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Vale S.A. (VALE)

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  • Dec. 14, 2012, 2:15 PM
    Steel stocks show solid gains following positive China PMI data; the steel sector often is the most responsive industry to Chinese PMI data. AKS +6.7%, X +6.4%, STLD +5.1%, CMC +3.4%, MT +3.2%, NUE +3%, CMC +2.8%, RS +2.6%, SCHN +2.4%. Iron ore and metallurgical coal stocks also benefit: CLF +4.6%, WLT +3.2%, RIO +3.2%, VALE +3.1%, BHP +1.3%.
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  • Dec. 6, 2012, 5:42 PM
    More from Vale (VALE): The iron ore producer plans to bring new projects online and expand its share of the market, boosting output by 20M-25M metric tons/year by 2017 after output is forecast to slip in 2013. Vale is targeting 306M metric tons of output next year, down 1.9% from ~312M this year. Also, Vale expects to announce the sale of some oil and gas assets in coming weeks. (earlier)
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  • Dec. 6, 2012, 2:13 PM
    Vale's (VALE) iron ore chief says it is losing $2-$3 per metric ton in iron ore shipping costs because of China's port ban on its Valemax ships; the miner says the ships - among the largest afloat - should be saving it $6/metric ton vs. Capesize ships. Vale faces the additional costs because the ban forces it to transfer Brazilian ore from the Valemaxes to smaller ships at floating transfer centers in Asia.
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  • Dec. 4, 2012, 3:30 PM
    Barclays analyst Leonardo Correa welcomes Vale's (VALE) newfound "sensible" approach, and likes emerging signs of major reductions in its sustaining capital and R&D budget. Management offered improved transparency but there may be little from the investor day for near-term stock moves, Barclays says, but advises patience, seeing a potential 43% upside.
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  • Dec. 3, 2012, 3:24 PM
    Vale (VALE +0.2%), meeting with investors, targets iron ore production of 306K tons in 2013 and expects slow growth before seeing a pickup in 2014. Vale's business is less predictable now that a large part of its exports go to China and Japan, CEO Murilo Ferreira says, making it difficult to have a clear snapshot of cash availability and causing some angst among dividend investors.
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  • Dec. 2, 2012, 3:12 AM
    Amid a fall in iron ore prices this year, Vale (VALE) is expected to unveil a 2013 investment budget of $15.1B at its annual Vale Day meeting with shareholders tomorrow. Company executives have said recently that spending will be lower than in 2012, when the company will also miss its target of $21.4B; in the first nine months, Vale's capital expenditures were just $12.3B.
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  • Nov. 21, 2012, 4:41 PM
    Vale (VALE) promises to "do more with less money," its finance director declares ahead of the formal announcement of its 2013 plans on Dec. 3. But the Brazilian miner isn't thinking of canceling any of its proposed 2013 projects even though its investment budget will be lower than in 2012. Longer term, "scenarios for iron ore demand and prices are benign."
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  • Nov. 19, 2012, 12:34 PM
    Iron ore was in a 100-year bear market until China's mid-2000 boom, says Jim Chanos at London's Ira Sohn conference, and reiterating VALE as one of his favorite shorts. Of another Brazilian giant (and another favorite short) - Petrobas (PBR): "Every single dollar that comes in is going back out and yet production is declining. That is not a business."
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  • Nov. 19, 2012, 11:31 AM
    Vale (VALE +2.4%) receives a key license to expand its Carajas railroad, linking the world's biggest iron ore mine with a major port in northern Brazil. The license removes one of several major regulatory hurdles to Vale's $19B project to develop the Serra Sul mine at Carajas in the Brazilian Amazon.
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  • Nov. 13, 2012, 5:55 PM
    Vale (VALE) has spent ~$2B on a fleet of mega-ships to carry its iron ore from Brazil to China, but China won't let them in. It's a blow to Vale's global distribution strategy and illustrates the blurred line between China's state-owned enterprises and the country's regulators.
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  • Oct. 25, 2012, 12:12 PM
    Vale (VALE +4%) rallies on better than expected Q3 EBITDA of $3.7B, helped by stronger iron ore sales volume and higher realized iron ore prices. But analysts are split on the stock: Credit Suisse thinks the current premium is unwarranted in the face of an uncertain macro recovery. Citi is more bullish, calling the Q3 beat the best since 2008, with both prices and costs better than expected.
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  • Oct. 25, 2012, 9:11 AM
    Vale (VALE) +4.3% premarket after Q3 earnings plunged 66% but operating revenues topped analysts’ estimates, signaling that efforts to cut costs and delay projects are paying off. The Brazilian miner is re-evaluating non-core assets and the market should expect the sale of some of them, CFO Luciano Siani Pires says.
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  • Oct. 24, 2012, 6:00 PM
    Vale (VALE) reports Q3 net profit of $1.67B, down 66% Y/Y from $4.94B as the global economic slowdown caused iron ore prices to tumble. Operating revenue fell 35% to $10.96B. The profit result was lower than expectations from analysts, who had forecast $1.8B; operating revenues topped estimates of $10.4B.
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  • Oct. 22, 2012, 5:27 PM
    Vale (VALE) says it will shutter its Frood nickel mine in Canada by the end of 2012 as the sluggish global economy saps demand and undercuts prices for the metal. The world's no. 2 nickel producer plans to make up Frood's annual output of ~3,200 tons of nickel and 2,900 tons of copper by increasing output at other mines in Canada.
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  • Oct. 17, 2012, 7:39 PM
    Brazilian mining company Vale SA (VALE) says Q3 iron ore production rose 4.2% Q/Q as operations continue to recover from heavy rains earlier this year. the company produced 83.9M tons during the quarter, up from 80.5M tons in Q2. Y/Y output however, was down 4.5% as environmental licensing issues undercut expansion of Vale's Carajas mining complex.
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  • Oct. 15, 2012, 3:49 AM
    The Chinese steel sector seems to be recovering, with prices for 63.5% iron ore fines to Qingdao hitting $117 a metric ton, up 29% from a multi-year low on Sept. 7. In mid-September, 29 vessels were chartered to transport iron ore to China, the largest weekly volume since late March. The trends come after the government OKs major infrastructure projects. Stocks that could benefit include BHP, [RIO, VALE, CLF. (previous)
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Company Description
Vale SA is a metals & mining company. It produces & supplies iron ore, iron ore pellets, nickel, manganese ore, ferroalloys, copper, coal, phosphates, potash, cobalt & others.
Industry: Steel & Iron
Country: Brazil