Vale Says Stock Price Pressured by China Worries
March 19 2014 - 12:23PM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--Brazilian mining giant Vale SA's (VALE) share price
is suffering mainly from investor worries about economic growth in
China, Chief Executive Murilo Ferreira said Wednesday.
"The main adversary of our share price is the belief that China
is going to sink," Mr. Ferreira said in a presentation to
businessmen and economists. "I think those people are wrong and
that their forecasts are going to sink."
China's steel industry is Vale's biggest customer. Vale is the
world's largest iron-ore producer and its shares are down almost
20% this year, compared with a 7.5% decline in No. 2 miner Rio
Tinto PLC.
--Paul Kiernan contributed to this article.
Write to Rogerio Jelmayer at Rogerio.jelmayer@wsj.com
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