Vale Lead Over Rio Narrowing on Slowing Output: Corporate Brazil
February 4, 2013 by Avila Capital Markets, Inc.
Vale SA (VALE5), the world’s largest iron-ore producer, is losing ground to Rio Tinto Group after its output growth stalled because of aging mines and licensing delays.
Vale’s output of the main raw material used to make steel slid 0.8 percent to 320 million metric tons last year, compared with a 3.7 percent gain for Rio Tinto to 198.9 million tons. Vale’s lead over Rio Tinto narrowed to 121 million tons, the smallest in three years, data compiled by Bloomberg show.
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