Vale Aims to Boost Iron Ore Output Despite Weakening Prices
- Firm lifts 2024 production forecast for steelmaking ingredient
- No. 2 iron ore supplier cites productivity gains for revision
Bucket-wheel excavators move iron ore at a Vale mine in Parauapebas, Brazil.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
Vale SA said it will produce more iron ore this year than previously expected, even with prices trading near two-year lows as China’s steel slowdown weighs on the global market.
The world’s No. 2 iron ore supplier said in a Wednesday presentation to investors that it expects to produce 323 million to 330 million metric tons of the steelmaking ingredient this year, compared with a prior forecast of 310 million to 320 million tons.