Brazil-based metals and mining company Vale SA announced that it has agreed with investment fund Hankoe FIP to acquire iron ore beneficiation technology developer New Steel for $500 million.
Vale said that the New Steel technology will support the advancement of its high-grade pellet feed initiatives, including the Southeastern System 20 metric tons per year pellet feed project.
The deal is forecasted to occur in 2019, subject to approval by antitrust authorities in Brazil.
In January, Vale announced that it was about to close the sale of its fertilizer unit for $1.35 billion.