November 15, 2017 / 7:40 PM / 4 months ago

Vale CEO Schvartsman cuts investments in low-return segments

NEW YORK (Reuters) - Vale SA will halt new investments in low-return segments like its nickel business, the company’s chief executive officer said on Wednesday.

The logo of Vale SA is pictured in Rio de Janeiro, Brazil, August 7, 2017. Picture taken August 7, 2017. REUTERS/Ricardo Moraes

Fabio Schvarstman told investors in a conference in New York on Wednesday that he expects nickel prices to recover over the medium term, as demand for the metal rises thanks to demand from battery producers. Schvartsman said he expects Vale’s share discount to its peers to shrink in the coming months, as the company migrates to a single class of stock.

Reporting by Tatiana Bautzer; editing by Diane Craft

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