Vale reported its best ever financial result in Q3 2010 Wednesday, marked by records in gross revenue, operational income and margin, net earnings and cash generation.
Vale experienced record operating revenue of US$14.5 billion in Q3 2010, 19.6 percent above the previous record of US$12.1 billion in Q3 2008 and 46 percent more than the US$9.9 billion in Q2 2010. From ferrous minerals alone, the company earned 11 billion in Q3 2010, over 7.3 billion in the prior quarter, and 4.3 billion in Q3 2009. Operating revenue from metallurgical coal slipped slightly in Q3 to $104 million from $113 million in Q2, but still up from $82 million in Q3 2009.
Vale's operating income of US$7.8 billion in Q3 2010 was 69.2 percent above the US$4.6 billion in Q2 2010, and the company had record net earnings of US$6 billion in Q3 2010 above the US$3.7 billion in the prior quarter.
Looking forward, Vale commented that in spite of the short-term risks to growth sustainability, it strongly believes that the global economic recovery will proceed being driven by rapid growing emerging economies, thus leading to a large expansion in the consumption of minerals, metals and fertilizers.