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

Reuters2021-12-13

Brazilian miner Vale SA(VALE3.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(NUE.N)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.

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