Vale, one of the world's largest producers of iron ore, announced results for the first quarter of 2024.
The Zhitong Finance App learned that after the US stock market on Wednesday, VALE.US (VALE.US), one of the world's largest iron ore producers, announced results for the first quarter of 2024. According to the data, the company's Q1 net revenue was US$8.459 billion, which is basically the same as US$8.434 billion in the same period last year, falling short of analysts' expectations of US$8.62 billion; net profit attributable to shareholders was US$1,679 billion, down 9% year on year, falling short of analysts' expectations of US$1.73 billion.
The adjusted profit before interest, tax, depreciation and amortization (EBITDA) was US$3.438 billion, down 7% year over year. Net debt was $10.105 billion, up 23% year over year. Capital expenditure was $1,395 million, up 23% year over year.
By business, Iron Ore Solutions (Iron Ore Solutions) business revenue was US$7.025 billion, adjusted EBITDA of US$3.459 billion; Energy Transition Metals (Energy Transition Metals) business revenue was US$1,434 million, and adjusted EBITDA was US$257 million.
Q1 iron ore sales volume was 63.827 million metric tons, up 15% year on year; the average realized price was 123.6 US dollars/ton, down 2% year on year. Iron ore C1 cash costs (excluding third-party procurement) declined slightly year over year to $23.5 per ton, despite being negatively affected by the appreciation of the Brazilian real.
Nickel sales were 33,000 metric tons, down 18% year on year; the average realized price was 16,848 US dollars/ton, down 33% year over year. Copper sales were 77,000 metric tons, up 22% year on year; the average realized price was 7,632 US dollars/ton, down 18% year on year.