Vale Promises Turnaround After Posting Record Loss
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Vale SA, the world’s biggest iron-ore producer, said it’s poised to benefit from a price recovery and a balance-sheet cleanup that spurred a record quarterly loss. Shares rose the most in a month.
The miner, based in Rio de Janeiro, is focusing only on projects that bring “big returns,” Chief Executive Officer Murilo Ferreira told analysts on a conference call today. Vale yesterday posted a fourth-quarter net loss of $2.65 billion after writing down the value of some nickel, coal and steel assets, compared with a year-earlier profit of $4.67 billion.