Vale appoints Ivan Fadel as CEO of new subsidiary Bionow
Vale SA has named Ivan Fadel, the company’s former head of investor relations, as the CEO of its newly formed subsidiary Bionow, according to an individual familiar with the situation. The subsidiary aims to produce biocarbon, a zero-emission fuel alternative designed for the steel industry. Currently, the focus of Bionow is on research and development.
Fadel joined Vale in 2014, previously working as an equity analyst for Credit Suisse Group AG where he covered the iron ore supplier. He ascended to the role of head of investor relations in 2020. Prior to that, Fadel managed the company’s joint ventures and served as investments director for fertilizer and coal sectors.
In a test conducted in March, Vale explored the viability of replacing coal with biocarbon for the production of iron ore pellets, a critical component in steelmaking.