Vale Profit Misses Estimates as Iron-Ore Prices Slump
- World’s No. 2 iron ore producer result was hit by lower prices
- Vale is exploring options for unlocking value in base metals
Crushed iron ore is transported in railroad cars at Vale's Brucutu mine in Barao de Cocais, Brazil.
Photographer: Dado Galdieri/BloombergThis article is for subscribers only.
World No. 2 iron ore producer Vale SA saw a steeper-than-expected drop in profit on slumping prices and lingering cost inflation.
The Brazilian mining giant reported adjusted earnings before items of $3.7 billion for the third quarter, down 47% from a year ago and well below the $4.6 billion average analyst estimate.