Brazil’s Vale quarterly net falls 66pc

Brazil’s Vale SA, the world’s No. 2 mining company, said on Wednesday that third-quarter profit fell 66 per cent compared with a year earlier after the price of iron ore dropped to three-year lows.

The result was slightly worse than the average of analysts’ expectations and the company’s earnings release included plans to put capital-intensive projects on hold.

It said net income in the three months ending September 30 was US$1.67 billion, compared with US$4.94 billion a year earlier. Vale is the world’s largest producer of iron ore, the main ingredient in steel.

via Business feed http://www.scmp.com/business/companies/article/1069213/brazils-vale-quarterly-net-falls-66pc