Vale (NYSE:VALE) reported Tuesday its annual iron ore production in 2024 reached its highest since 2018, despite a drop in Q4 output, saying its full-year performance was marked by greater operational stability and the start-up of key projects.

By Andre Romani and Marta Nogueira SAO PAULO/RIO DE JANEIRO (Reuters) -Brazilian miner Vale posted on Tuesday its highest annual iron ore production since 2018, even after a decline in output in the fourth quarter when the company prioritized higher-margin products.

A weaker China economy and battered iron ore prices have helped drive down Vale SA’s stock, making investors wary of uncertainties plaguing one of the world’s top suppliers of the steelmaking ingredient.

Iron ore sales fell some 10% in the fourth quarter from a year earlier to 81.2 million tons, Vale said, adding that it decided to reduce sales of high silica products in the quarter to improve all-in premiums.

Iron ore production from Brazilian miner Vale fell 4.6% during last year's fourth-quarter compared to the same period a year earlier, settling at 85.3 million metric tons, the company reported on Tuesday.

A weaker China economy and battered iron ore prices have helped drive down Vale’s stock, making investors wary of uncertainties plaguing one of the world’s top suppliers of the steelmaking ingredient.