Vale Scores Lower Net Income Despite Higher Copper, Nickel, Iron Ore Production

August 4, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Vale SA (NYSE:VALE) (Rio de Janeiro, Brazil) saw its net income drop by 78% during the second quarter of 2023 compared to the corresponding period of last year, due to lower commodity prices.

Vale reported net income of US$892 million in the just-passed quarter, compared to more than $4.1 billion during the period last year. Among the key reasons for the drop were lower iron ore and nickel prices and the appreciation of the Brazilian real.