Vale to Reduce Its Stake in Ceara Steel Project to 20%: CEO

Vale SA (VALE3), the world’s biggest iron- ore producer, plans to lower its stake in the Ceara steel project to 20 percent, Chief Executive Officer Murilo Ferreira told analysts today on an earnings conference call. The company’s steel project in Ceara, with partners Dongkuk Steel Mill Co. and Posco, is “very advanced,” he said.

To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net

To contact the editor responsible for this story: Robin Saponar at rsaponar@bloomberg.net

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