Brazilian mining company Vale reported a net profit of $1.414 billion for the second quarter of 2026, compared with $2.117 billion for the same period a year earlier.
Net sales increased by 19 percent to $10.498 billion, while production costs increased by 20 percent to $7.294 billion. Gross profit increased by 18 percent to $3.204 billion, while operating profit increased by 8 percent to reach $2.155 billion.
In contrast, the increase in operating performance, finance costs and deferred taxes combined had a negative impact on net income of $1.138 billion year-on-year compared to the previous quarter.
In the second quarter of 2026, Vale's iron ore processing business accounted for 63 percent of the company's net revenue, while iron ore pellets accounted for 10%, while other ferrous minerals accounted for 2%. Other areas of Vale, including copper and nickel, accounted for 25%.
In terms of destinations, net sales to Asia accounted for 67% of total sales, of which China accounted for 50%, followed by Europe (16%), South America (9%), North America (4%) and the Middle East (1%), while while other areas accounted for 3 percent.
Sales of fine iron ore in the second quarter of 2026 reached 69.946 million metric tons, while sales of pellets production volume reached 7.748 million tons. According to Vale, the production volume at the existing mines amounted to 2.053 million tons.
The average FOB prices achieved during the quarter were $95 per ton of fine fraction and $137 per ton of pellets, which is 12% and 2% more than in the previous quarter. The second quarter of 2025.
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