Shares of Brazilian mining giant Vale SA (ADR) (NYSE:VALE) fell 2% on Friday morning after the company reported a 17% drop in first-quarter net profit, missing analyst expectations as lower iron ore prices and subdued global demand weighed on results.
Vale posted a net profit of $1.39 billion for the three months ended March 31, down from $1.67 billion a year earlier and below the $1.68 billion expected by analysts polled by LSEG.
Net operating revenues slipped 4% to $8.1 billion, while adjusted EBITDA fell 9% to $3.1 billion.
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Vale’s all-in iron ore costs dropped from $70 per ton in Q1 2024 to $64 per ton in Q1 2025, with C1 cash costs from own production down 11% to $21 per ton.
