New York, February 13, 2026, 06:52 (ET) — Premarket
Shares of Vale S.A. slipped roughly 2% to $17.04 ahead of Friday’s opening bell in the U.S. The stock had wrapped up Thursday’s session at approximately $17.41.
Vale swung to a $3.8 billion net loss in the fourth quarter, hit by a $3.5 billion impairment on its Canadian nickel operations at Vale Base Metals—essentially, a massive write-down. The company also logged a $2.8 billion deferred tax asset write-off from subsidiaries and bumped up provisions at Samarco, its BHP partnership, adding $449 million as it braces for a U.K. class action tied to the 2015 Fundao dam disaster. 1
Investors have that headline loss in front of them, but they’re also looking at Vale’s cash flow and payouts. The company reported pro forma EBITDA at $4.8 billion, its go-to measure for operating profit. Dividends and “interest on capital” are set at $1.8 billion for March, following a $1.0 billion extraordinary payout in January. “Vale delivered an outstanding performance in 2025 as it met or beat its guidance,” CEO Gustavo Pimenta said. 2
Vale ranks among the top global iron ore producers, with nickel and copper also in its portfolio—so swings in steel demand and industrial metals prices hit both its earnings and stock hard. Headquartered in Rio de Janeiro, the company runs a network of logistics assets, from railways to ports, all integral to its mining business. 3
Pressure on iron ore prices is building as China heads into its holiday stretch. On the Singapore Exchange, benchmark March iron ore slipped 1.24% to $98.35 a metric ton. Over in Dalian, the May contract—by far the most active—dropped 1.51% to 752.5 yuan, with traders scaling back exposure before the Lunar New Year break. 4
The metals complex weakened further. Nickel on the LME dropped 2.3% to $17,030 a ton. Copper dipped 0.5%, settling at $12,810.50. ING commodities strategist Ewa Manthey attributed it to “macro-driven risk-off sentiment” and some profit-taking. 5
Even so, this trade isn’t without pitfalls for both bulls and bears. Vale pointed to a “downward revision in long-term nickel price assumptions” as the trigger for the nickel impairment. The latest quarter also saw tax-related write-offs and a bigger Samarco provision from ongoing litigation — factors that could keep investors on the sidelines, regardless of steady operating numbers. 6
Management’s conference call is set for later Friday. Vale will stream the live webcast over Zoom on February 13 at 11:00 a.m. Brasilia time, offering simultaneous Portuguese translation. 7
