Soaring iron ore prices boost Vale Q1 profit

Brazil’s Vale (NYSE: VALE), the world’s top iron ore producer, has beat first quarter profit estimates, as prices for the steel-making ingredient continue to hit record highs.

The miner, which is also the no.1 nickel producer, posted net income of $5.6 billion, above market estimates of $5.06-billion. The figure is also significantly higher than the $239 million posted in the first quarter of 2020, which was affected by factors such as fines and compensation to victims of the deadly 2019 Brumadinho tailings dam disaster.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $8.4 billion in the three months to March 31, up from $2.9 billion a year earlier.