Vale considers taking steel decarbonization model to US, Brazil
Under the proposal, Vale would build briquetting plants that would feed third-party direct reduction facilities on the same site.
Under the proposal, Vale would build briquetting plants that would feed third-party direct reduction facilities on the same site.
Vale is "cautiously optimistic" about the largest global consumer of iron ore, as China's economy has proven resilient.
Residents of Barão de Cocais, Brazil, were forced to evacuate due to risks of a tailings dam rupture in 2019.
The Swedish company will use a production process known as direct reduced iron to cut CO2 emissions.
More than 720,000 Brazilians are suing BHP over the 2015 collapse of the Fundao dam, which was owned and operated by the Samarco joint venture between BHP and Vale.
The shares will be sold to MIND ID, Indonesia's state mining holding company.
The world's largest steelmaker hopes to keep a stable iron ore supply with a reasonable price.
Vale announced deals to sell a 13% stake in the business for $3.4 billion to Saudi Arabia's Ma'aden and US firm Engine No. 1.
Vale posted net income of $892 million, while analysts polled by Refinitiv had forecast a profit of $2.21 billion.
Vale Base Metals is expected to invest $25-30 billion in new projects across Brazil, Canada and Indonesia over the next decade.