Vale's aid package for suppliers will reach almost R$1 billion in a month
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Vale's aid package for suppliers will reach almost R$1 billion in a month
The company has already anticipated payments to small and medium-sized companies amounting to R$521 million in the last two weeks; the remainder will be paid by end of April
Vale has already anticipated R$521 million in payments to small and medium-sized companies since the beginning of the crisis caused by the COVID-19 pandemic. The company plans to inject another R$411 million into the Brazilian economy in advance of payments until the end of April, totaling R$932 million to help almost 3,000 suppliers in Brazil to address this moment.
As announced at the end of March, Vale advanced on March 25 - before the expiry date - payments to small and medium-sized companies for services already performed and materials delivered. This amount, that was initially estimated in R$160 million, has reached R$171 million.
In April, Vale is reducing the payment term for services performed and materials delivered by up to 85%. With this action R$350 million were already released for payment to this moment.
The suppliers package has benefited overall 1,694 small and medium-sized companies in the past two weeks. Adding up both actions, these companies have received R$521 million.
The last installment of this payment is scheduled for the end of April when the estimated amount of R$932 million will be reached; it aims to reinforce the cash position of small and medium-sized companies in the country.
The purpose of this initiative is to use Vale's presence at the base of the production chain and its capacity to help suppliers face the impacts of this pandemic, always focusing on people's health and safety.
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