Brazilian miner and iron ore producer Vale has become the nation’s largest company by market value, SteelOrbis has learned.
Vale has gained market value as the USD has appreciated over the Brazilian Real (BRL). Last week, Vale was Brazil’s second largest company by market value. According to a SteelOrbis assessment, Vale has become this week Brazil’s largest company with a market value of BRL 279.4 billion ($75 billion).
It surpassed Brazil’s private bank Itau, which has as of June 8, a market value of BRL 262 billion ($70 billion).
The USD had been on an increasing trend this week, reaching up to BRL 3.92. On Friday, the USD was about BRL 3.70.
Vale’s stocks have been increasing since the approval of a company’s corporate restructuring, aimed at consolidating the company’s control.