Vale Posts Record Iron-Ore Output as Miners Expand Into Glut
- The world's biggest producer beat analysts' estimates
- Nickel, copper production fell on Canada plants maintenance
This article is for subscribers only.
Vale SA reported record iron-ore output, beating analyst estimates, as the world’s biggest producers of the steel-making ingredient continue defying a collapse in prices by expanding.
Iron-ore production rose 2.9 percent to 88.2 million metric tons in the third quarter, compared with 85.7 million tons a year ago, the Rio de Janeiro-based company said in a statement Monday. The result, which excludes third-party purchases and operations at a venture with BHP Billiton Ltd. in Brazil, topped the 87.9 million-ton average of eight analyst estimates compiled by Bloomberg. Nickel and copper production missed forecasts.