Vale, one of the world’s largest iron-ore producers, posted a net profit of $1.39-billion for the quarter through March, slightly missing a consensus estimate of $1.68-billion by analysts polled by LSEG.
The company said earnings were hit by a decline in iron ore prices but the impact was partially offset by its production cost-cutting measures and the Brazilian real’s appreciation against the US dollar.
“We had a consistent start to the year, aligned with our objectives for management in 2025,” CEO Gustavo Pimenta said in the earnings report, noting a good cost momentum.