Feb. 22 at 1:42 AM
$VALE $FSUGY On a day when iron ore prices didn't move much, Vale and Fortescue moved in opposite directions. Vale's results were marred by impairments of nickel assets. But the market took this in stride as a sign of cutting losses and pausing costly projects for low-margin projects (nickel). For Fortescue, the issue was not enough cost cutting as SG&A and capex did not show sufficient decline. FSUGY still showed green project items devoted to the Inflation Reduction Act, whose future is in doubt. For the week, Vale rose 4.2% to
$10.11 and FSUGY fell 5.7% to
$23.4.