Brazilian mining company Vale SA, the top producer of iron ore, doesn’t feel threatened by China’s need to overhaul its gargantuan steel industry in coming years and sees potential in U.S. shale gas, the Wall Street Journal reported Monday, citing a company executive. Growth in China’s steel supply has outpaced demand in recent years, leading to huge overcapacity and large volumes of exports that have cut into the sales of steelmakers around the world, the report said. Environmental concerns are also rising in China about its coal-burning steel mills. But the report quoted Jose Carlos Martins, Vale’s director of ferrous metals and strategy, as saying that the troubles in his company’s biggest market shouldn’t have a major impact on global iron ore demand.
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