Brazil’s Vale profit falls as prices undermine record output
RIO DE JANEIRO, July 31 (Reuters) – Vale posted a fall in profit compared with the previous quarter as lower iron ore prices undermined record production of the main steel-making ingredient by the Brazilian-based miner.
Vale’s nickel production offered some relief. The base metals division contributed $609 million to earnings before interest, taxes, depreciation and amortization, or EBITDA, a key measure of ability to generate cash from operations.
Read more at: http://af.reuters.com/article/commoditiesNews/idAFL2N0Q60EL20140731
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