Vale’s profit falls 53% in Q3 on lower iron-ore prices, higher costs

Brazilian miner Vale reported on Thursday a 53% decline in its third-quarter net profit from a year earlier, hit by lower iron ore prices and higher costs, including freight. Vale, one of the largest iron ore producers in the world, posted a $1.26-billion net profit for the July-September quarter, below the $1.70-billion expected by analysts in a Visible Alpha poll.