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“The past two months have been challenging for everyone,” said Dino Otranto, Chief Operating Officer, North Atlantic Operations for Vale, in announcing the deal has been ratified. “We are pleased that the company and the union were able to find common ground and a path forward. We look forward to welcoming everyone back.
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“Our task now is to position our business to thrive today and for generations to come. We have many opportunities ahead of us, with the growing electric vehicle market. The nickel, copper and cobalt we produce are critical metals to achieving a low carbon future.
Strike is over: Local 6500 members vote 85% to ratify new deal
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Local 6500 endorsing tentative agreement reached with Vale
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In a securities filing, Vale reported second-quarter net income of $7.586 billion, up over 600 per cent from the same period a year ago, but slightly below the Refinitiv consensus estimate of $7.67 billion.
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Earnings before interest, taxes, depreciation and amortization, adjusted for some one-off factors, came in at $11 billion. That was up roughly 32 per cent from the same period last year, which was heavily affected by the COVID-19 pandemic, but below the Refinitiv estimate of $11.8 billion.