Vale CFO Says Low Iron Ore Prices Means Adapting, Not Output Cuts

Amid iron ore prices that have halved this year to five-year lows, Vale chief financial officer Luciano Siani talks about how the world's largest iron ore producer is adapting. As the company is producing at a record pace and expanding global supply through iron ore prices' decline, Siani explains why the company does not plan to cut production and how else Vale plans to adjust its business model. In addition to reducing its 2015 capital budget, Siani acknowledges that asset sales and even a potential initial public offering of part of its global base metals business are under consideration. He explains that, while it remains to be seen when prices will come back, the company does expect that iron ore prices will return to equilibrium.