Vale Profit Falls After China Slowdown Weighs on Iron-Ore
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Vale SA, the largest iron-ore producer, posted a steeper decline in first-quarter profit than analysts expected after selling the steel ingredient 25 percent cheaper than a market reference price. Shares fell.
Net income declined 19 percent to $2.52 billion, or 49 cents a share, from $3.11 billion, or 60 cents, a year earlier, the Rio de Janeiro-based miner said today. Vale was expected to post per-share profit of 53 cents excluding some items, the average of 14 analysts’ estimates compiled by Bloomberg.