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Print[Ferro-Alloys.com] Vale SA announced that it had a financial performance that reflected the challenges stemming from the downward price volatility typically created y a global economic deceleration, which combines the effects of a weaker demand for minerals and metals with negative expectations.
Gross operating revenues totaled USD 11.0 billion, 9.8% below the USD 12.2 billion in 2Q12. The decline was a consequence of lower sales prices.
Income from existing operations, as measured by adjusted EBIT decreased to USD 2.7 billion, 32.5% below 2Q12. After excluding the effect of the provision related to mining royalties (CFEM), adjusted EBIT reached USD 3.2 billion.
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