Brazilian iron ore giant Vale (NYSE:VALE) reported a plunge in its second-quarter profit due primarily to softening commodity prices and a depreciation in the local currency, MarketWatch reported.
Articles Tagged "Vale S.A."
Reuters reports the Brazilian government has approved a new mining concession allowing Vale (NYSE:VALE), the world's second largest miner, to develop a 387-hectare iron ore deposit in Minas Gerais state.
Strengthening demand in the Chinese steelmaking sector is shoring up the price of iron ore, according to recent media reports.
By 2015 iron ore production is set to grow by 53 percent. This has worried investors that falling prices will hurt the bottom line of some of the world’s largest mining firms. Recent movements in share prices have reflected these concerns. Yet the heads of the BHP, Vale, and Rio Tinto remain confident.
Mining Weekly reported Vale (NYSE:VALE,SAO:VALE5) it has started a demonstration plant to test and further develop technology which can produce pig iron.
Zacks.com reported the list of stocks featured in the Analyst Blog including Vale S.A (NYSE:VALE).
Market Watch reports that profits at Vale SA (NYSE:VALE) may dip in the first quarter, but are still likely to be up threefold from a year ago.
The company’s current challenge within its domestic market will be to remain cost competitive if tariffs are eliminated and demand continues to climb, as the Brazilian currency has also demonstrated very strong relative appreciation.
Iron ore demand is increasing among Chinese steel makers and the CISA lead boycott is simply not credible. Iron mining companies recognize this and will not relent from their position, which grows stronger every day that global demand recovers and ore prices rise.