Brazil's Vale scraps dividend for 2016 as iron ore price slumps

jueves 28 de enero de 2016 17:15 GYT
 

RIO DE JANEIRO Jan 28 (Reuters) - Brazilian miner Vale SA will recommend to its board that no dividend is paid to shareholders this year because of the slump in commodity prices, the company said on Thursday.

The world's largest producer of iron ore has been hit hard by a dramatic fall in the price of the steelmaking raw material, with analysts predicting the company will be cash flow negative in 2016 unless it manages to curb costs and sell assets.

(Reporting by Stephen Eisenhammer; editing by Grant McCool)