VALE (VALE $18.04, Rating held at Neutral; price target lowered to $25 from $28) ANALYST TRIP FOCUS WAS (1) CARAJAS S11D 90 MMT EXPANSION, (2) BALANCE SHEET AND (3) TURNAROUND OF NON-IRON ORE UNITS 10/1/2012

VALE (VALE $18.04, Rating held at Neutral; price target lowered to $25 from $28)
ANALYST TRIP FOCUS WAS (1) CARAJAS S11D 90 MMT EXPANSION, (2)
BALANCE SHEET AND (3) TURNAROUND OF NON-IRON ORE UNITS 10/1/2012