Vale posted second-quarter profits Thursday of $1.43 billion, compared to $424 million in Q2 2013. Adjusted earnings before interest, tax, depreciation, and amortization, or Ebitda, fell to $4.1 billion.
Vale’s net sales dropped by 7.1 percent to $9.9 billion in the quarter, and the company invested $5.1 billion in the first half of the year, 34 percent of the $14.8 billion budgeted for 2014 due to decreased project costs.