Vale (VALE) has recently reported its first quarter results which are especially interesting since iron ore did not suffer as much as some other commodities and continues to trade at healthy levels. Vale reported revenue of $6.97 billion and earnings of $0.05 per share. The results were distorted by the depreciation of the Brazilian real, so cash flow performance is more important. Vale generated $1.7 billion of operating cash flow while it spent $1.1 billion on investing activities. The company finished the first quarter with $11.8 billion of cash, $479 million of short-term