VALE (NYSE:VALE) Wants Investigation of EU Steelmakers

Vale SA Wants EU Steelmakers Investigated

Vale SA (NYSE:VALE) has made a request to the European Commission to investigate whether or not the steelmakers in the EU colluded when entering into negotiations over iron ore prices.

In the letter sent to the commission, Vale asked them to examine whether there had been “communications and coordination” between the steelmakers during the process.

Eurofer, which represents European steelmakers, responsed via director general Gordon Moffat, saying, “This is an absurd attempt by Vale to divert attention from legitimate concerns expressed by consumers. I’m sure the commission will see it as such.”

The recent system of annual pricing for coking coal and iron ore was dropped in favor of a quarterly pricing contract.