By Jeffrey T. Lewis
SÃO PAULO--Brazilian iron-ore miner Vale SA's profit fell in the third quarter after the price of the steel precursor fell sharply from a year earlier.
The Rio de Janeiro-based company reported net income from continuing operations of $4.5 billion in the period, from $5.5 billion a year earlier. Net operating revenue declined to $9.9 billion from $12.3 billion in the third quarter of 2021.
The average realized price per metric ton of iron ore fines fell to $103.3 in the third quarter from $162.9 per ton a year earlier, while the price for iron ore pellets, a premium product, fell to $194.3 per ton from $249.9 per ton, Vale said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
10-27-22 1800ET