Vale (VALE) stock slips in premarket as nickel write-down swamps earnings beat
Vale S.A.’s U.S. shares fell about 2% premarket after the miner reported a $3.8 billion quarterly net loss, driven by a $3.5 billion impairment on Canadian nickel assets and a $2.8 billion tax write-off. Vale raised Samarco provisions by $449 million for U.K. dam litigation. Pro forma EBITDA reached $4.8 billion. A management call is set for 11:00 a.m. Brasilia time.