July 27, 2017 / 6:39 PM / a year ago

Vale CEO says hopes to reach $15 bln in net debt in 2018

RIO DE JANEIRO, July 27 (Reuters) - The chief executive officer of Brazil’s Vale said on Thursday that the world’s top iron ore producer would seek to lower net debt to $15 billion next year.

CEO Fabio Schvartsman made the comments on a third conference call following second quarter results that missed expectations due to a currency swing, rising costs and weaker iron ore prices.

Schvartsman had said earlier in the day that he hoped to lower net debt to beneath the previously stated year-end 2017 goal of $15 billion to $17 billion but did not specify a time frame. (Reporting by Marta Nogueira and Alexandra Alper; Editing by Tom Brown)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below