On June 23, Vale fell 3.09% in regular trading, trading at $15.25/share, with Turnover of $100 million.

On the news front, Vale's board voted against a proposal by shareholder Previ to remove Chairman Daniel Stieler. Previ, which holds approximately 7% of Vale, has been pushing for Stieler's ouster, though a majority of directors reportedly viewed the reasons for seeking his removal as insufficient. Despite the board's opposition, the proposal will still be put to shareholders at an extraordinary general meeting scheduled for July 22. Previ is backing independent director Manuel Lino Oliveira as a replacement chairman and has nominated former Previ CEO Jose Mauricio Pereira Coelho to fill a vacant board seat.

The governance uncertainty added pressure to a stock already facing headwinds from broad-based weakness in the Steel & Iron sector. Among peers, cleveland-cliffs fell 4.79%, Posco fell 7.07%, Nucor fell 2.03%, Steel Dynamics fell 1.93%, and ArcelorMittal SA fell 1.68%.

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