Vale S.A. reported a net operating revenue of $8.119 billion for the first quarter of 2025, marking a 4% decrease year-over-year and a 20% decline quarter-on-quarter. Despite the overall revenue slide, this figure surpassed the consensus estimate of $8.03 billion.
Iron ore production for the quarter was 67.7 million tonnes (Mt), a 4.5% decrease year-over-year, primarily due to constraints caused by heavy rainfall in the Northern System. The weak revenue performance was largely attributed to lower price realization in the ferrous division and seasonal weather effects.
In contrast to iron ore, sales from copper rose 7% year-over-year, and nickel sales surged 18% year-over-year, highlighting the growing contribution of Vale's energy transition metals segment. The company's recurring free cash flow for Q1 2025 was $500 million, indicating its ability to generate cash despite market headwinds.
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