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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Vale S.A.    VALE3   BRVALEACNOR0

VALE S.A.

(VALE3)
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Vale S A : 07/13/2020 Vale informs on non-binding heads of agreement with Kobe Steel and Mitsui & Co.

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07/13/2020 | 06:36am EDT
Rio de Janeiro, July 13th, 2020 - Vale S.A. ('Vale') informs that it has reached a non-binding heads of agreement to establish a new venture ('NewVen') to supply low GHG (greenhouse gases) metallics and steel making solutions to the steel industry with Kobe Steel, Ltd ('Kobe Steel') and Mitsui & Co., Ltd. ('Mitsui & Co.').

The heads of agreement establish the preliminary terms and conditions for the creation of a NewVen with the objective of delivering low CO2 metallics to the global market, providing new technological solutions to our clients. An evaluation period has already begun to deepen the cooperation and to gauge market demand for several existing and new steel making solutions prior to a final agreement for the creation of the NewVen.

Our declared 2030 targets for scope 1 and 2 emissions demonstrate Vale's commitment with the Paris Agreement, in line with our strategic pillar - New Pact with Society - and the goal of improving our value to society. Steel production, part of Vale's scope 3, while essential for people's daily lives, generates considerable CO2 emissions. Vale is committed to contribute with its steelmaking clients in this challenge of reducing carbon footprint. The NewVen will use existing and new low-CO2 iron making technology such as Tecnored®️ Technology and Midrex®️ Process.

About Tecnored

Tecnored is a 100% Vale subsidiary focused on developing a low carbon pig iron process through the use of energy sources, such as biomass, syn-gas and hydrogen, that emit less CO2 than the coal and coke the tradition iron-making processes use. Using biomass, the path to economic carbon neutrality may be achieved in the medium term.

About MIDREX®️

Process Midrex Technologies, Inc. a 100% Kobe Steel subsidiary, is the world leading direct reduction ironmaking (DRI) technology. Each year, MIDREX Plants produce more than 60% of the entire world's DRI and more than 80% of the DRI produced by all shaft furnace technologies. Since it uses both natural gas and hydrogen as a reductant in the process, its CO2 emission level is much less compared to a blast furnace.

About partners

Vale, Kobe Steel and Mitsui & Co. are global companies with a wide experience in Metals & Mining industry. Vale will contribute with its expertise in Tecnored®️ technology, its iron ore portfolio and logistics capability. Kobe Steel will contribute with its expertise in steel production, engineering of steel plants, MIDREX®️ Process and other technologies, Mitsui & Co. will contribute with its expertise in the commercialization of metals and scrap and with its investment capabilities. ​

Disclaimer

Vale SA published this content on 13 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2020 10:35:00 UTC

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Financials (USD)
Sales 2020 33 271 M - -
Net income 2020 6 634 M - -
Net Debt 2020 3 532 M - -
P/E ratio 2020 37,7x
Yield 2020 0,46%
Capitalization 311 B 58 384 M -
EV / Sales 2020 9,47x
EV / Sales 2021 8,75x
Nbr of Employees 79 646
Free-Float 74,3%
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Mean consensus BUY
Number of Analysts 9
Average target price 14,22 $
Last Close Price 60,70 $
Spread / Highest target -70,0%
Spread / Average Target -76,6%
Spread / Lowest Target -88,7%
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Managers
NameTitle
Eduardo Bartolomeo Chief Executive Officer
José Maurício Pereira Coelho Chairman
Luciano Siani Pires Chief Financial Officer
Oscar Augusto de Camargo Filho Director
Marcel Juviniano Barros Director
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