ADVFN - Advanced Financial Network.
HOME» NYSE » C » VALE Stock Price » VALE Stock News

Companhia Vale Do Rio Doce Share News

 Companhia Vale Do Rio Doce Stock Price
VALE Stock Price
 Companhia Vale Do Rio Doce Stock Chart
VALE Stock Chart
 Companhia Vale Do Rio Doce Stock News
VALE Stock News
 Companhia Vale Do Rio Doce Company Information
VALE Company Information
 Companhia Vale Do Rio Doce Stock Trades
VALE Stock Trades

Vale CEO Optimistic on Chinese Demand in 2012 - Report

RIO DE JANEIRO--Vale SA (VALE) Chief Executive Murilo Ferreira blamed the iron-ore producer's falling share price on market pessimism over China's growth this year, Valor Economico newspaper reported Tuesday. China has been reporting weaker-than-expected economic data in recent days, showing slowing growth in its manufacturing and service industries as the European debt crisis continues to worry investors. "We disagree with this evaluation and believe that measures taken by the Chinese government will cause a significant increase in demand for steel to be used in the construction of railroads, cars, and domestic appliances," Mr. Ferreira said, according to the Sao Paulo newspaper. Heavy rains at the start of the year, which disrupted production in January and February, also dragged down Vale's share price, the newspaper said, citing Mr. Ferreira, who also noted that the company has some tax and royalty disputes with federal and state governments. Vale preferred shares (VALE5.BR), the most-traded class of Vale shares, are down 13.2% since the start of May, in line with the broader Ibovespa stock index's decline of 13.6%. Mr. Ferreira said he expects a decision this month from Brazil's mining ministry regarding claims by the states of Minas Gerais and Para to 4.8 billion Brazilian reais ($2.4 billion) of unpaid royalties during the period of 1991 to 2007, Valor reported. Mr. Ferreira declined, however, to provide Valor with an estimate of when a BRR32 billion-dispute with the federal government would be settled. The case, which concerns the constitutionality of taxes on profits earned overseas, will be decided in Brazil's supreme court. Mr. Ferreira told Valor that this year Vale intends to focus on its core businesses and sell assets that don't fit into the company's five areas of focus: iron ore, nickel, carbon, copper and fertilizers. He confirmed that Vale had hired Citibank and Scotiabank to sell its petroleum and natural-gas assets. Vale bought stakes in oil-exploration fields starting in 2007, when it acquired stakes in blocks auctioned by Brazilian petroleum agency ANP. The company also bought stakes in blocks from other operators in the following years. "We made the decision to not participate in any more petroleum-agency auctions," he said, according to the paper. Mr. Ferreira said Vale also is reevaluating its Rio Colorado potash project in Argentina. "The reevaluation is necessary because the project was approved by our administrative council in 2010 and many of the premises of the 2010 study have changed," he said. Despite challenges, Mr. Ferreira told Valor he is confident Vale will invest the $21.4 billion it planned to invest this year and may surpass this amount. Write to Brian Asher at brian.asher@dowjones.com.

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
11/11/201416:28:17Brazil Stocks Sink as Citi Cuts Outlook on Vale
11/10/201416:04:08Brazil Stocks Close Lower, Real Recovers Some Losses From Past...
10/23/201408:50:04Vale Produces Record Amount of Iron Ore Despite Falling Prices
10/16/201420:34:30Big Brazil Cabinet Becomes an Election Issue
09/26/201407:51:14Brazil Vale Signs Iron Ore Transport Accord With China Merchants...
09/22/201418:39:55ADR Shares End Lower; Mechel Shares Trade Actively
09/15/201409:21:18Correction to China Mining Story on Sept. 11
09/12/201412:44:14Vale, Cosco Group To Cooperate On Iron-Ore Shipping
09/10/201423:00:11China's Global Mining Play Is Failing to Pan Out
09/10/201405:56:18Baron Oil Takes Control of Peruvian License; Shares +16%
09/10/201403:18:45Baron Oil Signs Pact for Peruvian License
09/05/201417:38:25Brazilian Stocks Snap Winning Streak Ahead of Opinion Poll on...
08/06/201404:14:07Zambia Copper Output Rise 16% in First Half
08/01/201417:41:36Brazilian Shares Close Little Changed, JBS Rises; Real Stronger...
07/31/201415:49:46Brazil's Vale: Iron-Ore Price Floor Still $110/Ton Long-Term
07/29/201417:41:02Brazil Stocks Close Lower; Real Weakens Against Dollar
07/28/201418:10:48Brazilian Stocks Close Lower; Real Stronger Against Dollar
07/24/201410:20:21Brazil's Vale Posts Record 2Q Iron-Ore Output
07/24/201409:57:32Brazil's Vale Posts Record 2nd-Quarter Iron-Ore Output
07/17/201413:06:40Brazil's Vale Signs $2.5 Billion Financing Agreement With Bank...

Companhia Vale Do Rio Doce and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad