Brazilian iron-ore miner Vale severely missed quarterly profit and margin estimates on Thursday, largely due to impairments related to its base metal and coal operations and the lingering effects of a deadly dam burst in January 2019.
Excluding one-time factors, the company would have largely met expectations.
As a whole, the results showed a company still reeling from the Brumadinho disaster and struggling to realize the potential of certain deposits, but which has also managed to limit the apparent effects of the dam burst on output, pleasing some analysts.