Skip to content
Subscriber Only

Vale Earnings Slide as Metal Meltdown Blunts Cost Cutting

  • Third-quarter ebitda fell 15%, in line with estimates
  • Weaker real, derivatives led company to $2 billion net loss
Updated on

Vale SA, the world’s biggest iron-ore and nickel miner, reported a decline in quarterly earnings as slumping prices overshadowed efforts to focus on higher quality deposits and cut costs.

Third-quarter adjusted earnings before interest, taxes, depreciation and amortization fell 15 percent from a year ago $1.88 billion, the Rio de Janeiro-based company said Thursday in a statement. That compared with the $1.86 billion average of 11 dollar-based estimates compiled by Bloomberg. On a net basis, Vale had a loss of $2.12 billion on currency and derivative losses.