On October 25th, Vale announced its third quarter performance, with production soaring and third quarter profits exceeding expectations. Vale's net revenue for the third quarter was $9.55 billion, a year-on-year decrease of 10% and a month on month decrease of 4%; The adjusted EBITDA for the third quarter was $3.74 billion, a year-on-year decrease of 21% and a month on month decrease of 6%, but exceeded the average analyst expectation of $3.5 billion. The iron ore production of Vale has set a record high since the end of 2018, reaching approximately 91 million tons.