Vale Posts Lowest Earnings in Six Years due to Iron Ore Slump

Mining.com reported that Brazil’s Vale (NYSE:VALE) posted its lowest earnings in six years and the third straight quarterly loss, attributed to a drop in iron ore prices and a fall in Chinese demand.

As quoted in the market news,

The Rio de Janeiro-based miner logged a net loss of $3.2 billion in the first quarter, compared with a net profit of $2.4 billion in the same period last year.

It also reported that first-quarter adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, dropped 61% to $1.6 billion from a year earlier, the lowest since the second quarter of 2009.

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