Brazil’s Vale rises on Chinese demand

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.

Read more…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s