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Vale: 3Q profit down 65 percent with lower demand

Vale: 3Q profit down 65 percent with lower demand

Brazil's Vale mining company says its net profit dropped by 65 percent in the third quarter as demand for iron ore remained weaker than last year.
The company says net income for the July through September period totaled $1.68 billion, or 31 cents a share.
That is down from net income of $4.82 billion during the same period a year ago.
Vale SA, the world's largest producer of iron ore, says revenue was $6.89 billion _ a fall of 43 percent from last year.
Despite the year-on-year declines, Vale said Wednesday it is optimistic that the global recession is coming to an end, which should increase demand for its iron ore.
China remains Vale's biggest customer _ responsible for 37 percent of the company's revenue.


Updated : 2021-05-13 12:19 GMT+08:00