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Brazil’s Vale sells stake in U.S. California Steel to Nucor – Metro US

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

FILE PHOTO: A logo of the Brazilian mining company Vale
FILE PHOTO: A logo of the Brazilian mining company Vale SA is seen in Brumadinho

SAO PAULO (Reuters) – Brazilian miner Vale SA said on Monday its subsidiary Vale Canada has signed a deal to sell its 50% stake in steelmaker California Steel Industries to Nucor Corporation for $400 million.

Vale said in a securities filing it expects the deal to be concluded in the first quarter of 2022, adding that it underscores its focus on core businesses and its commitment to a leaner portfolio. JFE Steel Corp holds the remaining 50% stake in California Steel Industries.

(Reporting by Gabriel Araujo, Editing by Louise Heavens)

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