Vale SA reported Wednesday a 19 percent first quarter profit decrease after the price of iron ore fell sharply.
Net income reached $2.52 billion in Q1, compared to $3.11 billion in the same quarter of 2013.
The decline in prices for iron ore, which comprises 75 percent of Vale’s revenue, during the quarter resulted in a net sales decrease of 11 percent to $9.50 billion.
The company's iron ore output rose 9.6 percent to 71.1 million tons for the quarter, the highest first-quarter result since 2008, but fell 13 percent from the previous quarter.