A view exhibits the corporate brand of Brazilian mining firm Vale SA at its headquarters in downtown Rio de Janeiro August 20, 2014. REUTERS/Pilar Olivares
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SAO PAULO, April 27 (Reuters) – Brazilian miner Vale (VALE3.SA), one of many world’s largest producers of iron ore, reported on Wednesday its first-quarter net profit fell 19.6% to a greater than anticipated $4.45 billion as stronger pricing offset weaker manufacturing numbers.
Vale earnings for the three months ended March 31 beat the imply Refinitiv analyst forecast of $4.24 billion.
Adjusted earnings earlier than curiosity, taxes, depreciation, and amortization got here in at $6.37 billion, down 26.1% from the identical quarter of 2021.
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Vale cited decrease gross sales of iron ore fines and pellets because of an intense rain season in prime mining state Minas Gerais.
In January, the miner was hit by heavy rainfall within the area, making it partially droop operations at its southeastern and southern iron ore techniques. learn extra
“However, we took advantage of seasonally lower volumes to perform maintenance activities that will lead to safer operations and solid production going forward,” Vale’s Chief Executive Eduardo Bartolomeo stated in a press release.
Vale benefited from core metals iron ore, copper and nickel rising in worth in comparison with the final quarter of final yr. In the primary three months of 2022, Vale realized $141.4 per tonne of iron ore fines, up from the $106.8 reported within the fourth quarter.
Vale additionally expects iron ore demand to rise within the U.S.
“Solid demand will keep industrial production growing in 2022 with delayed orders for factories with pandemic fading away,” the miner stated.
At the identical time, freight prices have risen since January due to greater power costs, Vale stated.
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Reporting by Peter Frontini and Marcelo Rochabrun; Editing by Leslie Adler, Chris Reese and Bernard Orr
Our Standards: The Thomson Reuters Trust Principles.
Brazil’s Vale first-quarter net profit falls 19.6%, but beats expectations & More Latest News Update
Brazil’s Vale first-quarter net profit falls 19.6%, but beats expectations & More Live News
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Brazil’s Vale first-quarter net profit falls 19.6%, but beats expectations & More News Today
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