Brazil's Vale says plans to substitute out some old production
RIO DE JANEIRO, April 30 (Reuters) - Brazil's Vale SA said on Thursday it expects to replace some old higher-cost iron ore production as new capacity comes on stream, the clearest sign yet the miner could cut future output forecasts due to weak prices.
The company has about 22 million tonnes of annual production that it considers to be marginal at the current price, Vale's Head of Ferrous Peter Poppinga said during a conference call to discuss first quarter results. Some of this could be stopped as new, cheaper tonnes come on stream from expansion projects, he added. (Reporting by Stephen Eisenhammer; Editing by Chris Reese)
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