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Vale CEO expects current quarter results in line with Q4

Published 02/28/2018, 10:31 AM
© Reuters.  Vale CEO expects current quarter results in line with Q4
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  • Vale (VALE -1.4%) likely will achieve Q1 results that are similar to those in Q4 2017 despite typical seasonal weakness in the January-March period, CEO Fabio Schvartsman says.
  • In its earnings conference call after the company reported a 47% Y/Y jump in Q4 profit, execs also forecast iron ore prices to be sustained by economic growth and growing steel output, and said Vale is happy with prices in the $60-$70/metric ton range; current iron ore prices at the Qingdao port in China are ~$78/ton.
  • Vale’s own actions will have a major impact on prices, as the company will account for half the 40M metric tons of new iron ore in the seaborne market it expects will come online this year.
  • Now read: Cobalt In The Spotlight


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