Vale SA,the giant Brazilian mining company is in no rush to sell its 22%stake in Norway based aluminum company Norsk Hydro ASA.
Mr Murilo Ferreira CEO of Vale said that"We will sell when it is showing value for Vale.The asset wasn't core to the company's operations and would be sold once valuations on aluminum companies become more reasonable.
Vale joins other miners that have been considering divesting of aluminum assets in the wake of lackluster pricing and concerns about large amounts of aluminum tied up in warehouse financing deals.Anglo Australian Rio Tinto PLC has signaled it will exit a basket of poor performing aluminum operations.
Source:
http://www.steelguru.com/metals_news/Vale_is_not_in_hurry_to_sell_Aluminum_Norsk_Hydro_Stake/294774.html
