27 de julio de 2017 / 18:39 / en 4 meses

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)

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