Brazilian miner and iron ore producer Vale said this week it completed the sale as well as the transfer rights of a 50 percent stake it had at US-based steelmaker California Steel Industries (CSI) to Nucor Corporation.
Vale said Nucor paid $436.7 million to the miner’s Canadian subsidiary, Vale Canada Limited.
Out of the total payment of $436.7 million, $400 million covered the 50 percent stake, and the remainder paid for CSI’s adjusted net debt and the working capital needed to complete the transaction, the company said.
Vale has been disinvesting from non-core assets to have a leaner business portfolio.