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vale, arcelor agree to 19% iron-ore price increase
may 23 (bloomberg) -- companhia vale do rio doce, the worlds largest iron-ore exporter, won a 19 percent increase in iron-ore prices from its biggest customer, luxembourg-based arcelor.
``we are almost done in europe and asia, but we are still talking to the chinese, vale chief financial officer fabio barbosa said at a news conference today in rio de janeiro.
chinese steelmakers, which account for 43 percent of global iron ore imports, are the only major group of buyers holding out against a fourth straight annual increase in talks with suppliers vale, bhp billiton and rio tinto group. baosteel, the lead negotiator for chinas mills, has said last years record 71.5 percent price increase hurt profits.
last week vale agreed on a 19 percent increase in the price of iron ore from mittal steel co., the worlds largest steelmaker, as world demand grows for the main raw material used to make steel.
the price reached with arcelor is the same as agreed to earlier this week by japanese steelmakers; koreas posco, the worlds fifth-largest steelmaker; theyssenkrupp ag, germanys largest steelmaker; and ilva spa, italys biggest steelmaker.
barbosa also said that vale secured a $500 million, five- year revolving line of credit from 17 banks, led by citigroup inc. and hsbc holdings plc.
s&p rating
``we dont plan to take out this loan, barbosa said. ``the goal of this credit line is to strengthen our short-term liquidity.
vale yesterday had its foreign-debt rating raised by standard & poors, which cited higher iron ore prices and the companys access to cheaper financing.
vales debt rating was raised one level to bbb+, the third- lowest investment grade rating, s&p said in a statement. s&p rates rio de janeiro-based vales bonds four levels higher than the brazilian governments rating of bb.
``this is a very important achievement for vale thats helping us get much cheaper access to credit than before, barbosa said.
the executive said vales average cost of capital was 8.5 percent just before s&ps upgrade. before it achieved investment grade, vales cost of capital was on average 10.5 percent, barbosa said. |
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一生之水 
发表于 2006-5-24 09:15:53
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发表于 2006-5-24 09:56:42
