Brazil’s Vale sells stake in U.S. California Metal to Nucor By Reuters

© Reuters. FILE PHOTO: The brand of the Brazilian mining firm Vale SA is seen in Brumadinho, Brazil January 29, 2019. REUTERS/Adriano Machado

SAO PAULO (Reuters) – Brazilian miner Vale SA (NYSE:) stated on Monday its subsidiary Vale Canada has signed a deal to promote its 50% stake in steelmaker California Metal Industries to Nucor Company (NYSE:) for $400 million.

Vale stated in a securities submitting it expects the deal to be concluded within the first quarter of 2022, including that it underscores its deal with core companies and its dedication to a leaner portfolio. JFE Metal Corp holds the remaining 50% stake in California Metal Industries.

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