Vale Reports Q3 2026 Earnings with Declining Iron Ore EBITDA and Growing Base Metals Segment
Vale S.A. reported a 20% year-over-year decline in pro forma EBITDA for the third quarter of 2026, primarily driven by lower iron ore prices and increased operational costs. While iron ore production fell by 6% due to constraints at Serra Norte, sales volumes remained resilient, slightly exceeding previous year levels. In contrast, the company's Base Metals segment showed significant strength, with EBITDA growing over 60% year-over-year. This growth was supported by record nickel output and strategic expansion in copper. Management is pivoting toward energy transition materials, targeting a long-term copper production goal of 700,000 tonnes by 2035 through brownfield opportunities and low capital intensity projects.
Tickers: $VALE
Topics: Base Metals Capital Expenditures Copper Production EBITDA Iron Ore Production Nickel Sales