[Ferro-Alloys.com] Brazilian miner Vale said it is focusing on recovering volumes from iron ore and metals mining, and plans to exit from its steel plant ventures in Brazil.
Vale said it plans a "coordinated exit" for its steel joint ventures, in an investor presentation this week.
The steel industry’s net leverage and interest coverage are likely to deteriorate in FY20 due to compressed EBITDA margins, due to a drop in realizations in the face of a demand slowdown and increase in raw material prices in FY20 on a YoY basis, India Ratings and Research (Ind-Ra) said in its latest report on the domestic steel sector. However, EBITDA levels are likely to improve by Rs 1,500 per tonne in the current quarter (Q3FY20) due to marginal improvement in realisations. The agency’s views are based on its study of 38 listed and unlisted Indian steel companies.