Brazil's Vale says Q3 profit fell 66 pct to $1.67 bln

RIO DE JANEIRO, Oct 24 (Reuters) - Brazil's Vale SA , the world's No. 2 mining company, said on Wednesday that third-quarter profit fell 66 percent compared with a year earlier after the price of iron ore dropped to three-year lows.

Net income in the three months ending Sept. 30 was $1.67 billion, compared with $4.94 billion a year earlier, Vale said in a statement. Vale is the world's largest producer of iron ore, the main ingredient in steel.

(Reporting by Jeb Blount and Sabrina Lorenzi)