Brazilian mining giant Vale's third-quarter net profit fell 53% year over year to $1.26 billion. The result missed analyst expectations.
The decline was driven mainly by lower realized iron ore prices and higher costs related to currency appreciation and fuel prices. Pro forma EBITDA fell 20% to $3.5 billion.
Revenue rose 2% to $10.6 billion. Vale highlighted its disciplined operational strategy, including a hedging program that generated a $97 million gain and helped offset some pressure from higher oil prices.
Recurring free cash flow remained solid at $1.4 billion, demonstrating resilience in cash generation despite challenging market conditions.