Vale speaks on company’s Q2 performance
Tags: iron ore , raw mat , Brazil , South America , consumption | similar articles »
Vale has reported strong operational and financial performance in the second quarter of 2010 (2Q10), the best since the global financial shock took place in 3Q08. According to the Company, these results reflect a rising global demand for minerals and metals, operating costs under control and our efforts to increase production.
2Q10 marks the first quarter with the implementation of the new pricing regime for iron ore, they noted, with the move toward price flexibility bringing more efficiency and transparency to iron ore pricing thus allowing for the recognition of quality differences. "We strongly believe that the continuous quest for growth will keep Vale on the road to significant shareholder value creation," commented Vale in a July 30 press release.
The main highlights of Vale's performance in 2Q10 were: Operating revenue of US$9.9 billion in 2Q10, 45.0% more than the US$6.8 billion in 1Q10; operating income, as of US$4.6 billion in 2Q10, 124.5% above 1Q10; net earnings of US$ 3.7 billion against US$ 1.6 billion in 1Q10.
In addition, Vale's investments - excluding acquisitions - reached US$2.4 billion, with US$2.0 billion spent on organic growth.
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