This post was originally published on this site
SAO PAULO (Reuters) – Brazilian miner Vale SA (NYSE:VALE) said on Monday its subsidiary Vale Canada has signed a deal to sell its 50% stake in steelmaker California Steel Industries to Nucor Corporation (NYSE:NUE) for $400 million.
Vale said in a securities filing it expects the deal to be concluded in the first quarter of 2022, adding that it underscores its focus on core businesses and its commitment to a leaner portfolio. JFE Steel Corp holds the remaining 50% stake in California Steel Industries.
