Brazilian miner Vale posted on Tuesday its highest annual iron ore production since 2018, even after a decline in output in the fourth quarter when the company prioritized higher-margin products.

Vale S.A. VALE reported iron ore production of around 85 million tons (Mt) for the fourth quarter of 2024, which was 4.6% lower than the year-ago quarter, reflecting a shift toward higher-margin products.

Vale (NYSE:VALE) reported Tuesday its annual iron ore production in 2024 reached its highest since 2018, despite a drop in Q4 output, saying its full-year performance was marked by greater operational stability and the start-up of key projects.

SAO PAULO (Reuters) - Iron ore production from Brazilian miner Vale fell 4.6% during last year's fourth-quarter compared to the same period a year earlier, settling at 85.3 million metric tons, the company reported on Tuesday. Copyright 2025 Thomson Reuters.

A weaker China economy and battered iron ore prices have helped drive down Vale SA’s stock, making investors wary of uncertainties plaguing one of the world’s top suppliers of the steelmaking ingredient.

Vale saw growth in its base metals division as copper production rose by nearly 3% year-on-year to 101,800 tons in the fourth quarter.

Vale has announced that it has achieved the highest annual iron ore production since 2018, despite a decrease in fourth-quarter (Q4) output.

Iron ore sales fell some 10% in the fourth quarter from a year earlier to 81.2 million tons, Vale said, adding that it decided to reduce sales of high silica products in the quarter to improve all-in premiums.