Iron rout has Vale cutting back after bumper quarter

Huge sales: The logo of the Brazilian mining company Vale SA in Brumadinho, Brazil. The company produced more iron ore than analysts expected and surpassed both the previous quarter. — Reuters

NEW YORK: After a bumper third quarter, the world’s number two iron ore miner is cutting back on lower quality supply after prices of the steelmaking ingredient plunged.

Vale SA produced more than analysts expected and surpassed both the previous quarter and the year-ago period as part of an ongoing recovery from a 2019 tailings dam disaster and thanks to better weather.