RIO DE JANEIRO, July 31 (Reuters) - Vale posted a fall in profit on the previous quarter as lower iron ore prices offset record production of the steel making ingredient by the Brazilian miner.
The world’s largest producer of iron ore reported second-quarter net income of $1.43 billion, down from $2.52 billion in the previous quarter and below analyst expectations.
Net income was up significantly from the previous year, when a one-off foreign exchange charge resulted in an anomalously low figure.
Prices for iron ore .IO62-CNI=SI have dropped by around 30 percent this year, hitting a 22-month low in June. (Reporting by Stephen Eisenhammer; editing by Jason Neely)