Further Iron Ore Disruptions Boost Sentiment and Prices, but Those Drivers are Unlikely to Persist
Vale’s 2018 net profit after tax of USD 6.9 billion was 25% ahead of the 2017 result. Adjusted net profit after tax was USD 9.2 billion after excluding unrealised foreign exchange movements, impairments, and losses on asset sales. At the divisional level, EBITDA increased 8.1% to USD 16.6 billion. The uplift was driven by higher profit from iron ore and pellets and nickel, reflecting an uplift in realised prices and iron ore volumes. The result was slightly ahead of our forecast with Vale outper...
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