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Profits beat
market estimates, CEO upbeat on prospects
* Vale invests $12.7 billion
in full year 2010
* Iron ore,
nickel production up after 2009 slump
(Adds
details on production, investment budget)
By Brian Ellsworth and Denise Luna
RIO DE JANEIRO, Feb 24 (Reuters) – Brazilian mining giant
Vale said its fourth-quarter profits nearly quadrupled to their
second-highest level ever on strong iron prices driven by
soaring demand from top world importer China.
“We are living our best days,” CEO Roger
Agnelli said in a
statement. “However, given the quality of the project pipeline
… I strongly believe that even better days are still to come.”
Vale , the world’s largest iron ore
miner, reported net income of 10.0 billion reais ($6.0 billion),
up from 2.7 billion reais a year ago. The result beat analysts
estimates as demand for iron remains strong among emerging
markets such as China.
EBITDA
rose to 14.6 billion reais ($8.8 billion) from 3.7
billion. Analysts had forecast Vale would post net income of
$5.73 billion and EBITDA of $8.37 billion.
