T-Mar in a www.bikeforums.net discussion states:

VaLite was reportedly a vanadium steel alloy. It was stronger than hi-tensile but not as strong as chromium molybdenum. It is commonly found on upper entry level and lower mid-range Fuji from the early 1980s. In order to control costs, lower models would often employ Valite main tubes with hi-tensile stays and/or forks, while the better models would often have VaLite forks and/or stays paired with a CrMo main triangle. Forum member Beaverstuff has reported VaLite frame with Ishiwata steerer, so these tubesets appear to have been made by Ishiwata for Fuji.