Profits up 11 pct for Brazil’s Vale mining company in Q4

Profits up 11 pct for Brazil’s Vale in Q4

SAO PAULO — Brazil’s Vale mining company says profits rose 11 percent in the fourth quarter as demand for minerals started rebounding.

But the world’s largest iron ore miner said that the Great Recession sent overall 2009 profits plummeting 60 percent compared to 2008.

Vale SA said late Wednesday that it earned $1.5 billion in the October-December period, up from $1.4 billion for the fourth quarter of 2008. Revenue dipped to $6.5 billion for the quarter compared to $7.4 billion a year earlier.

For all of 2009, profits came in at $5.3 billion — down from $13.2 billion in 2008. Revenue in 2009 was $23.9 billion compared to $38.5 billion in 2008.

Iron ore is the raw ingredient in steel. Vale has also branched into production of other metals.

(This version CORRECTS time element to Wednesday sted Thursday.)