[Bloomberg] Vale SA (ADR) (NYSE:VALE) (TREND ANALYSIS) the largest exporter of steel-making iron ore, has usurped its two nearest rivals to become the lowest-cost producer as a slump in the price of oil cuts shipping costs, according to Sanford C.
Vale SA (ADR) (NYSE:VALE) is planning to spin off a portion of its base metals division. The Brazilian company wants to focus on its profitable business units in light of falling iron-ore prices this year.
Vale SA (ADR) (NYSE:VALE) the world's largest iron-ore producer, exceeded analysts' estimates to post record quarterly output as new projects start, deepening a supply glut that saw the steel making ingredient trade at five-year lows.
Iron ore is heading for the biggest annual loss in at least five years as Vale SA (ADR) (NYSE:VALE), Rio Tinto plc (ADR) (NYSE:RIO) and BHP Billiton Limited (ADR) (NYSE:BHP) expanded output, spurring a glut just as growth slowed in China.
Shares of Brazilian iron-ore miners were hit hard as energy sector stocks led a broad selloff on Wall Street on Monday as crude prices fell to fresh 5-1/2 year lows and a strong dollar also weighed on other commodities.
Major Brokerage house, Credit Suisse maintains its ratings on Vale SA (ADR) (NYSE:VALE). In the latest research report, Credit Suisse lowers the target price from $10.5 per share to $7.5 per share on the counter.