Brazilian mining giant Vale SA became the first of the so-called Big Three iron-ore producers to put core assets on the block as it seeks to reduce high debt levels amid the commodity downturn.
Chief Executive Murilo Ferreira said Thursday in a conference call that Vale wants to reduce its net debt to $15 billion within 18 months, from $25.23 billion at the end of the fourth quarter. But given the uncertain outlook for prices of iron ore and other raw materials, Vale is “actively exploring more aggressive actions for this deleveraging, including the sale of core assets,” Mr. Ferreira said.
“We aren’t attached to assets in any commodity, and we will evaluate all options,” he said.
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