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Bloomberg reported that Vale SA will report the first loss in a decade, despite a series of cost-cutting measures.
Bloomberg reported that Vale SA will report the first loss in a decade, despite a series of cost-cutting measures.
As quoted in the market report:
The Rio de Janeiro-based miner will report tomorrow a record loss of $1.22 billion for the three months ended Dec. 31 under U.S. accounting standards, according to the average of five analysts’ estimates compiled by Bloomberg. That would mark the first loss since the third quarter of 2002, when Vale lost $150 million after a currency slump boosted debt costs.