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Vale’s 4Q 2011 adjusted EBITDA came in at $7.396B, below the Street’s forecast of $8.032B, and down significantly from 3Q’s all-time high of $9.631B.

Guidance was for a potentially brighter global economic outlook for 2012, fueled by emerging economies which are expected to see acceleration in the second half of 2012. Declining global inflation, improved monetary policies, and inventory building could also be positive drivers in 2012.  The company said that construction has slowed down meaningfully in China, but a recovery was likely when winter ends.  Vale commented that the second quarter may also see an uptick in activity as the government pursues its housing program.

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