Vale SA, the world’s No. 2 iron ore supplier, lowered its annual production guidance in a move that should support prices of the steel-making ingredient.
Vale said Tuesday it delivered 74.11 million metric tons last quarter, missing the 76.9 million-ton average estimate among analysts tracked by Bloomberg. The Rio de Janeiro-based company also revised previously reported production figures, cutting last quarter to 63.1 million tons from 63.9 million. Output a year ago was revised lower to 75 million tons from 75.7 million, as it excluded the Midwestern operations.