BHP 1.32% $36.00 bhp group limited

value to cut production by 10pct

  1. 167 Posts.
    http://www.reuters.com/article/marketsNews/idINN3133983220081031?rpc=44

    * Vale cuts iron ore output by 30 mln tonnes a year

    * Adjusts to a 20 pct drop in steel output/demand

    * To cut output of base metals in France, Norway, Asia (Recasts, adds details on production)


    The reduction in output amounts to 30 million tonnes a year. Last year, Vale produced 296 million tonnes of iron ore, accounting for about 55 percent of its total revenues.

    The company said there was not sufficient space to simply store the mined ore as stocks of the size of tens of millions of tonnes.

    "The new global scenario demands, therefore, that Vale adjust its production programs in various countries, that will imply a reduction in the levels of output practiced up through September," it said.
 
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