Vocera, Inc. is a wireless communications company headquartered in San Jose, California. It specializes in network-based software systems that provide voice communication for mobile personnel in hospital, retail, hospitality, government, manufacturing and other in-building environments with a dispersed workforce.
Vocera has more than 600 installations in North America, United Kingdom, Australia and New Zealand, ranging in systems with 75 to over 4,000 registered users. Customers include Royal Cornwall Hospitals, M.D. Anderson Cancer Center2, El Camino Hospital3 and the Orange County Public Library.4
Vocera supplies technology for telecommunication via an IEEE 802.11b/g-supported wireless LAN. One of its products is the Vocera Communications Badge, a wearable, hands-free, communication system.

Vale S.A. (NYSE: VALE) is one of the largest global mining companies. The company is present in 13 Brazilian states and in 32 countries, in five continents, and is a world leader in iron ore and pellets production and commercialization, besides owning the largest nickel reserves of the planet. Vale is also a very important global producer of copper, coal, bauxite, alumina, Aluminum Prices, potassium, kaolin, manganese and ferroligas concentrate.

Vale operates large logistics systems in Brazil, including railroads, maritime terminals and a port, which are integrated with its mining operations. Directly and through affiliates and joint ventures, it has investments in the energy and steel businesses. Its principal nickel mines and processing operations are conducted by its wholly owned subsidiary Vale Inco Limited (Vale Inco), which has mining operations in Canada, Indonesia and New Caledonia. It owns and operates nickel refining facilities in the United Kingdom, Japan, Taiwan, South Korea and China. The Company is engaged in bauxite mining, alumina refining, and aluminum metal smelting.[1]

In March 2009, the Company sold its stake in Usinas Siderurgicas de Minas Gerais SA. In September 2009, Rio Tinto Limited completed the sale of its Corumba iron ore mine in Brazil and the associated river logistics operations to Vale S.A.[1]

Company Overview

Business and Financial Metrics
Second Quarter 2010 Results[2]

Contents
1 Company Overview
1.1 Business and Financial Metrics
1.2 Business Segments
1.2.1 Ferrous minerals[1]
1.2.2 Non-ferrous minerals[1]
1.2.3 Coal[1]
1.2.4 Logistics services[1]
2 Trends and Forces
2.1 Government incentives
2.2 Shifting demands for mined products
3 Competition
4 References
Vale reported operating revenue for the second quarter of 2010 of $9.9 billion, 45.0% more than the $6.8 billion reported in Q1 2010. Operating income, as measured by adjusted EBIT (earnings before interest and taxes), was $4.6 billion in Q2 2010, 124.5% above the first quarter of 2010. Vale's operating margin, as measured by adjusted EBIT margin, increased to 47.9% in Q2 2010 from 31.2% in Q1 2010. Vale reported net earnings of $3.7 billion, equal to $0.70 per share on a fully diluted basis, compared to $1.6 billion in Q1 2010.

Business Segments
Ferrous minerals[1]
The Company operates three systems in Brazil for producing and distributing iron ore. The Northern and the Southeastern Systems are fully integrated, consisting of mines, railroads, a maritime terminal and a port. The Southern System consists of three mining complexes and two maritime terminals. It operates 10 pellet-producing plants in Brazil. It also has a 50% stake in a joint venture that owns three integrated pellet plants in Brazil and a 25% stake in a pellet company in China. It conducts its manganese mining operations through subsidiaries in Brazil, and it produces several types of manganese ferroalloys through subsidiaries in Brazil, France and Norway.

Non-ferrous minerals[1]
The Company’s principal nickel mines and processing operations are conducted by its wholly owned subsidiary Vale Inco Limited (Vale Inco), which has mining operations in Canada, Indonesia and New Caledonia. It owns and operates, or has interests in, nickel refining facilities in the United Kingdom, Japan, Taiwan, South Korea and China. Vale S.A. is engaged in bauxite mining, alumina refining, and aluminum metal smelting. In Brazil, it owns a bauxite mine, an alumina refinery and an aluminum smelter. It has a 40% interest in Mineracao Rio do Norte S.A. (MRN), a bauxite producer, whose operations are also located in Brazil. In Brazil, it produces copper concentrates at Sossego in Carajas, in the state of Para. In Canada, it produces copper concentrate, copper anode and copper cathode in conjunction with its nickel mining operations at Sudbury and Voisey Bay.

Vale S.A. is a producer of potash, with operations in Rosario do Catete, in the state of Sergipe. It produces PGMs as by-products of its nickel mining and processing operations in Canada. The PGMs are concentrated at its Port Colborne facilities, in the Province of Ontario, Canada, and refined at its precious metals refinery in Acton, England. It produces gold and silver as by-products of its nickel mining and processing operations in Canada. Some of these precious metals are upgraded at its facilities in Port Colborne, Ontario, and all are refined by unrelated parties in Canada. It is a producer of kaolin for coating used by the paper industry.


Coal[1]
Vale S.A. produces metallurgical and thermal coal through Vale Australia Holdings (Vale Australia), which operates coal assets in Australia through wholly owned subsidiaries and unincorporated joint ventures. Through its subsidiary Vale Coal Colombia Ltd. Sucursal Colombia (Vale Colombia) it produces thermal coal in the Cesar department of Colombia. It has minority interests in Chinese coal and coke producers.

Logistics services[1]
The Company is a provider of logistics services in Brazil, with railroads, maritime terminals and a port. Two of its three iron ore systems incorporate an integrated railroad network linked to automated port and terminal facilities, which provide rail transportation for its mining products, general cargo and passengers, bulk terminal storage, and ship loading services for its mining operations and for customers. It conducts seaborne dry bulk shipping and provides tug boat services. It own and charter vessels to transport its iron ore sold on a cost and freight (CFR) basis to customers.

Vale S.A. also owns a 31.3% interest in Log-In Logistica Intermodal S.A. (Log-In), which provides intermodal logistics services in Brazil, Argentina and Uruguay, and a 41.5% interest in MRS Logistica S.A. (MRS), which transports its iron ore products from the Southern System mines to its Guaiba Island and Itaguai maritime terminals, in the state of Rio de Janeiro.

Trends and Forces

Government incentives
The U.S. has established the “cash for clunkers” program to support production in the auto sector. The European Union has also adopted programs that incentivize auto production. The Chinese government has provided a stimulus package for the infrastructure and construction sector. In Brazil there has been a reduction in the tax on industrialized products and improvement in credit conditions.[3]

Shifting demands for mined products
Nickel demand continues to grow in the Chinese market. Demand will continue to grow because of declining scrap availability and higher austenic ratio.

Steel demand has increased because of better than expected economic improvements, government incentives and end of destocking process in various nations.

Iron ore market: Brazil and the U.S. show higher domestic demand for iron ore which means supply of seaborne ore will decrease. Lead times and the Indian monsoon period will affect short term production capabilities.[4]
 
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