Vale generates profits even given the decline in iron ore prices, owing to its low-cost production.
Vale reported improved 2016 results versus 2015, with adjusted EBITDA increasing 72% to $12.2 billion. The primary driver was higher iron ore prices, which rose 14% to average $62.34 per metric ton in 2016. The rally accelerated during the fourth quarter, with prices reaching $79.10, which is 75% higher than the same period last year. In our view, this rally is unsustainable since it was built on credit-fueled Chinese stimulus that we expect will end. With prices now averaging $90 in late Februa...
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