Vale's profit falls 53% in Q3 on lower iron ore prices, higher costs

Brazilian ​miner Vale reported on Thursday a 53% decline in ‌its third-quarter net profit from a year earlier, hit by lower iron ore prices and higher costs, including ‌freight.

Vale, one of the largest iron ore ‌producers in the world, posted a $1.26 billion net profit for the July-September quarter, below the $1.70 billion expected by analysts in ⁠a Visible ​Alpha poll. Iron ⁠ore output fell 6% to 88.4 million metric tons, ⁠missing the Visible Alpha consensus of 90.1 million tons, ​amid weaker results in Vale's Serra Norte complex.

The ⁠firm said it is confident that it will reach ⁠the ​lower end of its 2026 output projection, which ranges between 335 million tons and 345 ⁠million tons. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) dropped ⁠24%, ⁠to land at $3.33 billion, compared to $3.50 billion from Visible Alpha consensus.