Vale creates logistics firm
2011-08-26 09:36:08 [Print]
Reuters reported that Vale said that it has created a new logistics company for cargo transport but it denied media reports it is planning to sell stock in the unit in a spin off.
The company said it created Vale Logistics Integrada SA to manage general cargo assets and to boost its focus on the logistics business.
Vale has extensive rail, port and shipping facilities to move iron ore and other minerals from its mines to clients. It also uses these systems to transport products such as soybeans and steel for private clients. Logistics services generated USD 1.5 billion in revenue in 2010, an increase of 33% from the year before. Most of that revenue came from shipping agricultural products, steel products, fuel and construction materials.
The company said it created Vale Logistics Integrada SA to manage general cargo assets and to boost its focus on the logistics business.
Vale has extensive rail, port and shipping facilities to move iron ore and other minerals from its mines to clients. It also uses these systems to transport products such as soybeans and steel for private clients. Logistics services generated USD 1.5 billion in revenue in 2010, an increase of 33% from the year before. Most of that revenue came from shipping agricultural products, steel products, fuel and construction materials.
