Vale profit could triple on soaring iron prices

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 market news is quoted as saying,

Vale’s net profit could come in as high as $5.4 billion, according to the average estimate of six analysts polled by Dow Jones Newswires. That compares with the $1.6 billion Vale recorded in first-quarter 2010, when its traditional markets in Europe, Japan and the U.S. were still recovering from global economic crisis, and before iron ore producers started using a quarterly pricing system for the steelmaking ingredient.

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