Brazilian mining giant Vale (NYSE: VALE) released its fourth quarter 2022 report on February 16, local time, under the pressure of production cuts and falling iron ore prices, net operating income in the fourth quarter fell 8.8% to US$11.94 billion, adjusted EBITDA from continuing operations was US$4.63 billion, down US$100 million year-on-year and up 960 million yuan, and net profit was US$3.72 billion, down 30.4% year-on-year. However, it still exceeded market expectations of $2.5 billion.