Vale threatens to unleash spare capacity if steel prices surge
Rio de Janeiro
VALE SA has a somber message for anyone betting on iron ore prices returning to the heady days of 2011.
The world's biggest producer of the steel-making ingredient is prepared to unleash as much as 50 million tonnes of spare capacity to balance the market if prices get too high, chief executive officer Fabio Schvartsman said.
High prices would lure inefficient producers back into the market and risk a repeat of past excesses that led to US$1 trillion…
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