Brazilian mining giant Vale’s global steel director Aristides Corbellini has resigned from his duties as part of a downsizing process in the miner’s steel production division.
With Corbellini’s resignation, the global steel director’s position will no longer exist. Responsibility for the company’s steel investments is now being divided between the executive boards of the ferrous, strategy and capital project deployment divisions.
With the current restructuring, Vale will focus its efforts on mining, with special attention given to its S11D iron ore project in Carajás’ Serra Sul region of northern Pará state.
Vale’s downsizing is mostly due to a reduced importance of steel projects in the company’s growth plans. Amid a global steel oversupply scenario, the company has changed its strategy with caution.