RIO DE JANEIRO, Sept 28 (Reuters) - Brazil’s Vale SA said on Monday it plans to cut its dividend for the year by $500 million in order to help shore up the miner’s balance sheet in the face of weaker commodity prices, especially iron ore.
The company had initially said it would pay $2 billion in dividends in 2015, packaged in two installments. On Monday it said the second installment would be cut to $500 million from $1 billion.
The first payment was made in April.
The proposed cut still needs to be approved by the company’s board of directors. (Reporting by Stephen Eisenhammer; Editing by Chris Reese)