Samantha Pearson – Financial Times, 11/07/2013
Vale, the world’s second-largest miner by volumes, posted its first quarterly profit increase in more than two years as China’s steelmakers replenish stocks and the company’s aggressive cost-cutting plan starts to pay off.
The Brazilian company said late on Wednesday that net income had more than doubled from $1.64bn, or 32 cents per share, in the same period last year to $3.5bn, or 68 cents per share, in the third quarter.
It marked the first year-on-year profit increase for the iron ore producer since the second quarter of 2011 and beat an average estimate from analysts of 60 cents per share, according to Bloomberg.
