Brazilian miner and iron ore producer Vale went from a net loss of $1.5 billion in Q4 2019 to post a net profit of $739 million in Q4 2020, the company said this week while releasing its quarterly results.
Vale said net revenues in Q4 2020 was $14.7 billion, 48.2 percent up, year-over-year. The company also saw its adjusted EBITDA in Q4 2020 rise nearly 20 percent, year-over-year, to $4.24 billion. Adjusted margin EBITDA in Q4 2020 fell to 29 percent, from 35 percent in Q4 2019.
Vale’s ferrous and basic metals segments posted the strongest EBITDA figures in Q4 2020. EBITDA at its ferrous business in Q4 2020 was $8.8 billion, almost twice the $4.5 billion EBITDA it reported for the segment in Q4 2019. The basic metals business saw EBITDA in Q4 2020 increase 75.3 percent, year-over-year, to $1.13 billion.
Vale said Capex spending in Q4 2020 reached $1.4 billion, $549 million more when compared to Q3 2020, due to higher operating expenses and project costs.