Vale CEO Schvartsman cuts investments in low-return segments

Vale will halt new investments in low-return segments like its nickel business, the company's CEO said on Wednesday. Fabio Schvarstman told investors in a conference in New York on Wednesday that he expects nickel prices to recover over the medium term, as demand for the metal rises thanks to demand from battery producers. Schvartsman said he expects Vale's share discount to its peers to shrink in the coming months, as the company migrates to a single class of stock.