New Steel, a company Vale acquired for $500 million, reported a net loss in full-year 2021. Vale said in a document filing New Steel reported a net loss of $12.5 million as of November 30, 2021, when the company ended its financial year.
Vale said New Steel develops “innovative” iron ore beneficiation technologies and owns patents for dry processing concentration (Fines Dry Magnetic Separation - FDMS) in 56 countries.
Vale said at the time of acquisition that New Steel’s technologies would improve the development of high-grade pellet feed initiatives, including the Southeastern System 20 million mt/year pellet feed project.