6-K 1 tm214989d18_6k.htm FORM 6-K

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

For the month of

February 2021

Vale S.A.

Praia de Botafogo nº 186, 18º andar, Botafogo
22250-145 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F x Form 40-F ¨

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1))

(Check One) Yes ¨ No x

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7))

(Check One) Yes¨ No x

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(Check One) Yes ¨ No x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82- .)

| B3/B4 back-up dam, delivered in 4Q20 VALE’S PERFORMANCE IN 4Q20 AND 2020

| www.vale.com vale.ri@vale.com Investor Ivan Fadel André Werner Mariana Rocha Samir Bassil Relations Department Except where otherwise indicated the operational and financial information in this release is based on the consolidated figures in accordance with IFRS. Our quarterly financial statements are reviewed by the company’s independent auditors. The main subsidiaries that are consolidated are the following: Companhia Portuária da Baía de Sepetiba, Mineração Corumbaense Reunida S.A., Minerações Brasileiras Reunidas S.A. PT Vale Indonesia Tbk, Salobo Metais S.A, Vale Holdings B.V., Vale Canada Limited, Vale International S.A., Vale Manganês S.A., Vale Malaysia Minerals Sdn. Bhd., Vale Moçambique S.A., Vale Nouvelle-Calédonie SAS, Vale Oman Pelletizing Company LLC and Vale Oman Distribution Center LLC. This press release may include statements about Vale's current expectations about future events or results (forward-looking statements). Many of those forward-looking statements can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" “will” and "potential," among others. All forward-looking statements involve various risks and uncertainties. Vale cannot guarantee that these statements will prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. Vale cautions you that actual results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future events or for any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports that Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and, in particular, the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F. Cautionary Note to U.S. Investors - The SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We present certain information in this presentation, including ‘measured resources,’ ‘indicated resources,’ ‘inferred resources,’ ‘geologic resources’, which would not be permitted in an SEC filing. These materials are not proven or probable reserves, as defined by the SEC, and we cannot assure you that these materials will be converted into proven or probable reserves, as defined by the SEC. U.S. Investors should consider closely the disclosure in our Annual Report on Form 20-K, which may be obtained from us, from our website or at http://us.sec.gov/edgar.shtml. The information contained in this press release includes financial measures that are not prepared in accordance with IFRS. These non-IFRS measures differ from the most directly comparable measures determined under IFRS, but we have not presented a reconciliation to the most directly comparable IFRS measures, because the non-IFRS measures are forward-looking and a reconciliation cannot be prepared without unreasonable effort. Conference call and webcast on Friday, February 26th - Portuguese (non-translated) at 10:00 a.m. Brasilia time - English at 12:00 p.m. Brasilia time (10:00 a.m. New York time, 3:00 p.m. London time). Brazil: (55 11) 3181-8565 or 4210-1803 USA: (1 412) 717-9627 or toll free (1 844) 204-8942 U.K.: (44 20) 3795-9972 Access code: VALE

| Vale’s performance in review Rio de Janeiro, February 25th, 2021 – The adoption of measures to fight the COVID-19 pandemic and the continuity of the integral reparation of Brumadinho were Vale’s priorities in 2020. In this challenging environment, we implemented operational adjustments and continued to act positively toward the communities of which we are a part. Despite the circumstances, we moved forward in de-risking Vale, with the Global Settlement for Brumadinho reparation being the most recent in a series of milestones achieved. We evolved our risk management model, enhanced our dams and tailings practices and broadened the implementation of VPS1. We extended our railways concessions from 2027 to 2057, partially resumed production in all our iron ore fines operations halted in 2019, improved production in base metals and closed gaps in the direction of having more robust ESG practices. ”It was a year in which we took important steps to become a more reliable operator. By establishing the Global Agreement of Brumadinho, improving our safety standards and partially resuming all our iron ore operations halted in 2019, we advanced into further de-risking our business. With this, we are preparing Vale for more solid results in 2021”, commented Eduardo Bartolomeo, Chief Executive Officer. Brumadinho reparation Advancing with Brumadinho reparation is our priority. As of February 2021, over 9,100 people were individually indemnified, and more than R$ 13 billion were destined to indemnifications, to infrastructure works and to environmental and socio-economic reparation initiatives. In 4Q20, Vale concluded the works on two pipelines for water withdraw on the Pará River, in Pará de Minas, as part of the construction of new water supply systems to serve the population of Pará de Minas and metropolitan area of Belo Horizonte. A third one, on the Paraopeba River, will be delivered in 1H21. In February 2021, Vale, the State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public Prosecutors Offices, entered into a settlement to repair the environmental and social collective damages resulting from the Dam I rupture. The Global Settlement, with an economic value of approximately R$ 37.7 billion, encompass initiatives with socio-economic and socio-environmental scope, representing swift, fair and effective solutions towards the integral reparation and compensation for the damage caused by the tragedy of Brumadinho. The impact of the Global Settlement on 4Q20 results of R$ 19.9 billion (US$ 3.9 billion) is detailed in the Adjusted EBITDA section of this report. For updated information on the advance of the reparation initiatives, please visit www.vale.com/brumadinho. 1 VPS (Vale Production System) is Vale’s management model that is focused on results, providing in-depth and comprehensive implementation of policies and practices to enable safe and environmentally responsible operations and ensure asset integrity. 3

| Dams safety Dam management practices at Vale continue to evolve. Vale is well positioned to be adherent to the new Global Industry Standard on Tailings Management - GISTM by the end of 2021. In addition, following the parameters to be announced by the Global Tailings Review Initiative in 2021, Vale will promote an in-depth internal evaluation and define an action plan to fully implement all principles and recommendations of GISTM. In October 2020, our Board of Directors approved the Dams and Mining Geotechnical Structures Policy, which was designed with GISTM as one of its references. We are working to have all 32 structures currently at Emergency Level in safe conditions by 2025. In 2020, after the conclusion of stability improvements, the Emergency Level of Dam VI in Brumadinho (MG), Itabiruçu in Itabira (MG) and Captação de Água – Igarapé Bahia, in Parauapebas (PA) were removed and positive stability condition of stability attested. We also promoted PAEBM (emergency action plans for mining dams, in Portuguese) drills for all Emergency Levels 2 and 3 dams. Cultural transformation and Vale Production System - VPS Our cultural transformation aims to bring safety, people and reparation to the core of our decisions, with five key behaviors present across the company: • Obsession with safety and risk management; • Open and transparent dialogue; • Empowerment with accountability; • Ownership for the whole; • Active listening and engaging with society. We believe that the adherence to these behaviors will promote the necessary actions to transform Vale into a better operator. Our human capital management is evolving to support the cultural transformation. On the path to reach our goal of doubling the female presence by 2030, we have reached a 16.3% female presence in senior leadership in 2020 from 12.4% in 2019. As a cornerstone of the cultural transformation, we started the implementation in large scale of our Vale Production System - VPS. With its Leadership, Technical and Management pillars, VPS promotes and reinforces the key behaviors in the operational routine. The initial advancements towards operational excellence can already be perceived: • 23 pp higher adherence to maintenance plans; • 93% of scheduled maintenance in Brazil with Safe Work Permit2; • 95% adherence to systematic maintenance to critical assets; 2 Operational safety process that provides guidance for a broad risk analysis, including site conditions to proceed with the task, risks incurred, general procedures, among others. 4

| Production resumption 4Q20 marked the partial resumption of all iron ore fines operations halted in 2019, a significant milestone to achieve 400 Mtpy capacity by the end of 2022. • In the Northern system, Serra Leste mine and mill restarted in December after receiving the required Installation License. The site is expected to produce 4-5 Mt in 2021, reaching 6 Mtpy of run-rate until the end of the year; • In the Southern system, Fábrica resumed its activities in December after several vibration tests certified the absence of impacts on the site’s structures. Until the resumption of beneficiation plant activities, which is expected to happen in 2Q21, Fábrica will operate by dry processing and mechanical dismantling, adding around 2 Mtpy of production capacity. • Still in the Southern system, in January 2021, Vale resumed production at Vargem Grande pellet plant. With a nominal capacity of 7 Mtpy, the plant is expected to reach approximately 4-5 Mtpy in 2021, according to its ramp-up and pellet feed availability. In an important step to create production capacity buffers, Vale received in December the required licenses to start the construction of the Capanema Project. The project adds 14 Mtpy capacity to Timbopeba site, ensuring greater operational flexibility with low capital intensity. We also advanced on the adoption of sustainable mining solutions, with the implementation of filtering and tailings disposal structures that will support the capacity resumption and reduce the dependency on dams: • Tailings filtration plants construction evolved in Itabira, Brucutu and Vargem Grande, with all plants expected to be operating by 2022; • Maravilhas III (Vargem Grande Complex) and Torto (Brucutu) dams with start-up expected by 3Q21 and 4Q21, respectively. Developing dry concentration technologies and increasing the share of high-quality products in the portfolio are important pieces to reduce our scope 3 emissions by 15% by 2035, and aligned with that goal our Board approved the construction of the first New Steel plant, with capacity of 1.5 million tons and startup expected by 2022. For detailed information on the advance of the operational stabilization and resumption plan, please see Vale’s Production and Sales Report in 4Q20 and 2020. Early extension of railway concessions In December 2020, Vale agreed terms with the Brazilian Federal Government to extend its concessions to operate the Estrada de Ferro Carajás and Estrada de Ferro Vitória Minas railways by 30 years, from 2027 to 2057. The work on this extension started back in 2015 and is a significant milestone in de-risking our business. To secure the extensions, Vale has agreed to commitments with a Net Present Value of US$ 2.312 billion, with the most significant being the construction of the 383 km railway FICO – Ferrovia de Integração Centro Oeste – on behalf of the Federal Government. 5

| Shareholders remuneration Vale’s Board of Director approved the distribution of a total of R$ 4.26 per share (approximately US$ 0.77 per ADR)3 in shareholders remuneration in relation to the company performance in 2H20. The continuation of our dividend payment policy aims at returning to our shareholders a relevant portion of our cash generation, in a predictable pattern and aligned with our strategic pillar ‘Discipline in Capital Allocation’. Vale’s performance 4Q20 Proforma adjusted EBITDA reached US$ 9.103 billion in 4Q20, US$ 2.879 billion higher than in 3Q20, totaling US$ 15.327 billion in the second half of 2020 and US$ 21.954 billion for the full 2020 year. The quarterly result was mainly driven by: • The strong performance of Ferrous Minerals business, as a result of 17% higher realized prices (US$ 1.598 billion) and 26% higher sales volumes (US$ 1.364 billion); • Higher nickel (US$ 113 million) and copper (US$ 57 million) realized prices, following the 12% and 10% higher than 3Q20 average LME reference price, respectively; and • Higher nickel by-product credits, mainly due to higher volumes of copper, rhodium and palladium (US$ 97 million). Those effects were partially offset by higher Ferrous Minerals costs and expenses (US$ 152 million), mainly due to higher demurrage costs and higher cost of third party ore purchases , driven by higher reference prices, which in turn were partially offset by the dilution of costs and expenses on higher volumes and lower unit freight costs. EBITDA proforma 4Q20 vs. 3Q20 Adjusted EBITDA, after US$ 4.863 billion in expenses related to Brumadinho and COVID-19 donations in 4Q20, totaled US$ 4.240 billion. The quarter expense figure is mostly due to the impact of the Global Settlement for reparation of Brumadinho of US$ 3.872 billion and additional provisions for dam decharacterization of US$ 617 million, as detailed in the Adjusted EBITDA section of this report. 3 Using the exchange rate of USD/BRL 5.5044 rate of February 22, 2021 6

| Selected financial indicators Net operating revenues 14,769 10,762 9,964 Expenses related to Brumadinho 4,854 114 1,141 Adjusted EBIT margin (%) 23% 49% 25% Adjusted EBITDA margin (%) 29% 57% 35% Iron ore - 62% Fe reference price 133.7 118.2 88.6 Net debt ² (898) 4,474 4,880 ¹ Excluding expenses related to Brumadinho and COVID-19 donations. ² Does not include leases (IFRS 16). Vale posted net income of US$ 739 million in 4Q20, US$ 2.169 billion lower than 3Q20, mainly due to higher Brumadinho expenses, following the Global Settlement for reparation of Brumadinho, and asset impairments charges, mainly related to Coal and Nickel assets. Those effects were partially offset by higher proforma adjusted EBITDA recorded in 4Q20 and better financial results, following the positive impact of the lower Real exchange rate on currency and interest rate swaps, which was partially offset by higher mark-to-market of the participative stockholders' debentures. Net income 4Q20 vs. 3Q20 Total capex for the 4Q20 amounted to US$ 1.444 billion, US$ 549 million higher than in 3Q20, explained by an increase of US$ 515 million in sustaining capex and US$ 34 million in project execution, as Vale progressed with filtration plants investments, Northern System 240 and Gelado projects in Iron Ore business and Salobo III and VBME projects in Base Metals business. In 2020, Vale approved Serra Sul 120 and Capanema projects and in 2021 expects to invest US$ 5.8 billion, an increase of 31% compared to 2020, mainly due to (i) higher spend on the iron ore tailings filtration plants investments; (ii) investments in solar energy projects, such as Sol do Cerrado, which will increase the share of renewable energy in Vale’s matrix and reduce average energy cost; and (iii) postponements from 2020’s investment program due to COVID-19 pandemic. 7 Capital expenditures1,4448951,472 Net income (loss)7392,908(1,562) Proforma adjusted EBITDA¹9,1036,2244,677 Adjusted EBITDA4,2406,0953,536 Adjusted EBIT3,4025,3212,504 Total costs and other expenses6,6075,3496,507 US$ million4Q203Q204Q19

| Vale generated US$ 4.9 billion in Free Cash Flow from Operations in 4Q20, US$ 1.1 billion higher than in 3Q20 driven by an even stronger proforma EBITDA (US$ 2.9 billion), but negatively impacted by seasonally higher investments (US$ 549 million) and working capital (US$ 1.0 billion). The impact in working capital, which mainly resulted from an increase in accounts receivables due to higher CFR sales and increased iron ore prices, should be partially reverted in 1Q21, following revenues collection in January. We ended the year with US$ 14.258 billion in cash, more than our Gross Debt of US$ 13.360 billion, and therefore with a net cash position of US$ 898 million in 4Q20. Our Expanded Net debt, which is now comprised mostly by Vale’s other relevant obligations and commitments, reduced from 14.465 billion in 3Q20 to US$ 13.334 billion, despite the US$ 3.740 billion in additional obligations related to the Global Settlement for reparation of Brumadinho. Expanded Net Debt is expected to continue trending downwards to US$ 10 billion long-term target level as the company continues to generate cash and pay its Refis, Brumadinho, Renova and Samarco obligations. We proceeded with the optimization of our asset portfolio, with the following recent progress: • Closure of ferro-alloy operations in Simões Filho plant (BA); • Conclusion of the sale of Biopalma (PA), a palm oil company; • Sale of our minority interest in the Zhuhai Pellet Plant and in the Henan Longyu Coal Mine for a combined US$ 169 million; • Transfer of the shares of Potassio Rio Colorado to the Province of Mendoza, in Argentina; • Signature of a binding put option agreement with Prony Resources, a consortium led by the current management and employees of VNC with Trafigura as a non-controlling shareholder, for the sale of our ownership interest in Vale New Caledonia – VNC. The deal is backed by both the Caledonian and French governments and was approved by the VNC workers’ council; • Signature of Heads of Agreement with Mitsui to divest the Mine of Moatize and Nacala Logistics Corridor, as a first step towards Vale’s divestment of the coal business. We also concluded in 4Q20 the agreement for the required divestiture of 14.9% of PT Vale Indonesia shares, against proceeds of US$ 278 million. 8

| Business areas 4Q20 performance Ferrous Minerals EBITDA of US$ 8.800 billion in 4Q20 was US$ 2.944 billion higher than 3Q20, achieving its second largest all-time adjusted EBITDA. • Iron ore fines’ net revenues, excluding pellets and run of mine (ROM), increased to US$ 10.765 billion in 4Q20 vs. US$ 7.357 billion in 3Q20, as a result of 17% higher realized prices and 26% higher sales volumes. • Vale’s realized price CFR/FOB totaled US$ 130.7/t, an increase of US$ 18.6/t compared with 3Q20, mainly due to the higher 62% Fe reference price and the positive effect from pricing mechanisms, as provisional price was marked, at the end of the quarter, at a higher level than quarter's average price. The positive effects were partially offset by lower premiums, as a result of high reference prices and a sales mix with more medium-grade products. • Sales to China reached a record level in 4Q20, totaling 63.9 Mt, reflecting the robust demand environment following the recovery of COVID-19 impacts. • MB65% index averaged US$ 145.9/dmt in 4Q20, 13% higher than 3Q20. The spread between the MB65% and the 62% iron ore reference price recovered along the quarter closing the year at around $13/t. The high coal prices in China, following the country’s import restriction over Australia together with high levels of steel margins and the decrease of iron ore pellets and concentrate stocks at Chinese ports supported the level for of high-grade premiums. Although steel margin has deteriorated since the beginning of 2021, the spread widened further, reaching an average of US$ 22/t as a result of continued high coke price and shortage of high-grade fines supply. • Iron ore fines and pellets EBITDA break-even cost totaled US$ 36.3/t, US$ 0.2/t higher than in 3Q20, as a result of (i) lower premiums; (ii) higher C1 cash cost, mainly due to higher demurrage costs and stronger prices on third party ore purchases driven by higher reference prices; and (iii) higher distribution costs, which were partially offset by (i) lower freight costs; and (ii) seasonal dividends received. Base Metals adjusted EBITDA was US$ 1.138 billion in 4Q20, US$ 368 million higher than 3Q20. • 4Q20 was marked by the by successful resumption of production after maintenance works rescheduled from 1H20 to 3Q20 across Base Metals operations. Nickel production was up 19% q/q, while sales grew 14% in the quarter; copper production rose 7% q/q and sales increased 15%. • The higher EBITDA in 4Q20 was mainly due to: (i) higher nickel and copper realized prices, following the 12% and 10% higher than 3Q20 average LME reference price, respectively; (ii) higher nickel by-product credits, mainly due to higher volumes of copper, rhodium and palladium; (iii) lower costs in Ontario and Onça Puma due to the successful maintenance performed during 3Q20; and (iv) higher nickel sales volumes, as higher production allowed Vale to take advantage of better prices environment; • Onça-Puma reached US$ 50 million EBITDA in 4Q20, which was the first full quarter after extensive furnace maintenance works, setting the pace for the operation from this point. 9

| • Salobo had solid performance reaching consecutive negative unit cash costs after by-products of -US$ 808/t in the quarter, while Sossego remained at sub-US$ 2,000/t unit cash cost in the same period. • At VNC, operations have been halted since December 10th, 2020, as the violent protests by independence activist groups near the site made it unsafe for our workers to access the site. Vale continues to seek an open dialogue with all the parties and believes in a solution for the sale of its stake in VNC, which was approved by VNC workers’ council and has the support of both the Caledonian and French governments. If the sale alternative does not succeed, production will remain halted and we will initiate the process to cocoon the asset into Care & Maintenance. Vale Base Metals went through a broad safety review of operational process, resulting in comprehensive overhaul of maintenance standards, procedures, training and oversight. These additional measures will impact mining equipment availability, with the largest backlog impact on the Salobo Operation, likely to cut our initial production estimate of finished copper by 10kt, with a recovery plan during the catchup period during 1Q21 to further mitigate this impact. Therefore, Vale has established a production guidance range of 360-380 kt for copper in 2021, with Salobo Operation impact reflected in the upper limit of our guidance and the additional difference of 20kt to low end of the range related to usual risks associated with our copper operations, including duration of important scheduled maintenances and potential delays in project start-ups. Coal business resumed its revamp plan in November 2020, with the first phase of the project currently running as scheduled. Vale expects to resume production rate of 15 Mtpy in 2H21 and 18 Mtpy in 2022. the ramp-up in 1H21, reaching a Net operating revenues 40,018 37,570 7% Expenses related to Brumadinho 5,257 7,402 -29% Adjusted EBIT margin (%) 33% 18% 15% Adjusted EBITDA margin (%) 41% 28% 13% Net income (loss) 4,881 (1,683) N/A ¹ Excluding expenses related to Brumadinho and COVID-19 donations. 10 Capital expenditures4,4303,70420% Proforma adjusted EBITDA¹21,95417,987 22% Adjusted EBITDA16,58810,58557% Adjusted EBIT13,3546,85995% Total costs and other expenses21,67523,775-9% US$ million20202019%

| Market overview Iron Ore Iron ore 62% Fe reference price averaged US$ 108.9/dmt in 2020, 17% higher than 2019. In 4Q20, the index averaged US$ 133.7/dmt, 13% higher than 3Q20. In the second half of 2020, prices strongly increased following global economy recoveries from COVID-19 pandemic. The combination of a tighter seaborne iron ore market together with a significant upward adjustment to hot metal production in China, at a time when the country’s domestic iron ore production is running close to its capacity, feeds through to stronger demand for seaborne iron ore and higher prices. MB65% index averaged US$ 122.3/dmt in 2020, 17% higher than 2019. In 4Q20, the index averaged US$ 145.9/dmt, 13% higher than 3Q20. The spread between the MB65% and the 62% iron ore reference price recovered along the quarter closing the year at around US$ 13/t. The high coal prices in China, following the country’s import restriction over Australia together with high levels of steel margins and the decrease of iron ore pellets and concentrate stocks at Chinese ports supported the high-grade premiums. However, stock levels of such materials started to correct along the quarter. In China, crude steel production was record, achieving 1,053 Mt in 2020, 5% above previous year, closing the year at a very strong pace, producing 91.25 Mt in December (+7.7% YoY). The economic recovery over the second half of the year, boosted by economic stimulus led China’s GDP to exceed 100 trillion yuan by the end of 2020, with annual GDP growth reaching 2.3% YoY. Industrial production and exports continued to outperform in the last quarter. GDP growth in 4Q20 accelerated further to 6.5% YoY from 4.9% YoY in 3Q20, while Fixed Asset Investment continued growing smoothly. Property sales remained high, which strongly supported construction demand for steel. Ex-China, lockdown measures impacted steel demand, leading steel production to decrease 8%, totaling 776 Mt in 2020, as demand slumped and the entire manufacturing supply chain got interrupted. Developed economies were the hardest hit with crude steel production having contracted 11% in 2020 compared to -4% observed in ex-China developing countries. According to World Steel Association, in 2020 steel production growth was -17% in the USA, - 16% in Japan, and -12% in the EU28, compared to 2019. Looking at the bright side, in the 4Q20 some steel mills re-started idled capacity in response to recovering demand, inventory replenishment throughout the manufacturing chain and record high steel prices, which led ex-China steel production to reach 208 Mt, 2% higher than in 4Q19. Stimulus packages announced in major economies are expected to provide support for continued recovery into 2021. Funds are being distributed in the forms of grants and loans to the sectors most impacted by the COVID-19 pandemic which are supportive for the recovery of economic activity and reestablishing the normality throughout the supply chain. For 2021, the expectation is a continued steel production recovery in line with International Monetary Fund economic outlook from January 2021, where the institution projects economic yearly growth of 5.5% as vaccinations are rolled-out and economies receive additional policy support. 11

| Coal Coking coal: In 4Q20, seaborne coking coal price averaged US$108.2/t in 4Q20, down from the previous quarter’s US$114.8/t. The onset of a soft ban on Australia coal by China from October 2020 resulted in the benchmark index PLV FOB Australia falling to a low of US$97.3/t for the first time since 2016. To replace the loss of Australia tonnages, China increased purchases of Canada, USA and Russia coking coals. However, limited supply availability from ex-Australia miners and strong coking coal demand in China resulted in the CFR China index pushing to a high of US$202/t by end-December 2020. As a result, the spread between PLV FOB Australia and CFR China prices reached an historical high of US$100/t. Thermal coal: In the thermal coal market, Richards Bay 6000 NAR price averaged US$ 72.8/t for the quarter, 32% higher than in 3Q20. China’s soft ban on Australian coal altered trade flows as China buyers purchased coal from afield, including South Africa and Colombia, making use of additional import quotas released in November. Without its traditional home in China, Australian mid-CV coal became oversupplied and was aggressively offered into India and Pakistan, keeping mid-CV prices subdued and causing the spread between the mid-CV and high-CV grades to double by the end of the quarter. The La Niña cycle brought cold spells to Northeastern Asia and parts of Europe from December, which boosted coal burn for winter heating as gas supply was not sufficient. At the same time, coal supply tightened due to higher than normal rainfall in Indonesia and Southern Africa, extended low production from Colombia and supply disruption in Newcastle, Australia. Going forward, it remains unclear when China will lift the ban on Australia coal. In the meantime, a reshuffling of seaborne coking coal trade flows is expected to take place as annual contracts conclude. This reshuffle will partially rebalance the coking coal market for some recovery in FOB PLV prices as ex-Australia coking coals increase to China and Australia coals take more share of other markets like Brazil, Europe and JKT (Japan, South Korea and Taiwan). The thermal coal market is likely to stay robust in early 1Q21 bolstered by strong restocking demand amid a colder winter, especially from China as domestic supply is expected to remain tight, and the imminent threat of La Niña wet weather supply disruptions. Nickel LME nickel prices averaged US$ 13,789/t in 2020, 1% lower than in 2019, and averaged US$ 15,930/t in 4Q20, 12% higher than in 3Q20. Total exchange inventories (LME and SHFE) had a net increase, closing at 264.8 kt by the end of 2020, up 76.7 kt since 2019. LME inventories at the end of 2020 stood at 246.7 kt, an increase of 96.0 kt since the end of 2019. SHFE inventories declined by half, to 18.1 kt by the end of 2020. Sales of electric vehicles accelerated in 2020 and are now expected to be around 3.1 million units, a year-on-year increase of 45%. This outperformance, compared with an overall decline in automotive sales, pushed the EV penetration rate to record highs. European sales accelerated as the year progressed, mainly driven by subsidies in the large consumer markets (Germany, France, UK, Sweden, and Netherlands) and roll-out of environmental policies to reduce CO2 emissions. In China, the pandemic-related slowdown hurt EV demand in 1H20, however, since September, sales increased significantly and have been elevated. 12

| Global stainless-steel production is expected to finish the year ~5% lower than 2019, however, production finished the year strong with 4Q20 production increasing 6% compared to 3Q20. The year decline was greatly limited by the production strength from China, which makes up ~60% of global output. Additionally, because Chinese production placed a greater focus on 300 series stainless, which contains higher levels of nickel, total nickel consumption globally in stainless-steel was essentially flat year-over-year. While visible Chinese stainless-steel inventories were elevated for most of 2020, inventories dropped 22.5% by the end of 4Q20, compared to the end of 3Q20. Production elsewhere, such as North America and Europe was more significantly impacted, however, in a sign that the recovery has taken hold, both regions registered more than 10% growth in 4Q20 compared to 3Q20. Looking at the automotive market, 4Q20 production greatly improved, increasing 13.6% compared to 3Q20, driven by strong numbers in the U.S. and China. Europe also showed strong quarter-over-quarter sales growth, although it was limited in December as stricter COVID-19 lockdowns in the region were implemented. Still, given the global COVID-19 lockdowns in 1H20, full year sales are expected to be roughly 14% lower compared to 2019. The aerospace industry looks to be on the rebound as aircraft deliveries from Boeing and Airbus increased in 4Q20 and air passenger traffic numbers improved. With the Boeing Max now cleared by the FAA for flight, deliveries are expected to climb in 2021. The oil and gas sector has rebounded with demand and price increases, however, rig counts are still depressed, and well below the average. Towards the end of 2020, as prices rallied, rigs began coming back online. At the start of the COVID-19 outbreak, several nickel operations were impacted globally, however, downtimes were short lived and nearly all quickly returned to normal production. Inventory of ore and concentrates meant there was limited impact on refined nickel. Chinese NPI production declined 12% in 2020, compared to 2019, and declined by 8% in 4Q20 compared to 3Q20. Overall Chinese NPI output was stronger than many anticipated given the Indonesian Ore ban at the start of 2020. The country relied heavily on ore stocks and imports from Philippines, which were briefly interrupted in April, due COVID-19 related port closures. Indonesian NPI production, conversely, increased in 2020, by more than 50%, compared to 2019. 4Q20 production was 13% higher compared to 3Q20. The 2020 ore ban has succeeded in accelerating smelter production in the country, which has now surpassed China as the largest NPI producer. The country’s HPAL (High-Pressure Acid Leach) projects however had suffered some delays due to complexity (e.g. tailings disposal solutions), costs, and COVID-19 related travel restrictions. These projects are expected to partially supply the EV market by producing a battery-suitable nickel material. Outlook Our near-term view for nickel improved, as we continue to see the market at surplus in 2021 albeit less than the surplus seen in 2020. COVID-19 has impacted demand, particularly in the high-value markets, such as aerospace, automotive and oil & gas sectors. However, positive signs have emerged such as strength in Chinese stainless-steel production and a rebound in automotive sales. The pandemic has sped up the green electrification of economies, which in turn has led to a significant increase in electric vehicle sales. The market is now recognizing 13

| the growth potential, especially as battery chemistry continues to favor higher nickel content due to lower cost and higher energy density. Our long-term outlook for nickel continues to remain positive. Depending on the speed and success of COVID-19 vaccines distributions, depressed markets, such as Aerospace and Oil & Gas, could either remain challenged or return rather quickly. Also, we see prolonged support driven by record stimulus provided by governments globally. Additionally, growth in electric vehicles and the infrastructure needed to support them is crucial if decarbonization goals, set by an increasing number of major economies, are to be achieved. The long-term outlook for EVs remains bright as fundamental costs continue to decline, and technology continues to advance. Copper LME Copper prices averaged US$ 6,181/t in 2020, 3% higher than in 2019, and averaged US$ 7,166/t in 4Q20, 10% higher than in 3Q20. LME Copper inventories at the end of 2020 stood at 108.0 kt, a decrease of 37.8 kt since the end of 2019. SHFE inventories, decreased by 37.0 kt in comparison with 2019, ending at 2020 at 86.7 kt. Comex inventories on the other hand increased 36.3 kt, ended the year at 70.4 kt. Combined, copper exchange inventory ended 2020 at 265.0 kt, lower than 2019 by 38.4 kt. Global refined copper demand finished the year 3% lower compared to 2019, however, demand finished the year strong with 4Q20 consumption increasing 7% compared to 3Q20. The concentrate market finished strong as well, and full year demand increased, by 0.5% compared to 2019. Chinese demand quickly returned after COVID-19 was contained within the country, and then further expanded. Construction and manufacturing activity completely rebounded by March and have remained in expansion territory since then. This pushed refined imports to record levels, even as domestic refined output continued to expand. Part of the greater focus on refined copper came because of a steep decline in scrap usage, which was caused both by COVID-19 related supply chain disruptions and a delay in new regulations. Chinese consumption increased 2% compared to 2019. In the U.S. and Europe, demand has yet to fully return to 2019 levels. However, 2H20 numbers improved greatly. U.S. demand growth came from a rapid expansion in manufacturing activity and a very strong residential construction sector. Europe benefited from a rebounding auto sector, which was aided by record EV sales. Consumption decreased 5 and 7%, respectively. On the supply side, global refined copper production finished the year unchanged compared to 2019. The year ended similarly with 4Q20 production increasing 1% compared to 3Q20. Concentrate production however was down on the year, by about 1.3%, and down significantly, 3.3%, in 4Q20, compared to 3Q20. COVID-19 impacted several operations globally, producing and developing. Most supply concerns surrounded the countries of Chile and Peru, which combined, account for roughly 40% of global mine production. While Chile was able to impressively maintain output levels with a reduced workforce, Peru’s national lockdown greatly impacted production. 14

| Outlook With continued strength in Chinese demand and persisting supply issues, we continue to have a positive near-term view on copper. For 2021, we see the market relatively balanced, leaning towards a minor deficit. However, the concentrate market, which Vale mainly participates in, appears much tighter, with deficits forecasted for several years. This is reflected in the current spot treatment and refining charges (TC/RC’s), which are at record lows. While COVID-19 effects remain a near-term risk, the market backdrop looks constructive. Along with strong Chinese demand, we see added support from additional fiscal and monetary stimulus, mounting ESG pressures, and an accelerated transition towards sustainable energy (which is copper intensive). Our long-term outlook for copper remains positive as well. Copper demand is expected to continue to grow, driven by building, construction and electrical network infrastructures. Additionally, targeted green economy investments by governments globally have increased the demand forecast for copper in the electric vehicles and renewable energy markets. Future supply growth continues to be challenged given declining ore grades and the lack of major discoveries. While in the short term, there are enough quality assets being developed to meet demand, additional assets will be required in the medium-term to replace existing operation ramp downs and closures. 15

| Adjusted EBITDA Adjusted EBITDA Net operating revenues 14,769 10,762 9,964 40,018 37,570 SG&A (188) (127) (139) (554) (487) Pre-operating and stoppage expenses (193) (188) (314) (887) (1,153) Expenses related to COVID-19 donations (9) (15) - (109) - Dividends and interests on associates and JVs 94 22 188 268 466 Depreciation, amortization & depletion 838 774 1,032 3,234 3,726 ¹ Excluding expenses related to Brumadinho and COVID-19 donations. Impact of provisions and reparation expenses related to the Brumadinho event For the purpose of reconciling with the public statements made by Vale after the settlement, in addition to the Brumadinho expenses impact in US dollars, we present also Brazilian reais. the table in Impact of Brumadinho provisions and expenses in 4Q20 – in BRL1 R$ million balance Payments PV adjust balance impact Decharacterization 8,875 3,175 (541) 388 11,897 Global Settlement 6,612 19,924 (5,829)2 19 20,726 Other reparation provisions3 2,133 1,223 (227) (81) 3,048 Total Provisions 17,620 24,322 (6,597) 326 35,671 1 The US dollar amounts were recorded for provision balances with the exchange rate of R$5.6407/US$ and R$5.1967/US$, prevailing in 30 September 2020 and 31 December 2020 respectively, and for EBITDA impact and payments with the average exchange rate for 2020 of R$5.1578/US$. 2 Includes cash outflows of R$ 429 million and the release of judicial deposits of R$ 5.400 billion 3 Includes individual indemnifications and onsite containment works 16 Incurred expenses680(680) Total25,002(7,277) ProvisionsEBITDAProvisions 30sep2030dec20 Adjusted EBITDA4,2406,0953,53616,58810,585 Proforma adjusted EBITDA¹9,1036,2244,67721,95417,987 Adjusted EBIT3,4025,3212,50413,3546,859 Other operational expenses(331)(98)(264)(643)(505) Expenses related to Brumadinho(4,854)(114)(1,141)(5,257)(7,402) Research and development(153)(105)(158)(443)(443) COGS(5,733)(4,816)(5,632)(19,039)(21,187) US$ million4Q203Q204Q1920202019

| Impact of Brumadinho provisions and expenses in 4Q20 – in USD1 EBITDA PV & FX US$ million balance Payments balance Decharacterization 1,574 617 (99) 197 2,289 Global Settlement 1,172 3,872 (1,119)2 64 3,989 Other reparation provisions3 378 237 (41) 12 586 Total Provisions 3,124 4,726 (1,259) 273 6,864 1 The US dollar amounts were recorded for provision balances with the exchange rate of R$5.6407/US$ and R$5.1967/US$, prevailing in 30 September 2020 and 31 December 2020 respectively, and for EBITDA impact and payments with the average exchange rate for 2020 of R$5.1578/US$. 2 Includes cash outflows of US$ 80 million and the release of judicial deposits of US$ 1.039 billion 3 Includes individual indemnifications and onsite containment works In 4Q20 provisions related to Brumadinho increased by US$ 3.740 billion reflecting: • The impact of the Global Settlement in 4Q20 result of R$ 19.924 billion (US$ 3.872 billion), of which R$ 5.400 billion (US$ 1.039 billion) will be settled upon the release of judicial deposits, with a net effect on provisions, after deduction of payments and present value and foreign exchange adjustments, of R$ 14.113 billion (US$ 2.817 billion); • Additional provision of US$ 617 million relative to dam decharacterization reflecting project adjustments and safety improvement works. The additional provision includes the changes in the planned containment structures and evolution of engineering process. • In Other Reparation Provisions, the revaluation of the geotechnical works, containment and removal of tailings on site and the extension until February 2021 of payments of emergency aid to those affected by the Dam I rupture (US$ 237 million). 17 Incurred expenses128(128) Total4,854(1,387) ProvisionsProvisions 30sep20impactadjust30dec20

| Impact of Brumadinho provisions and expenses since 2019 EBITDA Provisions EBITDA Provisions Payments in 2019 FX adjust Payments 2020 FX adjust in 2019 31dec19 in 2020 31dec20 Decharacterization 2,624 (158) 23 2,489 617 (293) (524) 2,289 Agreements & donations 3,926 (831) (112) 2,983 4,130 (1,829)1 (709) 4,575 Total Provisions 6,550 (989) (89) 5,472 4,747 (2,122)(1,233) 6,864 Others 122 - - - 1 Includes cash outflows of US$ 516 million and the release of judicial deposits of US$ 1,313 million Adjusted EBITDA by business area 8,800 5,856 4,538 21,005 16,997 Ferrous Minerals Base Metals 1,138 770 649 2,981 2,174 (291) (213) (186) (931) (533) Coal Others (544) (189) (324) (1,101) (651) (4,854) (114) (1,141) (5,257) (7,402) Brumadinho expenses Expenses related to COVID-19 donations (9) (15) - (109) - Net operating revenue by business area US$ million 4Q20 % 3Q20 % 4Q19 % 2020 % 2019 % Ferrous Minerals 12,203 82.6 8,684 80.7 8,020 80.532,078 80.230,005 79.9 ROM 6 0.0 5 0.0 5 0.1 21 0.1 35 0.1 Pellets 1,295 8.8 1,195 11.1 1,378 13.8 4,242 10.6 5,948 15.8 Manganese ore 40 0.3 37 0.3 46 0.5 158 0.4 148 0.4 Others 77 0.5 76 0.7 106 1.1 305 0.8 397 1.1 Base Metals 2,368 16.0 1,904 17.7 1,643 16.5 7,170 17.9 6,161 16.4 Nickel 1,115 7.6 882 8.2 764 7.7 3,226 8.1 2,892 7.7 PGMs 178 1.2 155 1.4 148 1.5 664 1.7 469 1.2 Gold as by-product 231 1.6 218 2.0 188 1.9 819 2.0 651 1.7 Silver as by-product 15 0.1 13 0.1 9 0.1 47 0.1 28 0.1 Others 129 0.9 88 0.8 6 0.1 265 0.7 23 0.1 Coal 128 0.9 103 1.0 191 1.9 473 1.2 1,021 2.7 Metallurgical coal 91 0.6 76 0.7 134 1.3 313 0.8 764 2.0 Others 70 0.5 71 0.7 110 1.1 297 0.7 383 1.0 18 Total14,769 100.0 10,762 100.09,964 100.040,018 100.037,570 100.0 Thermal coal370.3270.3570.61600.42570.7 Cobalt300.2280.3280.31180.31120.3 Copper6704.55194.85005.02,0315.11,9865.3 Ferroalloys200.1140.1340.3670.21340.4 Iron ore fines10,76572.97,35768.46,45164.727,28568.223,34362.1 Total4,2406,0953,53616,58810,585 US$ million4Q203Q204Q1920202019 Total7,402(1,719)5,257(2,632) Incurred expenses730(730)510(510) PV &PV & US$ millionimpactbalanceimpactbalance 20192020

| COGS by business segment Ferrous Minerals 3,664 63.9 2,961 61.5 3,763 66.8 11,82562.1 13,80265.1 Base Metals 1,509 26.3 1,356 28.2 1,238 22.0 5,078 26.7 5,038 23.8 Coal 400 7.0 321 6.7 453 8.0 1,4757.7 1,875 8.8 Depreciation 791 726 943 2,980 3,399 ¹ COGS currency exposure in 4Q20 was as follows: 58% USD, 35% BRL, 6% CAD and 1% EUR. Operating expenses SG&A 188 127 139 554 487 Administrative 158 106 116 466 395 Services 35 28 33 114 85 Depreciation 9 9 14 49 56 Others 27 19 20 79 73 Depreciation 38 39 75 205 271 Expenses related to Brumadinho 4,854 114 1,141 5,257 7,402 Provisions 4,726 - 898 4,747 6,550 Depreciation 47 48 89 254 327 Personnel expenses had a one-off impact of US$ 47 million in 4Q20 due to recognition of taxes due on outstanding and past long-term incentive plans for company executives Pre-operating and stoppage expenses break-down Depreciation 38 39 75 Itabira Complex (Cauê, Conceição and others) 0 0 0 Mariana Complex (Alegria, Timbopeba and others) 4 4 29 Vargem Grande Complex (Vargem Grande¹, Pico and others) 30 33 79 Tubarão pellet plants 7 7 8 Voisey’s Bay 0 0 0 ¹ Including pelletizing plants. 19 Others443129 Onça Puma0020 Others Brumadinho006 Paraopeba Complex (Mutuca, Fábrica¹ and others)425257 Minas Centrais Complex (Brucutu and others)282211 Pre-operating and stoppage expenses, ex-depreciation155149239 Brumadinho - stoppage expenses104111182 US$ million4Q203Q204Q19 Pre-operating and stoppage expenses193188314 Operating expenses ex-depreciation5,6815991,9277,6399,663 Incurred expenses128114243510852 Expenses related to COVID-19 donations915-109-Other operating expenses33198264643505 Total operating expenses5,7286472,0167,8939,990 Selling3021238892 R&D153105158443443 Pre-operating and stoppage expenses1931883148871,153 Personnel875049224181 US$ million4Q203Q204Q1920202019 SG&A ex-depreciation179118125505431 COGS ¹, ex-depreciation4,942 4,090 4,689 16,059 17,788 Others1602.81783.71783.26613.54722.2 Total COGS5,733100.0 4,816100.0 5,632100.0 19,039 100.0 21,187 100.0 US$ million4Q20%3Q20%4Q19%2020%2019%

| Net income (loss) 4Q20 EBITDA proforma to Net income reconciliation 4Q20 impairment charges were mainly due to: • In December 2020, Vale signed a binding put option agreement for the sale of VNC. Under this agreement, Vale does have a commitment to fund VNC in approximately US$ 500 million to support the continuity of VNC operations. Therefore, the Company recognized a loss in that amount due to the potential sale agreement. • Vale has loans receivables from Nacala that have been impacted by the change in the production curve of the Moatize mine and the reduction in the expected volume of coal to be transported in Nacala Logistic Corridor (CLN), which in turn has impacted CLN's projected cash flows. Therefore, the Company carried out an impairment test for the loan receivable, resulting in a loss of US$ 798 million. During 2020, the Renova Foundation updated the premises used in the preparation of the estimate of the costs necessary for the execution of the 42 repair and compensation programs. This periodic review resulted in an additional provision of US$ 1.069 billion, which corresponds to the Company's proportional responsibility with Renova Foundation. The impact on Equity Results was partially offset by (i) the exercise of the call option contract for shares of VLI S.A. by BNDES Participações S.A., and (ii) the conclusion of the divestment of Vale’s 25% interest in Henan Longyu, a coal mine operator in China, entered into in December 2019. 20

| Financial results Financial expenses (958) (1,202) (1,147) (3,283) (3,746) Gross interest (204) (208) (205) (819) (989) Capitalization of interest 13 13 29 70 140 Others (27) (444) (582) (914) (1,268) Financial expenses (REFIS) (8) (10) (28) (55) (154) Financial income 64 69 176 375 527 Currency and interest rate swaps 325 (145) 141 (1,141) 42 Others (bunker oil, commodities, etc) 122 (42) 18 (69) 202 Foreign Exchange (148) (18) - (523) 39 ¹ In 4Q20, US$ 95 million were paid as remuneration on participative stockholders' debentures. ² The cash effect of the derivatives was a loss of US$ 63 million in 4Q20. In 4Q20, Financial Expenses continued to be impacted by non-cash expenses related to the mark-to-marketofparticipativestockholders'debentures.Participativestockholders' debentures pay royalties linked to iron ore production and as a result their strongly correlates with iron ore prices, which continued to rise in the quarter. market price 21 Monetary variation(86)(22)(28)(170)(477) Financial result, net(681)(1,360)(840)(4,811)(3,413) Derivatives²447(187)159(1,210)244 Participative stockholders' debentures(732)(553)(361)(1,565)(1,475) US$ million4Q203Q204Q1920202019

| CAPEX Total capex for the 4Q20 amounted to US$ 1.444 billion, US$ 549 million higher than in 3Q20, explained by an increase of US$ 515 million in sustaining capex and US$ 34 million in project execution, as Vale progressed with filtration plants investments, Northern System 240 Mtpy and Gelado projects in Iron Ore business and Salobo III and VBME projects in Base Metals business. In 2021, Vale expects to invest US$ 5.8 billion, an increase of 31% compared to 2020, mainly due to (i) higher intensity of iron ore tailings filtration plants investments, which aims to reduce Vale’s dependence on tailings dams (US$ 350 million); (ii) higher intensity in Northern System 240 Mtpy investments and construction start-up of Serra Sul 120 Mtpy project (US$ 286 million); and (iii) investments in solar energy projects, as Sol do Cerrado project, which will reduce Vale’s average energy cost (US$ 143 million); and (iv) postponements from 2020’s investment program due to COVID-19 pandemic. Project Execution and Sustaining by business area Ferrous Minerals 763 52.8 461 51.5 815 55.4 2,39254.0 2,07055.9 Coal 65 4.5 27 3.0 84 5.7 203 4.6 240 6.5 Project execution Investments in project execution totaled US$ 144 million in 4Q20, US$ 34 million higher than in 3Q20, mainly due to (i) higher investments in Northern System 240 Mtpy project; and (ii) Sol do Cerrado project acquisition. Project execution by business area Ferrous Minerals 69 47.9 40 36.3 122 67.8 258 49.4 385 70.8 Energy and others 20 13.9 1 0.9 2 1.1 25 4.8 8 1.5 The Northern System 240 Mtpy project achieved substantial evolution on mine-plant project front, starting the construction works of transportation lines and stockyards. The Serra Sul 120 Mtpy project, approved in August 2020, is in its initial phase of equipment and services procurement activities and engineering plan improvements. Salobo III Project concluded the construction of the metallic structures for the conveyor belt transfer houses. The total expected investment for Salobo III was reviewed to US$ 816 million (vs. US$ 1.128 billion, previously) mainly due to positive exchange rate effect. 22 Total144100.0110100.0180100.0522100.0544100.0 Base Metals5538.26962.75631.123945.815127.8 US$ million4Q20%3Q20%4Q19%2020%2019% Energy and others211.520.240.3300.7180.5 Total1,444100.0895100.01,472100.0 4,430 100.0 3,704 100.0 Base Metals59541.240545.356938.7 1,80540.7 1,37637.1 US$ million4Q20%3Q20%4Q19% 2020% 2019%

| In October, Vale approved the incorporation of a joint venture to build and operate an expansion project for the Shulanghu Port facilities, located in China. The project secures strategic port capacity in China to further improve Vale’s shipping and distribution costs optimization. Vale's capital contribution to the project is estimated to range from US$ 110 million to US$ 160 million. The construction of the project, which is expected to take up to three years, will start after both parties obtain the anti-trust and other regulatory approvals in China. In December, Vale received the required licenses to start the construction of the Capanema Project. The project includes investments in the Capanema mine to resume facilities and acquire new equipment, implement a long-distance conveyor belt and adjustments in the Timbopeba stockyards. Capital projects progress4 Estimated Capacity (US$ million) (US$ million) Projects progress 4Q20 Total 2020 Total Northern System 240 Mtpy 59%2 10 Mt 2H22 36 181 224 772 Serra Sul 120 Mtpy 20 Mt 1H24 - - - 1,502 0% Salobo III 30-40 kt 1H22 50 346 323 816 62% 1 Updates may be required in the future, depending on the developments of the COVID-19 pandemic. 2 Considering mine-plant project front physical progress. 3 Capanema project adds 14 Mtpy capacity in Timbopeba site expedition in its first years. Sustaining CAPEX Investments in maintenance of operations totaled US$ 1,300 million in 4Q20, US$ 515 million higher than in 3Q20, mainly due to (i) usual seasonality of higher disbursements in the end of the year; (ii) increasing investments in filtration plants; (iii) execution pace normalization of Voisey’s Bay Mine Extension project, which in 2020 slowed due to COVID-19 pandemic; and (iv) Moatize plant revamp which resumed in November. Sustaining capex by business area Ferrous Minerals 694 53.4 421 53.6 693 53.6 2,134 54.6 1,685 53.3 Nickel Copper 494 46 38.0 3.5 310 26 39.5 3.3 461 52 35.7 4.0 1,393 173 35.6 4.4 1,068 157 33.8 5.0 Coal 65 5.0 27 3.4 84 6.5 203 5.2 240 7.6 Energy and others 1 0.1 1 0.1 2 0.2 5 0.1 10 0.3 4 Pre-operating expenses were not included in the estimated capex for the year, although included in the total estimated capex column, in line with Vale’s Board of Directors approvals. Estimated capex for the year is only reviewed once a year. 23 Total1,300100.0785100.01,292100.0 3,908 100.0 3,160 100.0 Base Metals 540 41.533642.851339.7 1,56640.1 1,225 38.8 US$ million4Q20%3Q20%4Q19%2020% 2,019% Base Metals Capanema18 Mt22H23---4950% Executed capexEstimated capexPhysical (per year)start-up1(%) Ferrous Minerals

| Sustaining capex by type - 4Q20 Minerals Metals and others Replacement projects 42 192 - - 234 Filtration and dry stacking projects 95 - - - 95 Dam management 24 16 1 - 41 Health and Safety 91 21 1 - 113 Social investments and environmental protection 35 11 1 - 47 Administrative & Others 64 20 3 - 87 On the Gelado project, the construction of the tailing pipeline for the magnetic concentration plant was concluded and backfilling adjustments were carried out in thickener facilities. As next steps, the works will advance in the assembly of the first dredge structure. The Voisey's Bay underground mine extension works are ongoing in underground development in Reid Brook deposit development under strict geotechnical control and paste and booster plant has commenced. Replacement projects progress Capacity Estimated (US$ million) (US$ million) Projects progress 4Q20 Total 2020 Total Gelado 9.7 Mt 1H22 29 175 121 428 73% 45 kt 1H21 184 909 499 1,694 59% Extension 24 Voisey’s Bay Mine Executed capexEstimated capexPhysical (per year)start-up(%) Total6945406411,300 Other investments in dams and waste dumps2413--37 US$ millionFerrousBaseCoalEnergyTOTAL Enhancement of operations319267581645

| Free cash flow Vale generated US$ 4.9 billion in Free Cash Flow from Operations in 4Q20, US$ 1.1 billion higher than in 3Q20 driven by an even stronger proforma EBITDA, but negatively impacted by seasonally higher investments and increase in working capital. The negative impact of working capital variation of US$ 1.3 billion in 4Q20, was mainly resulted from an increase of US$ 2.0 billion in accounts receivables due to higher accrual revenues led by stronger CFR sales and increased iron ore prices throughout the quarter, particularly in December, when accrual sales totaled US$ 2.4 billion related to 15.9 Mt. Such effect should be partially reverted in 1Q21, following the strong revenues collection in January. In 4Q20, Vale received the proceeds from its divestment in PT Vale Indonesia and from the option exercised by BNDES Participações SA, regarding the right to reconstitute an 8% stake in VLI S.A., both totaling US$ 520 million. Vale also received US$ 84 million from the sale of its participation in Longyu5 and bought JFE’s stake in EBM6 for US$ 108 million. Free Cash Flow 4Q20 5 Vale sold the totality of its 25% stake in the Chinese company Henan Longyu Energy Resources Co., Ltd. (“Longyu”) to the Yongmei Group Co., Ltd, totaling US$ 156 million. 6 Vale bought from JFE Steel Corporation (“JFE”) its stake in EBM, which led Vale to be the holder of 100% of the shares issued by EBM and, consequently, of Minerações Brasileiras Reunidas (“MBR”). 25

| Debt indicators Gross debt totaled US$ 13.360 billion as of December 31st, 2020, in line with the US$ 13.444 billion from September 30th, 2020, while net debt totaled negative US$ 898 million in the same period, US$ 5.372 billion lower than 3Q20, as the US$ 4.876 billion in Free Cash Flow from Operations substantially increased Vale’s cash and cash equivalent position. Expanded net debt, which is now comprised solely by Vale’s other relevant obligations and commitments, decreased to US$ 13.334 billion as of December 31st, 2020 mainly as a result of the lower net debt, which was partially offset by the Brumadinho-related provisions recorded in the quarter. Expanded Net Debt should continue trending toward the US$ 10 billion long-term target level as the company continues to generate cash and pay its obligations and commitments. Average debt maturity was 8.4 years on December 31st, 2020, in line with the 8.6 years on December 31st, 2019. Average cost of debt, after currency and interest rate swaps, was also in line with 3Q20 at 4.50% per annum, mainly due to the continuity environment prevalent in the international capital markets. of low interest rates Debt indicators Cash, cash equivalents and short-term investments 14,258 8,970 8,176 Leases (IFRS 16) 1,667 1,621 1,791 Refis 2,744 2,600 3,907 Samarco & Renova Foundation provisions 2,074 1,485 1,700 Total debt / adjusted LTM EBITDA (x) 0.8 0.8 1.2 Adjusted LTM EBITDA / LTM gross interest (x) 20.3 19.4 10.7 ¹ Does not include leases (IFRS 16). ² Includes interest rate swaps. 26 Net debt / adjusted LTM EBITDA (x)(0.1)0.30.5 Expanded net debt13,33414,46517,766 Brumadinho provisions6,8643,1245,472 Currency swaps²8831,16116 Net debt ¹(898)4,4744,880 US$ million4Q203Q204Q19 Gross debt ¹13,36013,44413,056

| Performance of the business segments Segment information ― 2020, as per footnote of financial statements SG&A and Pre operating received Adjusted US$ million operating Cost¹ R&D¹ associates Iron ore fines 27,285 (8,171) (187) (127) (534) 23 18,289 Pellets 4,242 (1,661) 11 (5) (77) 116 2,626 Mn & Alloys 225 (179) - (2) (29) - 15 Copper³ 2,175 (794) (7) (68) (1) - 1,305 Coal 473 (1,456) (15) (28) - 95 (931) Others 297 (328) (928) (162) (12) 32 (1,101) ¹ Excluding depreciation, depletion and amortization. ² Including copper and by-products from our nickel operations. ³ Including by-products from our copper operations. Segment information ― 4Q20, as per footnote of financial statements SG&A and Pre operating receivedAdjusted US$ million operating Cost¹ R&D¹ associates Iron ore fines 10,765 (2,685) (52) (48) (122) 23 7,881 ROM 6 - - - - - 6 Pellets 1,295 (441) (3) (2) (18) 63 894 Mn & Alloys 60 (44) 4 (1) (10) - 9 Copper³ 682 (212) (3) (21) (1) - 445 ¹ Excluding depreciation, depletion and amortization. ² Including copper and by-products from our nickel operations. ³ Including by-products from our copper operations. 27 Coal128(400)(15)(4)--(291) Others70(81)(475)(62)(4)8(544) Brumadinho impact--(4,854)---(4,854) COVID-19 donations--(9)---(9) Total14,769(4,942)(5,373)(153)(155)944,240 Base Metals2,368(1,224)30(35)(1)-1,138 Nickel²1,686(1,012)33(14)--693 Others ferrous77(67)1(1)--10 Expenses Dividends Netand interest revenuesothers¹& stoppage¹fromEBITDA and JVs Ferrous Minerals12,203(3,237)(50)(52)(150)868,800 Brumadinho impact--(5,257)---(5,257) COVID-19 donations--(109)---(109) Total40,018(16,059)(6,514)(443)(682)26816,588 Base Metals7,170(4,010)(32)(117)(30)-2,981 Nickel²4,995(3,216)(25)(49)(29)-1,676 Others ferrous305(254)3(2)-254 ROM21-----21 Expenses Dividends Netand interest revenuesothers¹& stoppage¹fromEBITDA and JVs Ferrous Minerals32,078(10,265)(173)(136)(640)14121,005

| Ferrous Minerals Ferrous Minerals business segment achieved in 4Q20 its second largest all-time adjusted EBITDA, US$ 8.800 billion, 50% higher than in 3Q20. The adjusted EBITDA per ton for Ferrous Minerals, excluding Manganese and Ferroalloys, totaled US$ 96.3/t, an increase of US$ 17.3/t when compared to 3Q20. Ferrous Minerals EBITDA variation – US$ million (4Q20 x 3Q20) The share of premium products7 in total sales was 90% in 4Q20, as a result of an increase in BRBF sales in China, following strong domestic demand. Despite higher share of premium products, iron ore fines and pellets quality premiums declined slightly to US$ 4.3/t in 4Q20 vs. US$ 4.6/t in 3Q20, as a result of high reference prices and a sales mix with more medium-grade products, which was partially offset by seasonal dividends received. Iron ore fines and pellets quality premium Iron ore fines quality premium 3.2 3.7 3.8 4.1 4.6 Iron ore fines and pellets total quality premium 4.3 4.6 6.4 5.3 8.3 ¹ Composed of pellets, Carajás (IOCJ), Brazilian Blend Fines (BRBF) and pellet feed. Volume sold Iron ore fines 82,391 65,607 77,301 254,012 267,992 Pellets 8,486 8,464 10,966 31,211 43,199 Ferroalloys 15 15 35 67 127 7 Pellets, Carajás, BRBF (Brazilian Blend Fines) and pellet feed. 28 Manganese ore4614285701,3781,063 ROM4341626058531,314 ‘000 metric tons4Q203Q204Q1920202019 Share of premium products¹ (%)90%83%87%86%83% Pellets weighted average contribution1.10.92.61.23.7 US$/t4Q203Q204Q1920202019

| Net operating revenue by product Iron ore fines 10,765 7,357 6,451 27,285 23,343 Pellets 1,295 1,195 1,378 4,242 5,948 Others 77 76 106 306 397 Iron ore fines (excluding Pellets and ROM) Iron ore fines EBITDA variation – US$ million (4Q20 x 3Q20) REVENUES AND SALES VOLUMES Iron ore fine’s net revenues, excluding pellets and run of mine (ROM), increased to US$ 10.765 billion in 4Q20 vs. US$ 7.357 billion in 3Q20, as a result of 26% higher sales volumes (US$ 1.949 billion) and 17% higher sales realized prices (US$ 1.459 billion). Sales volumes of iron ore fines totaled 82.4 Mt in 4Q20, 16.8 Mt higher than in 3Q20. CFR sales of iron ore fines were 69.7 Mt in 4Q20, reaching 85% of total sales. The increase of CFR sales is an effect of higher sales to China, which reached a record level in 4Q20, totaling 63.5 Mt8. Sales to China are predominantly CFR-based, due to Vale’s blending strategy and customers’ usual choice. Pricing system breakdown (%) 8 Iron ore fines and pellets sales volume to China totaled 63.9 Mt in 4Q20. 29 Total12,2038,6848,02032,07830,005 Manganese & Ferroalloys605180225282 ROM6552035 US$ million4Q203Q204Q1920202019

| Vale’s realized price CFR/FOB totaled US$ 130.7/t, an increase of US$ 18.6/t compared with 3Q20, mainly due to higher 62% Fe reference price (US$ 15.5/t), and a positive effect from pricing mechanisms(US$ 5.2/t), since provisional price was marked, at the end of the quarter, at a higher level than quarter's average price , which were partially offset by lower premiums (US$ 0.7/t). Price realization iron ore fines – US$/t, 4Q20 Average prices Iron ore - Metal Bulletin 65% index 145.9 129.2 98.6 122.3 104.5 Iron ore - 62% Fe reference price 133.7 118.2 88.6 108.9 93.4 Iron ore fines Vale CFR price (dmt) 143.4 123.1 93.7 118.9 98.0 Pellets CFR/FOB (wmt) 152.6 141.2 125.7 135.9 137.7 Ferroalloys 1,027.2 968.2 969.9 948.0 1,057.2 COSTS IRON ORE COGS - 3Q20 x 4Q20 variation C1 cash costs 977 251 (2) 34 283 1,260 Distribution costs 48 12 - 27 39 87 Depreciation 253 65 (1) (13) 51 304 Total 2,317 634 (3) 41 672 2,989 30 Royalties & others19950-3585284 Total costs before depreciation and2,064569(2)546212,685 amortization Freight840256-(42)2141,054 Variation drivers US$ million3Q20VolumeExchange rateOthersTotal4Q20 Manganese ore87.585.380.2114.9139.0 Iron ore fines Vale CFR/FOB realized price130.7112.183.5107.487.1 Provisional price at the end of the quarter157.7119.890.3157.790.3 Iron ore - Metal Bulletin 62% low alumina index133.7118.788.3110.194.5 US$/ metric ton4Q203Q204Q1920202019

| Vale’s C1 cash cost ex-third-party purchases was relatively stable at US$ 12.7/t vs. US$ 12.5/t in the 3Q20. The slight increase was mainly due to higher demurrage cost driven by the extended queue of vessels at the Ponta da Madeira port after a collision during a dock maneuver in November 28th (US$ 0.2/t). Higher third-party purchase prices and volumes increased C1 cash cost after third-party purchases by additional US$ 0.1/t. Unit maritime freight cost decreased US$ 0.6/t, totaling US$ 15.1/t in 4Q20, mainly due to lower spot freight prices (US$ 0.2/t), route optimization (US$0.2/t) and lower bunker fuel costs (US$ 0.1/t). During 2020, Vale partially offset the impact of the IMO2020 regulation through scrubber installations on ships servicing long term contracts and the delivery of new scrubber-fitted vessels. Mainly through these initiatives and also HSFO-linked commercial contracts, in 2020, ~90% of our dedicated fleet remained exposed to high sulphur fuel oil, totaling an estimated US$ 200 million of bunker cost savings. By the end of 2021, Vale expects to reach 97% of high sulphur fuel oil exposure in its long-term contracts fleet either through scrubbers or commercial arrangements. Iron ore fines cash cost and freight Vale’s iron ore fines C1 cash cost (A) 1,260 977 1,122 4,002 4,109 Vale’s C1 cash cost ex-third-party volumes (C = A – B) 989 768 978 3,292 3,541 Volume sold (ex-ROM) (D) 82.4 65.6 77.3 254.0 268.0 Volume sold from third-party purchases (E) 4.5 4.1 3.9 13.6 14.2 Volume sold from own operations (F = D – E) 77.9 61.5 73.4 240.4 253.8 Vale’s C1 cash cost ex-third-party purchase cost (C/F) 12.7 12.5 13.3 13.7 13.9 Vale's iron ore cash cost (A/D) 15.3 14.9 14.5 15.8 15.3 Maritime freight costs (G) 1,054 840 1,093 3,137 3,644 Volume CFR (Mt) (I = D x H) 69.7 53.5 60.0 205.1 204.9 ¹ Includes logistics costs related to third-party purchases. EXPENSES Iron ore fines expenses, net of depreciation, amounted to US$ 222 million in 4Q20, increasing US$ 19 million vs. 3Q20, mainly as a result of higher R&D expenses, following the usual seasonality higher disbursements (US$ 17 million), and higher stoppage expenses mainly due to Viga operation stoppage (US$ 8 million), which was offset by lower stoppage expenses related to Brumadinho (US$ 9 million). 31 Vale's iron ore unit freight cost (US$/t) (G/I)15.115.718.215.317.8 % of CFR sales (H)85%81%78%81%76% Freight Average third-party purchase C1 cash cost (B/E)60.850.837.052.140.2 Iron ore fines cash cost (ex-ROM, ex-royalties), FOB (US$ /t) Sales volumes (Mt) Third-party purchase costs¹ (B)271209145710569 4Q203Q204Q1920202019 Costs (US$ million)

| Expenses - iron ore fines Brumadinho stoppage expenses 93 102 168 445 696 Iron ore pellets Adjusted EBITDA for pellets was US$ 894 million in 4Q20, 20% higher than in 3Q20, mainly as a result of higher sales price, following higher 65% Fe price index (US$ 129 million) and seasonal dividends received (US$ 63 million), which were partially offset by higher costs and expenses (US$ 38 million). CFR pellets sales of 3.6 Mt in 4Q20 represented 42% of total pellets sales. FOB pellets sales amounted to 4.9 Mt in 4Q20. The increase of 1.0 Mt of FOB sales vs. 3Q20 is a result of demand improvements ex-China, such as Europe and Japan. Realized prices in 4Q20 averaged US$ 152.6/t, increasing US$ 11.4/t vs. 3Q20, mainly due to 13% higher 65% Fe price index, which was partially offset by lower pellet premiums and the negative effect of pricing mechanisms as a result of higher sales volume in the first two months of the quarter when price were lower than 4Q20 average. In 1Q21, pellet contractual premiums improved significantly as a result of demand recovery in regions such as Europe, Japan and MENA and steel scrap price increase, supporting pellet premiums. Costs totaled US$ 441 million (or US$ 541 million with depreciation charges) in 4Q20. Excluding the impact of lower CFR sales volumes (US$ 15 million) and lower freight rate costs (US$ 6 million), costs increased US$ 31 million when compared with 3Q20, mainly due to higher maintenance costs. Pellets - EBITDA million million Net revenues / Realized price 1,295 152.6 1,195 141.2 Dividends received (Leased pelletizing plants) 63 7.4 - - Pre-operational & stoppage expenses (18) (2.1) (17) (2.0) Expenses (Selling, R&D and other) (5) (0.6) 1 0.1 EBITDA 894 105.3 748 88.4 32 Cash costs (Iron ore, leasing, freight, overhead, energy and other)(441)(52.0)(431)(50.9) 4Q203Q20 US$ US$/wmtUS$ US$/wmt Others2919238954 Other expenses383871136273 Total expenses2222033258481196 US$ millions4Q203Q204Q1920202019 Selling1413115150 R&D483152127123 Pre-operating and stoppage expenses122121191534750

| Iron ore fines and pellets cash break-even9 Iron ore and pellets cash break-even landed in China¹ Vale's iron ore cash cost (ex-ROM, ex-royalties), FOB (US$ /t) 15.3 14.9 14.5 15.8 15.3 Iron ore fines distribution cost 1.1 0.7 0.9 0.9 1.1 Iron ore fines expenses² & royalties 4.7 4.5 4.3 4.6 3.7 Iron ore fines quality adjustment (3.2) (3.7) (3.8) (4.1) (4.6) Iron ore fines EBITDA break-even (US$/dmt) 37.4 37.0 40.2 37.7 40.2 Iron ore fines pellet adjustment (1.1) (0.9) (2.6) (1.2) (3.7) Iron ore fines and pellets EBITDA break-even (US$/dmt) 36.3 36.1 37.6 36.5 36.5 Iron ore fines sustaining investments 7.9 5.8 8.07.75.5 Iron ore fines and pellets cash break-even landed in China (US$/dmt) 44.2 41.9 45.6 44.2 42.0 ¹ Measured by unit cost + expenses + sustaining investment adjusted for quality ² Net of depreciation and includes dividends received Manganese and ferroalloys Adjusted EBITDA of manganese ore and ferroalloys was US$ 9 million in 4Q20, US$ 14 million higher than in 3Q20, mainly due to higher sales prices (US$ 8 million) and lower expenses (US$ 5 million). Volume sold by destination – Iron ore and pellets Americas 8,543 7,663 7,736 29,129 32,927 Others 1,417 2,024 1,299 5,347 7,505 Asia 75,848 60,833 70,304 230,811 235,097 China 63,933 50,448 58,143 191,764 190,229 Others 5,643 5,071 5,632 19,678 21,374 Europe 4,048 3,104 7,684 16,850 30,925 Germany 505 468 3,661 4,193 13,432 Others 3,167 2,045 2,922 10,582 13,085 Middle East 2,061 1,616 2,014 5,523 8,182 Rest of the World 811 1,017 1,134 3,763 5,374 Total 91,311 74,233 88,872 286,076 312,505 9 Does not include the impact from the iron ore fines and pellets pricing system mechanism. 33 France3765911,1012,0754,408 Japan6,2725,3146,52919,36923,494 Brazil7,1265,6396,43723,78225,422 ‘000 metric tons4Q203Q204Q1920202019 Iron ore fines moisture adjustment3.33.33.63.43.5 Iron ore fines stoppage expenses² related to Brumadinho1.11.62.51.83.4 Iron ore fines freight cost (ex-bunker oil hedge)15.115.718.2 15.3 17.8 US$/t4Q203Q204Q19 2020 2019 Vale’s C1 cash cost ex-third-party purchase cost12.712.513.3 13.7 13.9 Third party purchases cost adjustments2.62.41.22.11.4

| Selected financial indicators - Ferrous Minerals Net Revenues 12,203 8,684 8,020 32,078 30,005 Expenses¹ (50) (53) (92) (166) (351) R&D expenses (52) (32) (53) (136) (142) Adjusted EBITDA 8,800 5,856 4,538 21,005 16,997 Adjusted EBIT 8,335 5,453 3,982 19,237 14,934 ¹ Net of depreciation and amortization Selected financial indicators - Iron ore fines Adjusted EBITDA (US$ million) 7,881 5,090 3,641 18,289 13,398 Adjusted EBITDA (US$/t) 96 78 47 72 50 Selected financial indicators - Pellets Adjusted EBITDA (US$ million) 894 748 850 2,626 3,432 Adjusted EBITDA (US$/t) 105 88 78 84 79 Selected financial indicators - Ferrous ex Manganese and Ferroalloys Adjusted EBITDA (US$ million) 8,791 5,861 4,533 20,990 16,946 Volume Sold (Mt)¹ 91.3 74.2 88.9 286.1 312.5 Adjusted EBITDA (US$/t) 96 79 51 73 54 ¹ Volume including iron ore fines, pellets and ROM. 34 US$ million4Q203Q204Q1920202019 Volume Sold (Mt)8.58.511.031.243.2 US$ million4Q203Q204Q1920202019 Volume Sold (Mt)82.465.677.3254.0268.0 US$ million4Q203Q204Q1920202019 Adjusted EBIT margin (%)68.362.849.760.049.8 Depreciation and amortization(465)(403)(556)(1,768)(2,063) Dividends and interests on associates and JVs862152141296 Pre-operating and stoppage expenses¹ (150)(146)(214)(647)(823) Costs¹(3,237)(2,599)(3,275)(10,265)(11,988) US$ million4Q203Q204Q1920202019

| Base Metals Base Metals adjusted EBITDA was US$ 1,138 million in 4Q20, US$ 368 million higher than 3Q20, with the Copper business EBITDA reaching a record of US$ 445 million. The higher EBITDA in the quarter was mainly due to: • • Higher nickel and copper realized prices, on stronger LME reference price; Higher nickel by-product credits, mainly due to higher volumes of copper, rhodium and palladium; Lower maintenance costs in Ontario and Onça Puma due to the successful work performed during 3Q20; and Higher nickel sales volumes, as higher production allowed Vale to take advantage of better prices environment. • • Base Metals EBITDA overview – 4Q20 North Onça Others US$ million PTVI Site VNC Site Sossego Salobo Base Costs (665) (116) (128) (45) (83) (129) (58) (1,224) Pre-operating and stoppage expenses - - - - - (1) - (1) 35 R&D(10)(1)(2)-(5)-(17)(35) EBITDA48574(33)501223391011,138 Selling and other expenses45(3)(2)(1)(4)1(6)30 Total AtlanticPumaNi & CuMetals Net Revenues1,11519499962144681822,368

| Average prices Nickel - LME 15,930 14,210 15,450 13,788 13,936 Nickel - realized prices 16,851 15,145 16,251 15,291 14,064 Gold (US$/oz) 1,895 2,177 1,542 1,857 1,419 Cobalt (US$/t) 31,991 30,083 29,860 28,785 26,093 ¹Considers Salobo and Sossego operations. Nickel operations Nickel operations – EBITDA by operation North Atlantic operation¹ 485 294 369 1,263 1,217 VNC (33) (22) (63) (150) (237) Others Nickel² 117 32 (22) 230 21 ¹ Includes the operations in Canada and in the United Kingdom. ² Includes the PTVI and VNC off-takes, intercompany sales eliminations, purchase of finished nickel and trading activities. Hedge results have been relocated to each nickel business operation. North Atlantic operations’ EBITDA was higher in 4Q20 mainly due to (i) higher nickel realized prices, (ii) higher by-product credits and (iii) lower expenses and costs related to maintenance, which was concentrated in 3Q20 after being postponed from 1H20. The positive effects were partially offset by Canadian dollar depreciation compared to US dollar. PTVI’s lower EBITDA in 4Q20 was mainly due to the impact of lower production volumes at the site on the dilution of fixed costs, which were partially offset by higher nickel realized prices. VNC's EBITDA was lower in 4Q20 mainly due to the stoppage of operations since December 10th, 2020 caused by protests in New Caledonia, which were partially offset by higher nickel realized prices. Onça Puma’s EBITDA was higher in 4Q20 mainly due to (i) higher sales volumes, (ii) higher nickel realized prices and (iii) higher dilution of fixed costs after successful maintenance works during 3Q20. 36 Total6933904111,6761,243 Onça Puma501(3)599 PTVI7485130273233 US$ million4Q203Q204Q1920202019 Silver (US$/oz)29.922.517.621.115.4 Copper - realized prices¹7,1336,2685,7325,8645,445 Copper - LME7,1666,5195,8816,1806,000 US$/ metric ton4Q203Q204Q1920202019

| Nickel Revenue and Realized Price Net operating revenue by product - Nickel operations Nickel 1,115 882 764 3,226 2,892 Copper 194 129 185 581 659 Gold as by-product 30 27 31 110 87 PGMs 178 155 148 664 469 Cobalt 30 28 28 118 112 Others Nickel 129 89 6 265 23 Total 1,686 1,317 1,167 4,995 4,257 Volume sold - Nickel operations Upper Class I nickel ¹ 18 15 21 74 100 Class II nickel ¹ 19 12 12 54 57 Copper 26 18 33 99 122 Silver as by-product ('000 oz) 292 367 283 1,471 1,012 Cobalt (metric ton) 936 945 941 4,088 4,273 ¹ 3Q19 reconciled as per new classification. Nickel realized price LME average nickel price 15,930 14,210 15,450 Contribution to the NRP by category: Other timing and pricing adjustments contribution 951 975 729 Nickel realized price in 4Q20 rose 11.3% from 3Q20 mainly due to 12.1% higher LME nickel prices, which was partially offset by (i) lower premiums for Class I nickel, (ii) higher discounts for Class II nickel, as well as (iii) higher share commands lower premiums than Class I nickel. of Class II nickel in the product mix, which Premiums / discount by nickel product Lower Class I nickel 74 70 340 Intermediates (1,080) (1,440) (2,720) Note: 4Q19 reconciled as per new classification. 37 Class II nickel(530)(330)(470) US$/t4Q203Q204Q19 Upper Class I nickel1,0351,0801,450 Nickel average aggregate premium (30) (40)72 Average nickel realized price 16,851 15,14516,251 US$/t4Q203Q204Q19 PGMs ('000 oz)826090325319 Gold as by-product ('000 oz)1614216363 Intermediates ¹111183625 Lower Class I nickel ¹182064624 ‘000 metric tons4Q203Q204Q1920202019 Nickel665847211206 Silver as by-product10753115 US$ million4Q203Q204Q1920202019

| Nickel products by source as % of sales - 4Q20 43 0 0 0 27 26 Upper Class I 14 41 38 100 29 21 Class II Other timing and pricing adjustments had an aggregate positive impact of US$ 951/t. The main drivers for this positive adjustment in 4Q20 are (i) the effect of the hedging on Vale’s nickel price realization, with a positive impact of US$ 1,089/t in the quarter10; (ii) the Quotational Period effects (based on sales distribution in the prior three months, as well as the differences between the LME price at the moment of sale and the LME average price), with an impact of negative US$ 88/t; and (iii) fixed price sales, with an impact of negative US$ 45/t. Nickel Costs and Expenses Nickel COGS - 3Q20 x 4Q20 rate Nickel operations 894 86 16 16 118 1,012 Nickel operations – unit cash cost of sales, net of by-product credits PTVI 7,109 6,291 6,784 6,675 7,457 Onça Puma 7,257 12,078 14,924 9,751 9,965 ¹ North Atlantic figures include Clydach refining costs. North Atlantic operations’ unit cash costs after by-products decreased in 4Q20 mainly due to the higher dilution of fixed cost and higher by-product credits as Sudbury increased production significantly after the successful maintenance in 3Q20. PTVI’s unit cash costs was higher in 4Q20 as a result of lower dilution of fixed costs on lower volumes at PTVI site production. VNC's unit cash costs after by-products was higher in 4Q20 mainly as consequence of the stoppage of operations caused by protests in New Caledonia. 10 In March 2020 Vale decided to unwind its Nickel Revenue Hedging Program. The gain was recognized in equity and is periodically reclassified to net income aligned with the hedged future nickel sales. 38 VNC16,60213,32218,41515,97121,753 US$/t4Q203Q204Q1920202019 North Atlantic operations¹6,5318,0403,6725,8094,612 Depreciation2423418250 Total1,1368920171261,262 Variance drivers US$ million3Q20VolumeExchangeOthersTotal variation4Q20 Intermediates1596201719 Lower Class I420002734 % of source salesNorth AtlanticPTVIVNC Onça Puma Total 4Q20Total 3Q20

| Onça Puma’s unit cash costs was significantly lower in 4Q20 as a result of higher dilution of fixed costs, a consequence of successful maintenance works during 3Q20, which allowed for a strong performance in 4Q20. Selling expenses and other expenses totaled a revenue of US$ 33 million in 4Q20 due to tax credits (US$ 50 million) offset by selling expenses (US$ 12 million), mines under care and maintenance in North Atlantic (US$ 13 million) and expenses related to other projects (US$ 5 million). R&D expenses were US$ 13 million in 4Q20, higher than the US$ 10 million recorded in 3Q20. These expenses encompass R&D initiatives for further operational improvements, with the main expenses associated with North Atlantic and VNC operations, corresponding to US$ 10 million and US$ 2 million, respectively, in the quarter. EBITDA breakeven – nickel operations11 Selected financial indicators - Nickel operations Net Revenues 1,686 1,317 1,167 4,995 4,257 Costs¹ (1,012) (894) (709) (3,216) (2,867) Expenses¹ 33 (23) (29) (25) (75) R&D expenses (14) (10) (18) (49) (44) Dividends and interests on associates and JVs - - - - - Adjusted EBITDA 693 390 411 1,676 1,243 Adjusted EBIT 443 148 128 742 144 Adjusted EBIT margin (%) 26.3 11.2 11.0 14.9 3.4 ¹ Net of depreciation and amortization 11 Considering only the cash effect of US$ 400/oz that Wheaton Precious Metals pays for 70% of Sudbury’s gold by-product, nickel operations EBITDA breakeven would increase to US$ 5,641/t. 39 Depreciation and amortization(250)(242)(283)(934)(1,099) Pre-operating and stoppage expenses¹---(29)(28) US$ million4Q203Q204Q1920202019

| Copper operations – Salobo and Sossego Copper – EBITDA by operation Salobo 339 287 273 1,030 877 Others Copper¹ (16) (10) (16) (54) (32) ¹ Includes research expenses related to the Hu’u project. Salobo and Sossego’s EBITDA was higher in 4Q20 mainly due to higher copper realized prices and higher copper and gold sales volumes, which were partially offset by lower gold prices. Copper revenue and realized price Net operating revenue by product - Copper operations Copper 476 390 315 1,450 1,327 Silver as by-product 5 5 4 16 13 Volume sold - Copper operations Copper 67 62 55 247 244 Silver as by-product ('000 oz) 199 193 231 760 818 Vale’s copper products are sold on a provisional pricing basis12 during the quarter with final prices determined in a future period, generally one to four months forward. Price realization – copper operations 12 On December 31th, 2020, Vale had provisionally priced copper sales from Sossego and Salobo totaling 58,145 tons valued at an LME forward price of US$ 7,755/t, subject to final pricing over the following months. 40 Gold as by-product ('000 oz)10686101378396 ‘000 metric tons4Q203Q204Q1920202019 Total6825874762,1751,904 Gold as by-product201192157709564 US$ million4Q203Q204Q1920202019 Total4453802381,305931 Sossego122104(19)32986 US$ million4Q203Q204Q1920202019

| • Current period price adjustments: at the end of the quarter, mark-to-market of open invoices based on the copper price forward curve • Prior period price adjustment: based on the difference between the price used in final invoices (and in the mark-to-market of invoices from previous quarters still open at the end of the quarter) and the provisional prices used for sales in previous quarters • TC/RCs, penalties, premiums and discounts for intermediate products The positive effects of current period price adjustments of US$ 476/t and prior period price adjustments of US$ 64/t were mainly due to the forward price steadily rising during the fourth quarter. Copper Costs and Expenses Salobo had solid performance reaching consecutive negative unit cash costs after by-products in the quarter, while Sossego remained at sub-US$ 2,000/t unit cash cost in the quarter. Copper COGS - 3Q20 x 4Q20 rate Copper operations 190 13 - 9 22 212 Copper operations – unit cash cost of sales, net of by-product credits Salobo (808) (806) 53 (586) 525 Selling expenses and other expenses totaled US$ 3 million in 4Q20. Research and development expenses were US$ 21 million in 4Q20, with Hu’u-related expenditures amounting to US$ 16 million and Sossego amounting to US$ 5 million in the quarter. 41 Sossego1,7421,2696,4091,9983,765 US$/t4Q203Q204Q1920202019 Depreciation296--635 Total21919-928247 Variance drivers US$ million3Q20VolumeExchangeOthersTotal variation4Q20

| EBITDA breakeven – copper operations13 The realized price to be used against the EBITDA break-even should be the copper realized price before discounts (US$ 7,714/t), given that TC/RCs, penalties and other discounts are already part of the EBITDA break-even build-up. Selected financial indicators - Copper operations Net Revenues 682 587 476 2,175 1,904 Expenses¹ (3) (2) - (7) (5) R&D expenses (21) (15) (18) (68) (43) Adjusted EBITDA 445 380 238 1,305 931 Adjusted EBIT 410 351 185 1,167 736 ¹ Net of depreciation and amortization 13 Considering only the cash effect of US$ 400/oz that Wheaton Precious Metals pays for 75% of Salobo’s gold by-product, copper operations EBITDA breakeven would increase to US$ 2,205/t. 42 Adjusted EBIT margin (%)60.159.838.953.738.7 Depreciation and amortization(35)(29)(53)(138)(195) Dividends and interests on associates and JVs-----Pre-operating and stoppage expenses¹(1)-(20)(1)(20) Costs¹(212)(190)(200)(794)(905) US$ million4Q203Q204Q1920202019

| Coal Coal adjusted EBITDA was negative US$ 291 million in 4Q20, US$ 78 million lower than in 3Q20, mainly as a result of higher costs (US$ 79 million) led by an increase in cash cost, and absence of interest received from the Nacala Logistic Corridor debt service in 3Q2014, which were partially offset by higher revenues due to (i) better sales volumes (US$ 11 million), supported by inventories consumption and (ii) stronger average realized prices (US$ 14 million). Vale resumed its maintenance plan in November 2020, with the first phase of the project currently running as scheduled. Vale expects to reach a run-rate of 15 Mtpy in 2H21 and 18 Mtpy in 2022. On January 2021, Vale signed a Heads of Agreement with Mitsui allowing both parties to structure Mitsui’s exit from the Moatize coal mine and the Nacala Logistics Corridor, as a first step towards Vale’s divestment of the coal business. Revenue and price realization The higher quarter-on-quarter net revenues was due to a combination of stronger sales volumes and realized prices. Volume sold Metallurgical coal 884 809 1,017 2,914 4,427 Total 1,535 1,381 2,042 5,867 8,783 Net operating revenue by product Metallurgical coal 91 76 134 313 764 Thermal coal 37 27 57 160 257 Coal prices Metallurgical coal index price¹ 108.2 114.8 140.0 124.0 177.0 Thermal coal index price² 72.8 55.4 75.8 65.3 71.5 Vale’s average realized price 83.6 74.4 93.5 80.7 116.3 ¹ Reference price Premium Low Vol Hard Coking Coal FOB Australia. ² McCloskey FOB Richards Bay 14 From 1Q20 onwards, and for Adjusted EBITDA purposes only, Vale is recognizing interest on a cash basis. Therefore, interest from the Nacala Logistic Corridor will be recorded in the Adjusted EBITDA every 6 months (usually in 1Q and 3Q of each fiscal year) as provided for in the debt service contract. 43 Vale’s thermal coal realized price56.747.056.054.359.1 Vale’s metallurgical coal realized price103.393.8131.4107.4172.5 US$/ metric ton4Q203Q204Q1920202019 Total1281031914731021 US$ million4Q203Q204Q1920202019 Thermal coal6515721,0252,9534,356 ‘000 metric tons4Q203Q204Q1920202019

| Price realization – Metallurgical coal US$/t 4Q20 Price realization – Thermal coal US$/t 4Q20 44

| Costs and expenses Costs totaled US$ 400 million in 4Q20, US$ 79 million higher than in 3Q20. Pro-forma C1 cash cost was US$ 127.5/t in 4Q20, up from 3Q20 due to (i) higher inventories’ costs, given that the 3Q20 was positively impacted by a substantial reversion of inventory impairments (Other Costs) (ii) lower dilution of fixed costs due to the lower production led by the plant’s revamp and (iii) the absence of interest received from the Nacala Logistic Corridor related to its debt service to Vale15. Pro-forma cash cost Nacala non-operational tariff ² (B) 13.4 31.4 55.6 39.9 50.8 Other costs (C) ³ 0.3 (43.5) (7.2) (0.9) 2.5 Cost at Nacala Port (D = A+B+C) 127.5 91.8 191.5 163.4 185.3 Pro-forma C1 cash cost (F = D-E) 127.5 77.3 177.8 147.2 172.5 Idle capacity 133.7 140.9 - 84.8 - Total 261.2 218.2 177.8 232.0 172.5 ¹ Includes the inferred NLC tariff components related to fixed and variable costs and excludes royalties. ² Includes the inferred NLC tariff components related to sustaining capex, working capital, taxes and other financial items. ³ Average costs of inventories are monthly tested vs. the expected sales prices leading to positive or negative variations, depending on previous provisions recorded. Selected financial indicators - Coal Net Revenues 128 103 191 473 1,021 Expenses¹ (15) (5) (5) (15) 1 Dividends and interests on associates and JVs - 20 28 95 113 Depreciation and amortization - - (61) (19) (237) Adjusted EBIT margin (%) (227.3) (206.8) (129.3) (200.8) (75.4) ¹ Net of depreciation and amortization ² Including idle capacity 15 From 1Q20 onwards, and for Adjusted EBITDA purposes only, Vale is recognizing interest on a cash basis. Therefore, interest from the Nacala Logistic Corridor will be recorded in the Adjusted EBITDA every 6 months (usually in 1Q and 3Q of each fiscal year) as provided for in the debt service contract. 45 Adjusted EBIT(291)(213)(247)(950)(770) Adjusted EBITDA(291)(213)(186)(931)(533) R&D expenses(4)(10)(8)(28)(30) Costs¹ ²(400)(321)(392)(1,456)(1,638) US$ million4Q203Q204Q1920202019 NLC’s debt service to Vale (E)-14.513.716.212.9 US$/ metric ton4Q203Q204Q1920202019 Pro-forma operational costs¹ (A)113.8103.9143.1124.4132.0

| ANNEXES SIMPLIFIED FINANCIAL STATEMENTS Income Statement Net operating revenue 14,769 10,762 9,964 40,018 37,570 Gross margin (%) 61.2 55.2 43.5 199.0 43.6 Research and evaluation expenses (153) (105) (158) (443) (443) Pre-operating and operational stoppage (193) (188) (314) (887) (1,153) Brumadinho event (4,854) (114) (1,141) (5,257) (7,402) Impairment and disposal of non-current assets (1,513) (298) (4,731) (2,243) (5,074) Operating income 1,795 5,001 (2,415) 10,843 1,319 Financial income 64 69 176 375 527 Other financial items, net 213 (227) (131) (1,903) (194) ventures Income (loss) before income taxes 792 3,601 (3,409) 4,969 (2,775) Current tax (1,982) (743) (52) (3,398) (1,522) Net income (loss) 644 2,807 (1,996) 4,531 (2,180) Loss attributable to noncontrolling interests (95) (101) (434) (350) (497) 739 2,908 (1,562) 4,881 (1,683) stockholders Equity income (loss) by business segment Ferrous Minerals 13 (28) 19 (317) 11 183 50 (42) 254 111 Coal - - - - - - - - (2) (1) 46 Others(59)128(24)400(5)(83)(169)142(24)(11) Total(46)100(6)1006100(119)100228100 Base Metals--(1)17------US$ million4Q20%3Q20%4Q19%2020%2019% Net income (loss) attributable to Vale's Deferred tax1,834(51)1,4652,9602,117 Equity results and other results in associates and joint(322)(40)(154)(1,063)(681) Financial expenses(958)(1,202)(1,147)(3,283)(3,746) Other operational expenses, net(340)(113)(264)(752)(505) Selling and administrative expenses(188)(127)(139)(554)(487) Cost of goods sold and services rendered(5,733)(4,816)(5,632)(19,039)(21,187) Gross profit9,0365,9464,33220,97916,383 US$ million4Q203Q204Q1920202019

| Balance sheet Current assets 24,403 17,544 17,042 Cash and cash equivalents 13,487 8,845 7,350 Accounts receivable 4,993 3,014 2,529 Inventories 4,061 4,329 4,274 Recoverable taxes 402 357 552 Non-current assets 15,129 15,799 16,798 Judicial deposits 1,268 2,040 3,133 Prepaid income taxes 454 540 597 Deferred income taxes 10,335 9,610 9,217 Suppliers and contractors 3,367 3,099 4,107 Other financial liabilities 1,906 1,782 1,404 Settlement program (REFIS) 340 313 431 Liabilities related to associates and joint ventures 876 688 516 De-characterization of dams 381 320 309 Others 680 699 769 Participative stockholders' debentures 3,413 2,533 2,584 Settlement program (REFIS) 2,404 2,287 3,476 Provisions 8,434 7,781 8,493 Liabilities related to Brumadinho 2,665 614 1,415 Streaming transactions 2,005 2,017 2,063 Stockholders' equity 34,821 33,209 38,993 Total liabilities and stockholders' equity 92,007 79,981 91,713 47 Others292373402 Total liabilities57,18646,77252,720 De-characterization of dams1,9081,2542,180 Liabilities related to associates and joint ventures1,1987971,184 Deferred income taxes1,7701,6351,882 Other financial liabilities4,6122,7561,788 Non-current liabilities42,59236,08838,875 Loans, borrowings and leases13,89114,04113,408 Dividends payable1,220-1,560 Liabilities related to Brumadinho1,9109361,568 Provisions1,8261,0161,230 Taxes payable952807512 Loans, borrowings and leases1,1361,0241,439 Others651606583 Fixed assets52,47546,63857,873 Total assets92,00779,98191,713 Liabilities Current liabilities14,59410,68413,845 Recoverable taxes637531607 Other financial assets1,7842,4722,661 Others253303534 Prepaid income taxes107117370 Other financial assets329454607 Short term investments771125826 US$ million12/31/20209/30/202012/31/2019 Assets

| Cash flow US$ million 4Q20 3Q20 4Q19 2020 2019 Cash flow from operations 7,330 5,567 3,797 17,030 15,623 Interest on loans and borrowings paid (140) (203) (236) (755) (1,186) Derivatives received (paid), net (63) (130) (115) (34) (324) Interest on participative stockholders debentures paid (95) - (104) (183) (194) Income taxes (including settlement program) (539) (450) (467) (1,736)(1,809) Net cash provided by operating activities 6,493 4,784 2,875 14,322 12,110 Cash flows from investing activities: Capital expenditures (1,444) (872) (1,472) (4,430) (3,704) Additions to investments (56) - (1) (131) (76) Proceeds from disposal of assets and investments 338 82 18 426 142 Dividends received from joint ventures and associates 94 2 160 173 353 Restricted cash and judicial deposits related to Brumadinho - 9 (45) (9) (1,638) Short term investments - - 98 630 (828) Investment in fund applications (697) (31) - (824) - Other investment activities, net (133) (197) (157) (504) (312) Net cash provided by (used in) investing activities (1,898)(1,007)(1,412)(4,669)(6,989) Cash flows from financing activities: Loans and financing: Loans and borrowings from third parties - 1,800 - 6,800 3,142 Payments of loans and borrowings from third parties (308) (5,265)(1,871)(6,064)(5,417) Payments of leasing (75) (45) (93) (219) (224) Payments to stockholders: Dividends and interest on capital paid to stockholders (23) (3,327) - (3,350) - Dividends and interest on capital paid to noncontrolling interest (3) (3) (3) (14) (184) Transactions with noncontrolling stockholders 171 - (812) 171 (812) Net cash provided by (used in) financing activities (238) (6,840)(2,779)(2,676)(3,495) Increase (decrease) in cash and cash equivalents 4,357 (3,063) (1,316) 6,977 1,626 Cash and cash equivalents in the beginning of the period 8,845 12,113 8,559 7,350 5,784 Effect of exchange rate changes on cash and cash equivalents 300 (205) 107 (825) (60) Effects of disposals of subsidiaries, net of cash and cash equivalents (15) - - (15) - Cash and cash equivalents at the end of period 13,487 8,845 7,350 13,487 7,350 Additions to property, plant and equipment - capitalized loans and borrowing costs 13 13 29 70 140 Income before income taxes 792 3,601 (3,409) 4,969 (2,775) Adjusted for: Provisions related to Brumadinho 4,727 - 898 4,748 6,550 Equity results and other results in associates and joint ventures 322 40 154 1,063 681 Impairment and disposal of non-current assets 1,513 298 4,731 2,243 5,074 Depreciation, depletion and amortization 838 774 1,032 3,234 3,726 Financial results, net 681 1,360 840 4,811 3,413 Change in assets and liabilities Accounts receivable (1,963) (276) (296) (2,540) (25) Inventories 470 (298) 411 (180) 110 Suppliers and contractors 85 214 (88) (267) 655 Provision - Payroll, related charges and other remunerations 138 177 13 222 (94) Payments related to Brumadinho (221) (218) (381) (809) (989) Other assets and liabilities, net (52) (105) (108) (464) (703) Cash flow from operations 7,330 5,567 3,797 17,030 15,623 48 Cash flows from operating activities: Non-cash transactions: Acquisition of subsidiary, net of cash--(13)-(926)

| REVENUES, VOLUMES SOLD, PRICES AND MARGINS Net operating revenue by destination North America 302 2.0 283 2.6 576 5.8 1,300 3.2 2,199 5.9 Canada 5 0.0 5 0.0 169 1.7 258 0.6 717 1.9 South America 1,045 7.1 862 8.0 870 8.7 3,269 8.2 3,842 10.2 Others 107 0.7 145 1.3 77 0.8 361 0.9 494 1.3 China 9,208 62.3 6,416 59.6 5,182 52.0 23,140 57.8 18,242 48.6 South Korea 477 3.2 296 2.8 325 3.3 1,278 3.2 1,278 3.4 Europe 1,815 12.4 1,400 13.0 1,272 12.8 5,337 13.4 5,194 13.8 Italy 105 0.7 58 0.5 58 0.6 270 0.7 356 0.9 Middle East 348 2.3 249 2.3 247 2.5 883 2.2 1,282 3.4 Volume sold - Minerals and metals ‘000 metric tons 4Q20 3Q20 4Q19 2020 2019 Iron ore fines 82,391 65,607 77,301 254,012 267,992 Pellets 8,486 8,464 10,966 31,211 43,199 Manganese ore 461 428 570 1,378 1,063 Ferroalloys 15 15 35 67 127 Metallurgical coal 884 809 1,017 2,914 4,427 Nickel 66 58 47 211 206 Copper 93 81 88 346 365 Silver as by-product ('000 oz) 491 560 514 2,231 1,830 PGMs ('000 oz) 82 60 90 325 319 Cobalt (metric ton) 936 945 941 4,089 4,273 49 Gold as by-product ('000 oz)122100122441458 Thermal coal6515721,0252,9534,356 ROM4341626058531,314 Rest of the World1541.01681.61701.76201.58962.4 Total14,769100.010,762100.09,964100.0 40,018 100.0 37,570 100.0 Others1,2128.29018.47437.53,4018.53,1558.4 Germany4983.44414.14714.71,6664.21,6834.5 Others6454.45304.95265.31,9784.92,0345.4 Japan7755.25585.27968.02,2135.52,6036.9 Asia11,10575.27,80072.56,82968.5 28,60971.5 24,15764.3 Brazil9386.47176.77938.02,9087.33,3488.9 Mexico----580.610.01470.4 USA2972.02782.63493.51,0412.61,3353.6 US$ million4Q20%3Q20%4Q19%2020%2019%

| Average prices Iron ore fines CFR reference (dmt) 143.4 123.1 93.7 118.9 98.0 Pellets CFR/FOB (wmt) 152.6 141.2 125.7 135.9 137.7 Ferroalloys 1,027.2 968.2 969.9 948.0 1,057.2 Metallurgical coal 103.3 93.8 131.4 107.4 172.5 Copper¹ 7,209 6,441 5,693 5,864 5,436 Silver (US$/oz) 29.9 22.5 17.6 21.1 15.4 ¹Considers Salobo, Sossego and North Atlantic operations. Operating margin by segment (EBIT adjusted margin) Ferrous Minerals 68.3 62.8 49.760.0 49.8 Coal (227.3) (206.8) (129.3)(200.8) (75.4) Total 23.0 49.4 25.1 33.4 18.3 RECONCILIATION OF IFRS AND “NON-GAAP” INFORMATION (a) Adjusted EBIT Net operating revenues 14,769 10,762 9,964 Sales and administrative expenses (188) (127) (139) Research and development expenses (153) (105) (158) Pre-operating and stoppage expenses (193) (188) (314) Other operational expenses, net (340) (113) (264) Dividends received and interests from associates and JVs 94 22 188 (b) Adjusted EBITDA EBITDA defines profit or loss before interest, tax, depreciation, depletion and amortization. The definition of Adjusted EBITDA for the Company is the operating income or loss plus dividends received and interest from associates and joint ventures, and excluding the amounts charged as (i) depreciation, depletion and amortization and (ii) impairment and disposal of non-current assets. However, our adjusted EBITDA is not the measure defined as EBITDA under IFRS and may possibly not be comparable with indicators with the same name reported by other companies. Adjusted EBITDA should not be considered as a substitute for operational profit or as a better measure of liquidity than operational cash flow, which are calculated in accordance with IFRS. Vale provides its adjusted EBITDA to give additional information about its capacity to pay debt, carry out investments and cover working capital needs. The following tables shows the reconciliation between adjusted EBITDA and operational cash flow and adjusted EBITDA and net income, in accordance with its statement of changes in financial position. The definition of Adjusted EBIT is Adjusted EBITDA plus depreciation, depletion and amortization. 50 Adjusted EBIT3,4025,3212,504 Brumadinho event(4,854)(114)(1,141) COGS(5,733)(4,816)(5,632) US$ million4Q203Q204Q19 Base Metals36.026.219.126.214.3 %4Q203Q204Q1920202019 Cobalt (US$/t)31,99130,08329,86028,78526,093 Gold (US$/oz)1,8952,1771,5421,8571,419 Nickel16,85115,14516,25115,29114,064 Thermal coal56.747.056.054.359.1 Manganese ore87.585.380.2114.9139.0 Iron ore fines CFR/FOB realized price130.7112.183.5107.487.1 US$/ton4Q203Q204Q1920202019

| Reconciliation between adjusted EBITDA and operational cash flow Adjusted EBITDA 4,240 6,095 3,536 Working capital: Inventories 470 (298) 411 Suppliers and contractors 85 214 (88) Provision - Payroll, related charges and other remunerations 138 177 13 Provisions related to Brumadinho 4,727 - - Others (146) (127) 602 Cash provided from operations 7,330 5,567 3,797 Interest on loans and borrowings paid (140) (203) (236) Interest on participative shareholders' debentures paid (95) - (104) Derivatives received (paid), net (63) (130) (115) Net cash provided by (used in) operating activities 6,493 4,784 2,875 Reconciliation between adjusted EBITDA and net income (loss) Depreciation, depletion and amortization (838) (774) (1,032) ventures Impairment and disposal of non-current assets (1,513) (298) (4,731) Financial results (681) (1,360) (840) Income taxes (148) (794) 1,413 Net income (loss) attributable to noncontrolling interests (95) (101) (434) (c) Net debt US$ million 4Q20 3Q20 4Q19 Total debt 13,360 13,444 13,056 Net debt (898) 4,474 4,880 ¹ Including financial investments (d) Gross debt / LTM Adjusted EBITDA US$ million 4Q20 3Q20 4Q19 Gross debt / LTM Adjusted EBITDA (x) 0.8 0.8 1.2 (e) LTM Adjusted EBITDA / LTM interest payments Adjusted LTM EBITDA / LTM gross interest (x) 20.3 19.4 10.7 LTM operational profit / LTM interest payments (x) 14.7 8.2 1.5 51 LTM adjusted EBITDA / LTM interest payments (x)22.018.78.9 US$ million4Q203Q204Q19 Gross debt / LTM operational cash flow (x)0.91.31.1 Cash and cash equivalents¹14,2588,9708,176 Net income (loss) attributable to Vale's stockholders7392,908(1,562) Net income (loss)6442,807(1,996) Equity results and other results in associates and joint ventures(322)(40)(154) Operating income1,7955,001(2,415) Dividends received and interest from associates and joint(94)(22)(188) US$ million4Q203Q204Q19 Adjusted EBITDA4,2406,0953,536 Income taxes paid - including settlement program(539)(450)(467) Payments related to Brumadinho (221)(218)(381) Accounts receivable(1,963)(276)(296) US$ million4Q203Q204Q19

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

| Vale S.A. (Registrant)
| By: | /s/ Ivan Fadel
Date: February 25, 2020 |  | Head of Investor Relations