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VALE

Vale S.A.

5/22/2013, 3:29 AM ET

Quote & Headlines Market Currents StockTalk

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Tuesday, May 14, 5:36 PM Vale (VALE) resumes coking coal shipments from its Moatize operation in Mozambique, following a two-day stoppage due to the blockading of the Linha do Sena Railway by brickmakers demanding additional compensation for lost production for up to two family generations. Comment! [Energy, Global & FX]
Monday, May 13, 2:59 PM Shipments of coal from Vale's (VALE -1.1%) Moatize operation in Mozambique are halted for the second time in less than a month amid protests by displaced brickmakers. The brickmakers are said to be requesting compensation for lost production of up to two family generations. Between 10K-12K metric tons of coal are shipped daily from Moatize. Comment! [Energy, Global & FX]
Thursday, May 9, 2:37 PM Vale (VALE -1.2%), unhappy with its declining share in the Brazilian iron ore market, will work to rebuild this core area of its business while keeping steel investments at arm's length, CEO Murilo Ferreira says. Vale's attitude toward the steel sector betrays a shift in strategy over recent years and reflects a broader austerity effort amid greater volatility in iron ore prices. Comment! [Commodities]
Tuesday, May 7, 3:26 PM Vale (VALE +3%) says it hasn't been contacted by ThyssenKrupp about a reported proposal to increase its stake in a troubled Brazilian steel mill. The German steelmaker is seeking to sell two plants in the Americas, including one near Rio de Janeiro in which Vale has a 27% stake. One proposal was said to have Vale increasing its stake in the mill to 33%. Comment! [Commodities, Global & FX, On the Move]
Friday, May 3, 2:32 PM Vale (VALE +2.7%) says it won't play an active role in the change of ownership at Companhia Siderurgica do Atlantico, a loss-making steel mill in Brazil, and plans only to maintain existing supply contracts. Vale owns a 26.87% stake in the JV with ThyssenKrupp, which put its stake up for sale after losing billions of dollars on the projects in recent years. (earlier) Comment! [Commodities, On the Move]
Friday, May 3, 3:31 AM ThyssenKrupp AG (TYEKY.OB, TYEKF.PK) +5% in Frankfurt on news Companhia Siderrgica Nacional (SID), Brazil's No.3 steelmaker, has reportedly emerged as the leading bidder for its Brazilian and U.S. steel-plant assets. For now, ThyssenKrupp remains in parallel negotiations with Vale (VALE) and the Brazilian gov't for the assets. ThyssenKrupp has spent the last year figuring out how to dispose of the unprofitable plants. Comment! [Breaking News, Commodities, On the Move]
Thursday, May 2, 6:39 PM Even as things look better for Vale (VALE) at home in Brazil, where the government has adopted a more pragmatic stance, WSJ's Charles Roth reminds investors that times likely will remain tough. Iron ore still accounts for about 90% of Vale's operating income, and new iron ore supply, especially from Australia, is coming online even amid doubts about Chinese demand. 1 Comment [Commodities, Global & FX]
Saturday, April 27, 9:32 AM Vale (VALE) signs an agreement with the Argentine government to leave the $6B Rio Colorado potash mining project where it suspended work in December, Reuters reports. Vale's existing concession at Rio Colorado reportedly would remain in place for up to four years; in the meantime, the miner is free to seek a buyer or partner for the venture. Comment! [Commodities, Global & FX]
Thursday, April 25, 4:49 PM Vale (VALE) says it is optimistic that Brazilian environmental authorities will issue in coming weeks the main license it needs to build the massive S11D iron ore mine in the Carajas region. Vale is betting its future on S11D, an $8B billion mine and processing plant expected to churn out 90M metric tons/year of iron ore starting in H2 2016. Comment! [Commodities, Global & FX]
Thursday, April 25, 12:39 PM Vale (VALE +2.5%) is strong after its better-than-expected Q1, driven by lower costs and expenses and a stronger performance from base metals, which Goldman analysts say "should provide a strong catalyst to consensus earnings upgrades and reduce bearish sentiment.” Vale has been receiving good news recently, as a special-participation tax looks dead and analysts take a more positive view. Comment! [Commodities, On the Move]
Wednesday, April 24, 7:58 PM More on Vale (VALE): Q1 misses on the top line but beats on a per share basis as its bottom line swings back to a profit on cost cuts and a lack of write-downs. Net profits were down 18% Y/Y, but the result beat the previous period, stemming seven straight quarters of declining profits. Slowing growth in China has weighed heavily on iron ore prices. But VALE embarked on a company-wide cost-cutting mission last year, and its austerity efforts appear to be bearing fruit, with operating costs and other expenses declining Y/Y. Shares +1% Y/Y. Comment! [Earnings, Commodities, Global & FX]
Wednesday, April 24, 6:33 PM Vale (VALE): Q1 EPS of $0.62 beats by $0.06. Revenue of $11.1B misses by $1.B. Shares +1.3% AH. (PR) Comment! [Earnings, Breaking News]
Wednesday, April 24, 12:33 PM "You can't see the other side of the trade," says Jim Chanos, holding court on CNBC for the hour. Be careful looking at 13Fs, he cautions, as managers cleverly put on positions designed to hedge or even mask their true intentions (he's currently long DE, but short other machinery stocks). "Servers are PCs on a rack," he says, not surprised Blackstone backed off DELL (he remains short, along with HPQ). Apple (AAPL)? He's long both it and Samsung (SSNLF.PK), but reminds it's more of a hedge against his PC shorts. China - along with any company (VALE) dependent on it - is still a short (presentation). 16 Comments
Wednesday, April 24, 11:51 AM Brazil’s President Rousseff may have been persuaded not to include a proposed special participation tax, which would have forced Vale (VALE +2.4%) to pay a share of some of its most profitable mines to the government, in the new set of mining regulations due in May. That's a big deal, Goldman says; since September, Vale’s discount to peers has widened to ~19% vs. its 2% historical average. 1 Comment [Commodities, Global & FX, On the Move]
Friday, April 19, 11:19 AM Argentina's labor ministry begins mandatory mediation proceedings between Vale (VALE) and employees at the Rio Colorado potash mine project which was suspended due to soaring costs. Argentine officials have threatened to revoke Vale's concession for the mine if the company doesn't move forward. Vale is blocked from firing or laying off workers for 30 days while mediation takes place. Comment! [Commodities, Global & FX]
Thursday, April 18, 8:49 AM Vale (VALE) +2.2% premarket after Q1 iron ore output fell 3.5% Y/Y but nickel and coal output rose and production of copper and cobalt hit record levels. The impact of falling iron ore output was eased by rising production at new and much-delayed projects in Brazil, Canada, Australia and New Caledonia. Q1 is typically the year's weakest as operations are affected by the Southern Hemisphere rainy season. Comment! [Commodities, On the Move]

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