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Brazil’s Vale sells stake in U.S. California Steel to Nucor -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : This is the logo of Brazilian mining company Vale SA. It can be found in Brumadinho Brazil, January 29, 2019. REUTERS/Adriano Machado

SAO PAULO (Reuters: Brazilian miner Vale SA (NYSE) announced on Monday that Vale Canada, its subsidiary in Brazil, had reached a deal with California Steel Industries to buy its half of the steelmaker California Steel Industries. Nucor Company (NYSE:) to $400 Million

Vale indicated in a Securities filing that they expect the deal will close by the end of the first quarter in 2022. This statement emphasized the company’s focus on core businesses as well its dedication to a more lean portfolio. JFE Steel Corp owns the remaining half of California Steel Industries.

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