Vale Rallies Most in Month Amid Iron-Ore Supply Cut Plan
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Shares of Vale SA, the world’s largest iron-ore miner, rallied the most in a month as the company presses ahead with plans to cut production of lower-quality products amid an attempt to boost profit.
Vale will withdraw output of iron ore by 25 million metric tons starting this month, Peter Poppinga, the company’s executive director for ferrous and strategy, said at an industry conference in Sao Paulo. The cuts will come from its high-silica ore at its mines in south and southeast Brazil and from third-party purchases, he said.