Eurobench.com

voda 28 januari 2016 17:28

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Acerinox announces investment of EUR 140 million in Campo de Gibraltar plant

At a meeting held at the headquarters of Acerinox Europe, the Chairman of the company, Rafael Miranda, and the CEO, Bernardo Velázquez, along with the factory management, informed the President of the Government of Andalusia, Susana Díaz, of an investment in the plant for the acquisition of new equipment with the latest technology which will enable production at the factory to be optimised, product quality to be improved, costs to be minimised and environmental impact to be reduced.

The investment was approved by the Board of Directors on 15 December and includes the acquisition of an annealing and pickling (AP) line and a new cold-rolling mill, as well as civil engineering works and auxiliary equipment required for the operation of these large facilities.

The new AP line will bring significant savings in terms of maintenance, as well as energy and consumables. Acerinox will improve its production equipment, offering products of higher quality and greater value to our end customers and providing significant reductions in the volume of emissions during the manufacturing process. The new equipment will come into operation by the end of 2017, according to what has been established with suppliers as the commissioning deadline.

This investment is part of the Strategic Plan of 2016-2020, approved by the Board of Directors, which decided to strengthen the activity of Acerinox in Europe and in the United States in anticipation of new opportunities in emerging markets.

This new investment of 140 million euros is in addition to the sum of over 300 million the company has set aside for its Spanish plant in recent years to modernise equipment and keep this plant as one of the most competitive in Europe.

Source : Strategic Research Institute

A3aan 28 januari 2016 17:29

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Laatste portie van 3,65 is niet gegaan op 3,75. Vlak voor sluiten maar 3,71 van maken. Gaan ze, dan ben ik weer helemaal los.

voda 28 januari 2016 17:29

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Imports continue to target the EU steel market – EUROFER

EUROFER announced that steel imports continued to target the EU market despite still relatively weak demand, low domestic prices and the weak euro in the second half of 2015. Going forward, abundant global supply and suppliers fighting for tonnage fuels uncertainty in the market. EU mills fear for losing further market share in the EU and abroad.

EU apparent steel consumption grew 2.7% y-o-y in Q3-2015. This mild increase in apparent demand basically reflects the impact of increasing inventories. The 29% y-o-y rise in imports in Q3 was too much to be fully absorbed by end-users. With real steel consumption stabilising around the level of a year earlier, the oversupply on the market ended up in stocks.

EUROFER Director General Axel Eggert said: “As feared, EU steel mills continued to struggle under these market conditions. The sharp rise in imports and a 13% drop in exports pushed total deliveries by almost 4% down compared with the same period of 2014. Ample global supply and the related fiercening fight for tonnage between suppliers depressed steel prices and fuelled uncertainty in the market”.

Meanwhile, customs statistics for Q4 signal that exports fell further, whereas imports continued to rise, thereby exceeding the already high average monthly import levels registered in Q2 and Q3. This compounded the impact of seasonal destocking in the final quarter of 2015 with steel buyers reducing stocks as much as possible. Q4 apparent steel consumption stagnated around the year earlier, weighed down by heavy destocking. Total apparent consumption is estimated to have grown by 2.3% in 2015.

The outlook for 2016 and 2017 is for a gradual further improvement in EU steel demand. Mr. Eggert commented: “The expected steady strengthening of end-user activity should translate into a mild growth of steel demand of on average almost 1.5% per annum. However, the key uncertainty with respect to actual market conditions for EU steel mills is third country exports. China should stop exploiting the export channel for its overproduction due to domestic steel demand having peaked. If this continues, EU mills will lose further market share, not only in the EU but also in their key export markets”.

Activity growth of steel using sectors in Q3-2015 came in slightly below expectations. Growth was negatively affected by a stronger than anticipated drop in steel tube production. In contrast, sectors oriented towards consumer markets such as cars and white goods manufacturing have been doing better than expected owing to the robust boost from increased consumer spending during 2015. Total activity of the EU steel using sectors is estimated to have grown by 2% in 2015.

Prospects for 2016 and 2017 are mildly positive. Overall activity in steel using sectors is expected to remain on a steady but unspectacular growth track. Investment-driven sectors such as construction and mechanical engineering are forecast to gain momentum.

Source : Strategic Research Institute

voda 28 januari 2016 17:30

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Ik stop even, er komt rook uit mijn muis.. :-)

voda 29 januari 2016 14:40

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ThyssenKrupp-CEO: Europese staalsector op breekpunt

AMSTERDAM (Dow Jones)--De Europese staalsector dreigt ten onder te gaan aan nieuwe regels uit Brussel, waarschuwde CEO Heinrich Hiesinger vrijdag tijdens de jaarvergadering van het Duitse ThyssenKrupp (TKA.XE).

De Europese staalsector zit volgens Hiesinger in zwaar weer, niet in zijn minst doordat China stevig exporteert naar Europa.

Ander zorgpunt voor Hiesinger is wetgeving in Duitsland op het vlak van duurzame energie en het nieuwe Europese CO2-emissiesysteem. Indien Brussel de plannen doorzet, dan zal "staal uit Europa niet langer in staat zijn te concurreren op de internationale markten", zo waarschuwde de topman van ThyssenKrupp.

Hiesinger rekende voor dat de plannen van Brussel tussen 2021 en 2030 alleen al voor ThyssenKrupp EUR1,9 miljard tot EUR3,0 miljard euro aan extra kosten met zich meebrengen. "Dat is een orde van grootte die we gewoonweg niet aankunnen", aldus de topman, die stelde dat een verdere consolidatie in Europa mogelijk een oplossing biedt.

Overigens voegde Hiesinger wel toe dat ThyssenKrupp, als een van de marktleiders in de Europese staalsector, vooralsnog winstgevend is. Daarmee is de Duitse fabrikant echter wel een van den uitzonderingen, aldus de bestuursvoorzitter.

Door: ABM Financial News; Info@abmfn.nl; redactie: +31(0)20-578 24 80

voda 29 januari 2016 15:11

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EU voert importheffing in voor Chinees staal

Gepubliceerd op 29 jan 2016 om 10:32 | Views: 5.023

BRUSSEL (AFN) - Om de eigen staalindustrie te beschermen tegen mogelijk oneerlijke handelspraktijken voert de Europese Commissie voorlopig een importheffing in op bepaalde soorten staal uit China. De extra invoerbelasting kan oplopen tot 13 procent. Dat maakte het dagelijks bestuur van de Europese Unie vrijdag bekend.

Chinese en ook Russische staalproducenten worden er al geruime tijd van beticht dat zij hun producten onder de kostprijs dumpen op de Europese markt, ten nadele van lokale producenten. De Europese Commissie doet daar sinds vorig jaar onderzoek naar op verzoek van brancheorganisatie Eurofer.

De invoerheffingen worden zaterdag van kracht voor een periode van in eerste instantie een halfjaar. Als uit het onderzoek blijkt dat de Chinezen inderdaad staal aanbieden in Europa onder de kostprijs, of tegen lagere prijzen dan in eigen land, kan de maatregel met vijf jaar worden verlengd.

Overproductie

De Europese staalindustrie heeft zwaar te lijden onder overproductie. De prijzen zijn daardoor scherp gedaald. De staalindustrie biedt volgens een schatting van zakenkrant Financial Times werk aan zo'n 420.000 Europeanen. Veel bedrijven zien zich evenwel gedwongen te snijden in de productiecapaciteit om kosten te besparen.

Vorige week nog kondigde Tata Steel, eigenaar van onder meer het vroegere Hoogovens in IJmuiden, een nieuwe ontslagronde aan bij zijn Britse tak. Daar verdwijnen meer dan duizend banen, bovenop een vorig jaar aangekondigde reorganisatie waardoor bijna 1200 arbeidsplaatsen verloren gaan.

voda 29 januari 2016 15:34

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Primetals Technologies extends intensive cooling section on ThyssenKrupp hot strip mill

Primetals Technologies has completed work for ThyssenKrupp Steel Europe AG on expanding the intensive cooling section of hot strip mill 2 in Duisburg-Beeckerwerth. The "Power Cooling" system from Primetals Technologies, operational since December 2010 and substantially enlarged in 2014, has passed its acceptance test. The system cools all steel grades including high-strength steel grades quickly and reliably in a wide range of thicknesses.

Source : Strategic Research Institute

voda 29 januari 2016 15:34

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ATI must end illegal lockout of 2,200 workers - US

The United Steelworkers released the following statement from USW International Vice President Mr Tom Conway in response to the Allegheny Technologies Inc fourth quarter and year-end earnings report released. The specialty steelmaker reported a larger than expected fourth-quarter loss of USD 226.9 million, as well as a 29 percent drop in fourth-quarter sales. Earnings report also was greeted with a series of solidarity actions on USW picket lines at a dozen ATI facilities in six states where workers are locked out.

Source : Strategic Research Institute

voda 29 januari 2016 15:35

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Indonesian Steel Breaks through Malaysian Market

tempo.co reported that Indonesian hot rolled coils can now enter the Malaysian market following Malayisan government's decision to stop the investigation on safeguards after assessing that Indonesian steel will not jeopardize the sales of Malaysia's local products.

Mr Karyanto Suprih, acting director general of foreign trade at the Trade Ministry, said that the Malaysian Ministry of International Trade and Industry (MITI)—the authority that handles the safeguard investigation—has completed its studies.

He said "They did not find indications for possible losses or threats of loss resulting from importing products.”

According to Karyanto, the decision was announced in the Notice of Negative Preliminary Determination on January 6.

The safeguard investigation over Indonesian HRC began on September 7, 2015 at the request of one of Malaysia's largest steel producers, Megasteel Sdn. Bhd. The investigation was based on allegations of domestic industry losses due to an imports surge of HRC products.

Karyanto hopes that the termination of the safeguard investigation can help expand Indonesia's export share for HRC product to Malaysia. In 2014, Indonesian HRC had a 6.1-percent share of Malaysia's total imports.

Source : tempo.co

voda 29 januari 2016 15:38

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Severstal reports Q4 and 2015 operational results

PAO Severstal, one of the world’s leading vertically integrated steel and steel-related mining companies, announced its operational results for Q4 2015 and FY 2015.

Q4 2015 GROUP HIGHLIGHTS

Hot metal output remained largely unchanged q/q at 2.34 mln tonnes (Q3 2015: 2.31 mln tonnes).

Crude steel production decreased 5% q/q to 2.75 mln tonnes (Q3 2015: 2.89 mln tonnes), partially as a result of seasonally weaker demand for long steel products and lower output at Balakovo mini-mill, which remains in ramp-up mode. Crude steel output at Cherepovets Steel Mill was impacted by scheduled short-term maintenance of converter #1, continuous casters #4 and #5 and the billet caster.

In addition, an 88% q/q increase in semi-finished product sales contributed to substantially reducing inventory levels for semi-finished products.

Reflecting a seasonal softness in the domestic market, the share of domestic steel products sales volumes in the sales mix decreased marginally to 64% (Q3 2015: 67%). The domestic market, which offers higher sales margins, remains a priority for the Company.

Consolidated sales of steel products decreased 13% q/q to 2.62 mln tonnes (Q3 2015: 3.00 mln) on the back of seasonally weaker steel consumption in Russia’s construction sector. Meanwhile, despite the continuing slump in oil prices, healthy demand for steel products was maintained from the oil & gas sector.

The share of high value-added (HVA) products in the sales portfolio remained strong at 47% (Q3 2015: 47%) despite an 88% q/q increase in semi-finished product sales.

Coking coal concentrate sales volumes improved 1% q/q reflecting a substantial increase in ROM-coal output volumes in Q4 at Vorkutaugol following the completion of several scheduled long-wall repositionings at the beginning of the quarter.

Sales of iron ore concentrate decreased 15% q/q due to considerably lower external sales as a result of seasonally weaker demand. Meanwhile the company is producing captive iron ore concentrate efficiently more thanks to a focus on steady cost improvement and stripping ratio reduction.

Ongoing concerns regarding the prospects of the Chinese economy and the potential slowdown of the US economy have put pressure on the global metals & mining sector. At the same time, steel overcapacity continues to influence global steel prices which remained in decline over the quarter. In the domestic market, USD-denominated prices started to decline, reflecting both the RUB devaluation and initiatives by Russian steel producers to cut local prices in response to seasonally weaker demand. Against this backdrop Severstal continues to demonstrate resilience thanks to a focus on cost efficiencies throughout the business, HVA products, improving customer care, and the geographical advantage of its assets for shifting sales between domestic and export markets.

Source : Strategic Research Institute

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voda 29 januari 2016 15:41

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Evraz NA to supply plates to Vestas Pueblo from Portland mill

The Pueblo Chieftain reported that Vestas will begin buying steel from EVRAZ’s plate mill in Portland for use at its Pueblo wind turbine tower-making factory. The manager of the tower plant, Tony Knopp, announced the supply agreement Tuesday. EVRAZ's mill in Pueblo does not produce steel plate, but its sister mill in Portland does. The steel plate will be shipped to Pueblo by rail.

Mr Knopp said "It's really great because so many people around the community always ask me, 'Why don't we work with EVRAZ?' And now we can say we do.”

He said “Vestas envisions the mill in Portland supplying as much as 20 percent of the tower plant's steel orders. The tower plant makes the huge tower sections for the company's wind turbines. Currently, it buys steel plate from several suppliers, including plants in North Carolina, Iowa and South Korea.”

Mr Don Hunter, vice president of sales for EVRAZ North America's flat products group, issued a statement Tuesday saying the steelmaker is extremely pleased to have the opportunity to supply our Pueblo neighbor Vestas with high-quality steel plate. He said “We know that Vestas relies on their suppliers to not only deliver outstanding product quality but also innovation and production flexibility. As a vertically- integrated producer with fast response times and technical expertise, we are confident that we provide Vestas with those benefits. We greatly value our relationship with Vestas and look forward to working together."

Source : The Pueblo Chieftain

voda 29 januari 2016 15:46

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EU likely to impose anti dumping duties on CR steel from China and Russia

Published on Fri, 29 Jan 2016

Reuters reported that the European Union will impose duties on imports of cold-rolled flat steel from China and Russia while its investigation into alleged dumping by the two countries continues. According to sources familiar with the Commission's plans, the European Commission has set provisional duties of up to 16 percent for China and of up to 26 percent for Russia

The provisional measures are due to be announced by February 14 and definitive duties, if imposed at the conclusion of the investigation, by August 12. Such duties would typically apply for five years.

The Commission previously ordered customs authorities to register imports of cold-rolled flat steel from mid-December, meaning duties would apply to imports from China and Russia from then.

The Commission's investigation follows a complaint from Eurofer, the European steel association, which said Russia and China were dumping the steel - selling it below market prices at home or below the cost of production - on the EU market and thereby damaging the local industry.

For cold-rolled flat steel, Eurofer has said the average dumping margin - the amount by which export prices from the two countries undercut a normal market price - is 28 percent for China and 15-20 percent for Russian producers.

Source : Reuters

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voda 29 januari 2016 15:48

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ThyssenKrupp guidance hinges on steel price recovery - CEO

Reuters reported that chief executive Mr Heinrich Hiesinger told German daily Handelsblatt that ThyssenKrupp’s full-year guidance depends on a significant recovery in steel prices in the second half of the industrial group's financial year

He told "Our materials businesses cannot escape that.”

He added "All efforts we make to save money catch up with us again quickly."

He said "We have a clear plan that is sustainable. But what improvement can be reached each year depends on the market environment.”

ThyssenKrupp has forecast earnings before interest and tax (EBIT) in a wide range of 1.6 billion euros to 1.9 billion euros ($1.7 billion to $2.1 billion) for the current financial year to the end of September, against 1.68 billion euros in 2014/15.

ThyssenKrupp has launched a five-year programme to improve the performance of its European steel business, which accounts for a fifth of its sales, saying the situation in steel markets had worsened considerably in recent months.

Source : Reuters

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voda 29 januari 2016 15:49

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POSCO posts USD 80 million yearly loss for the first time since 1968

Korea Joongang Daily reported that South Korean steel giant POSCO has reported a net income loss of KWR 96 billion (USD 79.6 million) in 2015. This was the first time that the nation’s largest steelmaker saw its net income fall into the negatives since the company was established in 1968.

Posco Group reported KWR 58.19 trillion in revenue in 2015, down 10.6 percent compared to a year earlier, and an operating profit of KWR 2.4 trillion, down 25 percent year on year on a consolidated basis. The growth rate for its operating profit was 4.1 percent, down 0.4 percentage points from 2014.

It sold 35.3 million tons of steel products last year

Posco Chairman Mr Kwon Oh-joon said at an investor relations forum held Thursday at the Korea Exchange “I feel responsible as CEO of Posco for net income becoming negative for the first time in our company’s history and stock prices remaining low.”

Mr Kwon pointed to cheaper products offered by Chinese rivals and currency fluctuation from global economic instability as the two biggest culprits in the group’s losses.

This year, Kwon vowed the group will strive for price competitiveness by cutting production costs and building facilities to produce value-added downstream steel products in Indonesia.

Posco Group also vowed to sell 35 more poor-performing affiliates this year, and said the weak won will help the group gain price competitiveness this year, with tangible benefits beginning in the latter half of the year.

The group aims to post revenue of 58.7 trillion won on a consolidation basis by focusing on high-end steels, aiming to produce 37.2 million tons. To keep developing specialized products, Posco plans to spend 2.8 trillion won on R&D.

Source : Korea Joongang Daily

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voda 29 januari 2016 15:54

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Nippon Steel & Sumitomo Metal to form CHQ and forging wire JV at Indiana in US

Nippon Steel & Sumitomo Metal Corporation has decided to establish a new company called NIPPON STEEL & SUMIKIN COLD HEADING WIRE INDIANA INC for manufacturing and selling steel wires for cold heading and forging for automobiles in Indiana, USA.

NSCI will be established through joint investment from Matsubishi Metal Industry Co Ltd, Nippon Steel & Sumikin Steel Processing Co Ltd, Miyazaki Seiko Co Ltd, Sanyu Co Ltd, Toyota Tsusho Corporation, Nippon Steel & Sumikin Bussan Corporation, Metal One Corporation and Sumitomo Corporation.

Steel wires for cold heading and forging are mainly used for automobile fasteners and other kind of parts, and they are produced by adding secondary process (pickling, coating, wire drawing, heat treatment, and so on) to steel wires. Most uses are for important safety related parts and therefore the quality requirements, such as materials and dimension accuracy, are extremely high. In order to satisfy these requirements, strict quality management is necessary for wire rods and secondary process.

As NSSMC foresees continuous and stable growth of the automobile market in North America, in addition to our plants in Thailand and China we have decided to establish this third plant in the USA to meet the demand for Japanese automobile and parts manufacturers.

Furthermore, NSCI will be the 12th member company of NSSMC’s bar and wire rods business brand SteeLinC®.

Company Profiles
Head Office : Shelbyville, Indiana
Business : Manufacture and sales of steel wire for cold heading and forging
Capital : USD 24 million
Capital Ratio : Nippon Steel & Sumitomo Metal Corporation 42%, Matsubishi Metal Industry Co Ltd 5%, Nippon Steel & Sumikin Steel Processing Co Ltd 5%, Miyazaki Seiko Co Ltd. 5%, Sanyu Co Ltd 1%, Nippon Steel & Sumikin Bussan Corporation 10%, Toyota Tsusho Corporation 12%, Metal One Corporation 10%, Sumitomo Corporation 10%
Investment : Approximately US$50 million
Facility : Pickling and coating line: 1 unit; wire drawing machine: 4 units; heat treating furnace: 2 units
Capacity : 39,000 ton/year
Production start : Scheduled for January 2018

Source : Strategic Research Institute

voda 29 januari 2016 16:01

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Pollution board clears four more iron ore mining leases in Goa

Goa Herald reported that 4 more iron ore mining leases were granted Consent to Operate under the Air and Water Pollution Acts by Goa State Pollution Control Board on Thursday. With this, 61 mining leases have been allowed fresh extraction of up to 15.2 million tonnes by the Board.

GSPCB chairman Jose Manuel Noronha told media that “All the four leases have been granted consent to operate.

The leases that were cleared on Thursday belong to
Gettabala Parulekar in Pissurlem (0.9 MMT)
VG Quenim in Sonshi (0.197 MMT)
N S Narvekar in Sanguem (0.39 MMT)
Dattaraj Velingkar at Dharbandora (0.07 MMT)

They have been granted consent to operate under Water (Prevention and Control of Pollution) Act 1974 and Air (Prevention and Control of Pollution) Act 1981. The EC limit of these four mines has been fixed at 1.5 million metric tonnes.

The leases are among the 88 mines that were granted second renewal under section 8(3) of the Mines and Minerals Development Regulation (MMDR) Act 1957 and granted Environment Clearance (EC) by the Union Ministry for Environment and Forest (MoEF).

GSPCB has already granted Consent to Operate to 57 mining leases, with an annual exaction cap of 13.79 million tonnes.

In yet another decision, the Board has decided not to allow commercial units like glass cutting, painting and printing in residential complexes. “Directions in this regards would be issued to municipal councils and panchayats,” Noronha said.

The Board has also granted extension of time to apply for Consent to Operate to small scale units like bakeries, nursing homes, painting units, etc up to December 31, this year. The Board decided to waive off late fee charges.

Source : Goa Hera

voda 29 januari 2016 16:02

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FMG welcomes calls to slow iron ore supply

Bloomberg reported that Fortescue Metals Group, the world's fourth-biggest iron ore producer, is "pleased" that rivals are taking heed of calls to slow supply growth that has contributed to a slump in global prices.

FMG CFO Mr Stephen Pearce said “It's good to see some better discipline coming in on the supply side. Our messaging has been fairly consistent for some time: we don't intend to continue to allocate capital in the current market. We're pleased that message seems to be broadly accepted."

He said “Having people allocate capital sensibly is a good thing for the industry as a whole. Ultimately the market will be determined by both the supply and demand sides.”

Iron ore has collapsed to less than a quarter of its 2011 peak as Rio Tinto, BHP Billiton and Brazil's Vale increased supply amid concern that China's economic slowdown will undermine demand. Chairman Andrew Forrest began agitating last year for the top miners to limit output to boost prices, saying they've committed "market vandalism" by overproducing.

Source : Bloomberg

voda 29 januari 2016 16:03

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Samsung C&T flags AUD 1 billion loss from Roy Hill iron ore mine

The West Australian reported that Roy Hill head contractor Samsung C&T has confirmed industry expectations of a budget blowout by flagging a $1 billion loss on the Pilbara iron ore project. The Korean construction giant included the deficit among 2.6 trillion won ($3 billion) in potential losses when reporting annual results for 2015. Samsung estimated losses of 850 billion won from the Gina Rinehart majority-owned project, which exported its first two ore shipments last month.

It said “By reflecting potential risks that may arise from the projects of the former Samsung C&T, the company aims to remove any uncertainties and focus on the future.”

Samsung C&T last year merged with Cheil Industries to become the de facto holding company of South Korea’s biggest conglomerate Samsung Group.

Video Roy Hill mine site back in the spotlight, for all the wrong reasons. The contractor was widely believed to have underbid for Roy Hill when it was awarded a $5.6 billion fixed price contract in 2013. The $10 billion project has been hit by delays and disputes between Samsung and subcontractors, and with client Roy Hill Holdings. Samsung told the Supreme Court last year the financial collapse of engineering company Forge Group in early 2014 had cost the project manager more than $180 million. The company was understood to have faced penalties of about $1.9 million a day between an October 31 deadline and the first ore shipment on December 10.

Source : The West Australian

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voda 29 januari 2016 16:05

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L. Mittal moet ook een vermogen kwijtgeraakt zijn...

Ms Gina Rinehart is no longer Australia's richest person

Business Insider reported that Ms Gina Rinehart has lost her crown as Australia’s richest person as the global fall in iron ore prices stripped billions from her wealth, according to Forbes magazine.

The new richest person in Australia is Blair Parry-Okeden, a naturalised Australian who lives in Scone, NSW, but was born in the US. She has a wealth of $US8.8 billion ($A12.5 billion) from an inherited interest in cable television, Cox Enterprises. Blair Parry-Okeden hasn’t been included in some rich lists because there was a question over her citizenship. However, Forbes says it has confirmed she is now Australian.

The BRW 2015 rich list didn’t include her. On that list, Rinehart’s wealth was estimated at $14.02 billion, down from $20 billion the year before.

Now Rinehart’s worth is estimated by Forbes at $US8.5 billion ($A12 billion), $US3.2 billion ($A4.5 billion) less than last year.

Her fall was the largest in dollar terms but fellow iron ore magnate Andrew Twiggy Forrest’s wealth took the biggest percentage hit — down 41% and 12 spots to 22nd on the list. His wealth is estimated at $US1.24 billion ($A1.76 billion).

Source : Business Insider

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voda 29 januari 2016 16:06

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Vale informs proposal of zero dividend for 2016

Vale announces that, in compliance with its dividend policy and due to price volatility in mineral commodities, the Executive Board has approved and will submit to the Board of Directors a proposal for a minimum dividend equal to zero for 2016. If approved by the Board of Directors, the implementation of the proposal will be subject to approval at Vale´s General Shareholders Meeting

Source : Strategic Research Institute

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