “The margins are so attractive that you can afford to pay higher and higher prices for your raw materials. That means iron ore is now well above" the cost curve."
    • In today's trade: BHP -0.1%, RIO -1.4%, VALE -2.1%.
    • Now read Iron ore powers past $70 as Chinese steel mills boost demand
    | Fri, Apr. 22, 2:59 PM | 49 Comments
Company Description
Vale SA engages in the production and export of iron ore, pellets, manganese, and iron alloys, which are raw materials needed for steelmaking. It operates through the following segments: Bulk Materials, Base Metals, Fertilizers and Others. The Bulk Materials segment includes the extraction of... More
Industry: Steel & Iron
Country: Brazil