Brazilian miner Vale posted on Tuesday its highest annual iron ore production since 2018, even after a decline in output in the fourth quarter when the company prioritized higher-margin products.

A weaker China economy and battered iron ore prices have helped drive down Vale SA’s stock, making investors wary of uncertainties plaguing one of the world’s top suppliers of the steelmaking ingredient.

Vale saw growth in its base metals division as copper production rose by nearly 3% year-on-year to 101,800 tons in the fourth quarter.

Vale S.A., one of the world’s largest mining companies, has reported its highest annual iron ore production since 2018. This milestone comes amid fluctuating stock markets and a global shift in investment strategies.

Vale S.A. VALE reported iron ore production of around 85 million tons (Mt) for the fourth quarter of 2024, which was 4.6% lower than the year-ago quarter, reflecting a shift toward higher-margin products.