Brazil: Profit at mining company Vale falls to US$1.36 billion in first quarter

8 May 2009

Rio de Janeiro, Brazil, 8 May – Mining company Vale said Wednesday that its profit for the first quarter of 2009 – US$1.363 billion – was practically the same as posted in the last quarter of 2008 and 32.6 percent lower than in the same quarter of last year.

China remained the main destination for the mining company’s sales, accounting for 43.6 percent of revenues, followed by Brazil with 11.9 percent, Japan with 8.6 percent, the United States, 5.3 percent, South Korea with 4.5 percent, Canada with 3.8 percent and Germany, 3.6 percent.

“Outside of China, demand for iron ore remain very weak, with Japan, the second-biggest importer, reducing its purchases by 34.4 percent in the first quarter against the same period of 2008,” Vale said.

In the first quarter of 2008, Vale posted gross revenues of US$5.4 billion, which fell by 27.2 percent in the first quarter of this year against the US$7.4 billion posted in the fourth quarter of 2008 and 32.6 percent against the same period of 2008. (macauhub)

MACAUHUB FRENCH