World's top iron-ore miner swells output despite glut, bear market

Rio de Janeiro

VALE SA boosted iron-ore production last quarter to the second-highest ever for the company, exceeding analysts' estimates and worsening a supply glut that saw prices of the steelmaking ingredient collapse.

Iron-ore output rose 7.4 per cent to 85.3 million tonnes in the quarter through June 30, compared with 79.4 million tonnes a year ago, the company said in a statement on Thursday. The result, which excludes third-party purchases and operations at a venture with BHP Billiton, topped the 82.5 million-tonne average of eight estimates compiled by Bloomberg.