During February 2011, Vale announced commissioning its first pelletizing plant in its industrial complex in Oman, which also includes a deep-water bulk jetty.
Bulk materials comprising iron ore, pellets, manganese ore and ferro-alloy contributed 77.7% to third-quarter operating revenue, while sales to Asia contributed 56.4% toward total revenue. In recent quarters, bulk material sales and sales to Asia trended higher.Operating revenue jumped 110% year-over-year to $14.5 billion. Operating income and net income rose by a staggering 200% each on robust revenue. Margins were impressive, with operating margin climbing 56%, up 8% from the second quarter. The stock gained 23% during the last one year and is trading at 11.1 times its estimated 2011 earnings.