Vale Reports Net Loss for 2014 Fourth Quarter
Kristen Moran - February 26th, 2015
Vale (NYSE:VALE) announced its Q4 and full year results for 2014, which show a net loss of US$1.85 billion in the fourth quarter compared to a loss of US$6.5 million during the same period in 2013.
Vale (NYSE:VALE) announced its Q4 and full year results for 2014, which show a net loss of US$1.85 billion in the fourth quarter compared to a loss of US$6.5 million during the same period in 2013. The company’s annual adjusted EBITDA for 2014 was US$13.4 billion, a 40.8 percent decrease from the US$22.6 billion in 2013, a loss that has been attributed to the low commodity prices.
Some highlights of the report pertaining to iron ore include:
- Iron ore supply of 331.6 Mt3 , including Vale sourced production record of 319.2 Mt4 , mainly due to the record production in Carajás of 119.7 Mt.
- Record sales volumes of iron ore and pellets (313.6 Mt) and gold (351,000 oz), and the highest sales volume of nickel (272,000 t) since 2008.
- Reduction of US$ 1.2181 billion in expenses across all businesses in 2014. − SG&A5 decreased by US$ 234 million (21.1%). − Pre-operating and stoppage expenses5 decreased significantly by US$ 747 million (45.9% reduction) from US$ 1.628 billion in 2013 down to US$ 881 million in 2014.
- Granting of the operating license to expand the N4WS mine pit located in Carajás, supporting our iron ore production plan for 2015 and 2016.