Brazilian mining company Vale reported net profit of $1.275 billion in the third quarter of 2026, down 53% from $2.695 billion a year earlier. Revenue, however, increased 2% to $10.599 billion.
The decline in profit came as production costs rose 20% to $7.94 billion. Gross profit fell 30% to $2.659 billion, while operating profit dropped 43% to $1.593 billion. Vale’s average realized FOB price for iron ore fines was $85.10 per metric ton, down 10% year over year. Pellet prices rose 2% to $134 per metric ton.
Sales of iron ore fines totaled 75.513 million metric tons, while pellet sales reached 8.72 million metric tons. China accounted for 47% of Vale’s revenue, and Asia as a whole for 66%.
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