Vale shareholders elect new chairman, Q2 iron ore production hits eight-year high

Glonghui, July 23 | Vale shareholders have elected Manuel Lino Oliveira as chairman, ending weeks of turbulence in the board of directors. Former chairman Daniel Stieler resigned earlier this month; about a month ago, pension fund Previ called for a shareholders' meeting to vote on Stieler's removal. Previ holds approximately 7% of Vale's shares. The fund had expressed concerns about the company's corporate governance under Stieler and believes Oliveira's previous experience as Vale's lead independent director will help improve the situation. Meanwhile, Vale reported its highest second-quarter iron ore output in eight years, up 0.8% year-on-year to 84.3 million tonnes, surpassing analysts' forecasts of 82.2 million tonnes; it maintained its fiscal year 2026 iron ore production guidance at 335–345 million tonnes.