VALE SA's net profit for the June quarter plummeted 59% as falling iron-ore prices, which hit an eight-month low this week, hurt the miner's bottom line.The company posted record iron-ore production for the June quarter of 80.5Mt, yet its net profit for the period was US$2.7 billion, down from US$6.5 billion in the June quarter last year, when the miner's output was 0.4% lower.On Tuesday, the Steel Index said the iron-ore prices for 62% Fe fell to US$122.90/t (dry) - the lowest level since November 4 and down from a 12-month high of US$181.00/t (dry). Prices have fallen amid concerns that demand in China, the world's largest consumer, is declining and Europe's worsening debt crisis will further impact global growth.
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