In 3Q21, Vale reported a proforma adjusted EBITDA of US$ 7.109 billion, US$ 4.130 billion lower than 2Q21, mainly due to lower revenues in Ferrous Minerals and Base Metals business, following the lower iron ore realized prices and the lower nickel byproducts revenues, the later impacted by the labor disruption in Sudbury.
The main drivers of the difference of 3Q21 performance in comparison to 2Q21 were: the Ferrous Minerals lower realized sales prices (US$ 3.891 billion); Base Metals lower realized prices, mostly impacted by lower nickel byproducts revenues due to the labor disruptions in Sudbury (US$ 379 million); the higher unit costs and expenses, mainly due to Ferrous Minerals' higher freight costs (US$ 159 million), affected by higher bunker oil and spot freight prices
Net income was US$ 3.886 billion in 3Q21, US$ 3.700 billion lower than 2Q21, primarily due to lower proforma EBITDA and the full impairment of the investment in Coal business.
We ended the quarter with gross debt and leases at US$ 13.585 billion, slightly lower than 2Q21. Net debt totaled US$ 2.207 billion in the same period, US$ 2.945 billion higher than 2Q21, with expanded net debt following at US$ 13.881 billion.