Vale Profit Disappoints as Cost Pressures Offset Price Gain

The world’s top iron-ore producer Vale SA posted disappointing first-quarter results as operational pressures more than offset higher prices and volumes.

The company reported $3.9 billion in profit on a pro forma basis before interest, taxes, depreciation and amortization, according to a filing Tuesday. That fell short of the $4.1 billion average estimate among analysts in a survey compiled by Bloomberg.