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Information by business segment and by geographic area | 6 Months Ended
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Jun. 30, 2021
Information by business segment and by geographic area |
Information by business segment and by geographic area | 4. Information by business segment and by geographic area The Company operates the following reportable segments: Ferrous Minerals, Base Metals and Coal. The segments are aligned with products and reflect the structure used by Management to evaluate Company’s performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance ("chief operating decision maker" under IFRS 8 - Operating Segments) are the Executive Boards and the Board of Directors. Accordingly, the performance of the operating segments is assessed based on a measure of adjusted EBITDA. The Company allocates to “Others” the revenues and cost of other products, services, research and development, investments in joint ventures and associates of other business and unallocated corporate expenses. Additionally, the costs related to the Brumadinho event are not directly linked to the Company's operating activities and, therefore, are allocated to "Other" as well. In the current period, the Company has allocated the financial information of Vale Nouvelle-Calédonie SAS (“VNC”) operation to “Others” as this operation is no longer analyzed by the chief operating decision maker as part of to the performance of the Base Metals business segment due to the sale of this operation. The comparative periods were restated to reflect this change in the allocation criteria. a) Adjusted EBITDA 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. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three-month period ended June 30,2021
​ |  | ​ |  | ​ |  | Sales, |  | ​ |  | ​ |  | Dividends |  | ​
​ | ​ | ​ | ​ | Cost of goods | ​ | administrative | ​ | ​ | ​ | ​ | ​ | received and | ​ | ​
​ | ​ | ​ | ​ | sold and | ​ | and other | ​ | ​ | ​ | Pre operating | ​ | interest from | ​ | ​
​ | ​ | Net operating | ​ | services | ​ | operating | ​ | Research and | ​ | and operational | ​ | associates and | ​ | Adjusted
​ | ​ | revenue | ​ | rendered | ​ | expenses | ​ | evaluation | ​ | stoppage | ​ | joint ventures | ​ | EBITDA
Ferrous minerals |  |  | ​ |  | ​ |  | ​ |  |  |  |  |  | ​ |
Iron ore |  | 12,200 | ​ | (2,816) | ​ | (61) | ​ | (43) | ​ | (74) | ​ | — | ​ | 9,206
Iron ore pellets |  | 1,947 | ​ | (520) | ​ | 2 | ​ | — | ​ | (13) | ​ | 22 | ​ | 1,438
Ferroalloys and manganese |  | 52 | ​ | (39) | ​ | (1) | ​ | — | ​ | (4) | ​ | — | ​ | 8
Other ferrous products and services |  | 98 | ​ | (71) | ​ | 1 | ​ | (1) | ​ | — | ​ | — | ​ | 27
​ |  | 14,297 | ​ | (3,446) | ​ | (59) | ​ | (44) | ​ | (91) | ​ | 22 | ​ | 10,679
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Base metals |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel and other products |  | 1,492 | ​ | (959) | ​ | (25) | ​ | (18) | ​ | (60) | ​ | — | ​ | 430
Copper |  | 688 | ​ | (229) | ​ | (1) | ​ | (21) | ​ | (1) | ​ | — | ​ | 436
​ |  | 2,180 | ​ | (1,188) | ​ | (26) | ​ | (39) | ​ | (61) | ​ | — | ​ | 866
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Coal |  | 161 | ​ | (323) | ​ | — | ​ | (2) | ​ | — | ​ | — | ​ | (164)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Others | ​ | 37 | ​ | (48) | ​ | (96) | ​ | (56) | ​ | — | ​ | 21 | ​ | (142)
​ | ​ | 16,675 | ​ | (5,005) | ​ | (181) | ​ | (141) | ​ | (152) | ​ | 43 | ​ | 11,239
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Brumadinho event |  | — | ​ | — | ​ | (185) | ​ | — | ​ | — | ​ | — | ​ | (185)
COVID-19 |  | — | ​ | — | ​ | (16) | ​ | — | ​ | — | ​ | — | ​ | (16)
Total |  | 16,675 | ​ | (5,005) | ​ | (382) | ​ | (141) | ​ | (152) | ​ | 43 | ​ | 11,038
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three-month period ended June 30,2020
​ |  | ​ |  | ​ |  | Sales, |  | ​ |  | ​ |  | Dividends |  | ​
​ | ​ | ​ | ​ | Cost of goods | ​ | administrative | ​ | ​ | ​ | ​ | ​ | received and | ​ | ​
​ | ​ | ​ | ​ | sold and | ​ | and other | ​ | ​ | ​ | Pre operating | ​ | interest from | ​ | ​
​ | ​ | Net operating | ​ | services | ​ | operating | ​ | Research and | ​ | and operational | ​ | associates and | ​ | Adjusted
​ | ​ | revenue | ​ | rendered | ​ | expenses | ​ | evaluation | ​ | stoppage | ​ | joint ventures | ​ | EBITDA
Ferrous minerals | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Iron ore |  | 4,852 | ​ | (1,739) | ​ | (59) | ​ | (25) | ​ | (122) | ​ | — | ​ | 2,907
Iron ore pellets |  | 900 | ​ | (377) | ​ | 2 | ​ | (1) | ​ | (17) | ​ | 53 | ​ | 560
Ferroalloys and manganese |  | 68 | ​ | (42) | ​ | — | ​ | (1) | ​ | (10) | ​ | — | ​ | 15
Other ferrous products and services |  | 75 | ​ | (56) | ​ | 1 | ​ | — | ​ | — | ​ | — | ​ | 20
​ |  | 5,895 | ​ | (2,214) | ​ | (56) | ​ | (27) | ​ | (149) | ​ | 53 | ​ | 3,502
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Base metals |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel and other products |  | 891 | ​ | (546) | ​ | (16) | ​ | (9) | ​ | (29) | ​ | — | ​ | 291
Copper |  | 523 | ​ | (185) | ​ | (3) | ​ | (15) | ​ | — | ​ | — | ​ | 320
​ | ​ | 1,414 | ​ | (731) | ​ | (19) | ​ | (24) | ​ | (29) | ​ | — | ​ | 611
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Coal |  | 94 | ​ | (361) | ​ | 3 | ​ | (5) | ​ | — | ​ | — | ​ | (269)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Others (i) | ​ | 115 | ​ | (172) | ​ | (190) | ​ | (34) | ​ | (1) | ​ | 24 | ​ | (258)
​ | ​ | 7,518 | ​ | (3,478) | ​ | (262) | ​ | (90) | ​ | (179) | ​ | 77 | ​ | 3,586
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Brumadinho event | ​ | — | ​ | — | ​ | (130) | ​ | — | ​ | — | ​ | — | ​ | (130)
COVID-19 | ​ | — | ​ | — | ​ | (85) | ​ | — | ​ | — | ​ | — | ​ | (85)
Total | ​ | 7,518 | ​ | (3,478) | ​ | (477) | ​ | (90) | ​ | (179) | ​ | 77 | ​ | 3,371
(i) Includes the reclassification of the EBITDA of VNC in the amount of US$48.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended June 30,2021
​ |  | ​ |  | ​ |  | Sales, |  | ​ |  | ​ |  | Dividends |  | ​
​ | ​ | ​ | ​ | Cost of goods | ​ | administrative | ​ | ​ | ​ | ​ | ​ | received and | ​ | ​
​ | ​ | ​ | ​ | sold and | ​ | and other | ​ | ​ | ​ | Pre operating | ​ | interest from | ​ | ​
​ | ​ | Net operating | ​ | services | ​ | operating | ​ | Research and | ​ | and operational | ​ | associates and | ​ | Adjusted
​ | ​ | revenue | ​ | rendered | ​ | expenses | ​ | evaluation | ​ | stoppage | ​ | joint ventures | ​ | EBITDA
Ferrous minerals |  |  |  |  |  |  |  |  |  |  |  |  |  |
Iron ore |  | 21,354 | ​ | (4,903) | ​ | (83) | ​ | (76) | ​ | (166) | ​ | — | ​ | 16,126
Iron ore pellets |  | 3,155 | ​ | (903) | ​ | 31 | ​ | (1) | ​ | (26) | ​ | 22 | ​ | 2,278
Ferroalloys and manganese |  | 98 | ​ | (62) | ​ | (2) | ​ | — | ​ | (8) | ​ | — | ​ | 26
Other ferrous products and services |  | 195 | ​ | (137) | ​ | 3 | ​ | (1) | ​ | — | ​ | — | ​ | 60
​ |  | 24,802 | ​ | (6,005) | ​ | (51) | ​ | (78) | ​ | (200) | ​ | 22 | ​ | 18,490
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Base metals |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel and other products |  | 2,926 | ​ | (1,730) | ​ | (35) | ​ | (29) | ​ | (60) | ​ | — | ​ | 1,072
Copper |  | 1,242 | ​ | (395) | ​ | (1) | ​ | (39) | ​ | (2) | ​ | — | ​ | 805
​ | ​ | 4,168 | ​ | (2,125) | ​ | (36) | ​ | (68) | ​ | (62) | ​ | — | ​ | 1,877
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Coal |  | 253 | ​ | (652) | ​ | 2 | ​ | (4) | ​ | — | ​ | 78 | ​ | (323)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Others (i) | ​ | 97 | ​ | (162) | ​ | (202) | ​ | (91) | ​ | (1) | ​ | 21 | ​ | (338)
​ | ​ | 29,320 | ​ | (8,944) | ​ | (287) | ​ | (241) | ​ | (263) | ​ | 121 | ​ | 19,706
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Brumadinho event | ​ | — | ​ | — | ​ | (300) | ​ | — | ​ | — | ​ | — | ​ | (300)
COVID-19 | ​ | — | ​ | — | ​ | (18) | ​ | — | ​ | — | ​ | — | ​ | (18)
Total | ​ | 29,320 | ​ | (8,944) | ​ | (605) | ​ | (241) | ​ | (263) | ​ | 121 | ​ | 19,388
(i) Includes the EBITDA of VNC in the amount of US$65.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended June 30,2020
​ |  | ​ |  | ​ |  | Sales, |  | ​ |  | ​ |  | Dividends |  | ​
​ | ​ | ​ | ​ | Cost of goods | ​ | administrative | ​ | ​ | ​ | ​ | ​ | received and | ​ | ​
​ | ​ | ​ | ​ | sold and | ​ | and other | ​ | ​ | ​ | Pre operating | ​ | interest from | ​ | ​
​ | ​ | Net operating | ​ | services | ​ | operating | ​ | Research and | ​ | and operational | ​ | associates and | ​ | Adjusted
​ | ​ | revenue | ​ | rendered | ​ | expenses | ​ | evaluation | ​ | stoppage | ​ | joint ventures | ​ | EBITDA
Ferrous minerals | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |
Iron ore | ​ | 9,163 | ​ | (3,422) | ​ | (84) | ​ | (48) | ​ | (291) | ​ | — | ​ | 5,318
Iron ore pellets | ​ | 1,752 | ​ | (789) | ​ | 12 | ​ | (2) | ​ | (42) | ​ | 53 | ​ | 984
Ferroalloys and manganese |  | 114 | ​ | (91) | ​ | — | ​ | (1) | ​ | (11) | ​ | — | ​ | 11
Other ferrous products and services |  | 162 | ​ | (127) | ​ | 2 | ​ | (1) | ​ | — | ​ | — | ​ | 36
​ |  | 11,191 | ​ | (4,429) | ​ | (70) | ​ | (52) | ​ | (344) | ​ | 53 | ​ | 6,349
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Base metals |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nickel and other products |  | 1,847 | ​ | (1,074) | ​ | (35) | ​ | (22) | ​ | (29) | ​ | — | ​ | 687
Copper |  | 906 | ​ | (392) | ​ | (2) | ​ | (32) | ​ | — | ​ | — | ​ | 480
​ | ​ | 2,753 | ​ | (1,466) | ​ | (37) | ​ | (54) | ​ | (29) | ​ | — | ​ | 1,167
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Coal |  | 242 | ​ | (735) | ​ | 5 | ​ | (14) | ​ | — | ​ | 75 | ​ | (427)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Others (i) | ​ | 301 | ​ | (397) | ​ | (320) | ​ | (65) | ​ | (5) | ​ | 24 | ​ | (462)
​ | ​ | 14,487 | ​ | (7,027) | ​ | (422) | ​ | (185) | ​ | (378) | ​ | 152 | ​ | 6,627
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Brumadinho event |  | — | ​ | — | ​ | (289) | ​ | — | ​ | — | ​ | — | ​ | (289)
COVID-19 | ​ | — | ​ | — | ​ | (85) | ​ | — | ​ | — | ​ | — | ​ | (85)
Total |  | 14,487 | ​ | (7,027) | ​ | (796) | ​ | (185) | ​ | (378) | ​ | 152 | ​ | 6,253
(i) Includes the reclassification of the EBITDA of VNC in the amount of US$94. Adjusted EBITDA is reconciled to net income as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three-month period ended June 30, | ​ | Six-month period ended June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Net income attributable to Vale's stockholders | ​ | 7,586 | ​ | 995 | ​ | 13,132 | ​ | 1,234
Loss attributable to non-controlling interests | ​ | (49) | ​ | (76) | ​ | (118) | ​ | (154)
Net income | ​ | 7,537 | ​ | 919 | ​ | 13,014 | ​ | 1,080
Depreciation, depletion and amortization | ​ | 849 | ​ | 807 | ​ | 1,580 | ​ | 1,622
Income taxes | ​ | 2,073 | ​ | 145 | ​ | 3,883 | ​ | (504)
Financial results | ​ | (350) | ​ | 485 | ​ | (273) | ​ | 2,770
Equity results and other results in associates and joint ventures | ​ | 454 | ​ | 535 | ​ | 470 | ​ | 701
Dividends received and interest from associates and joint ventures (i) | ​ | 43 | ​ | 77 | ​ | 121 | ​ | 152
Impairment and disposal of non-current assets | ​ | 432 | ​ | 403 | ​ | 593 | ​ | 432
Adjusted EBITDA | ​ | 11,038 | ​ | 3,371 | ​ | 19,388 | ​ | 6,253
(i) Includes the remuneration of the financial instrument of the Coal segment. b) Assets by segment ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30,2021 | ​ | December 31,2020
​ | ​ | ​ | ​ | Investments in | ​ | Property, plant | ​ | ​ | ​ | Investments in | ​ | Property, plant
​ | ​ | ​ | ​ | associates and | ​ | and equipment | ​ | ​ | ​ | associates and | ​ | and equipment
​ |  | Product inventory |  | joint ventures |  | and intangibles (i) |  | Product inventory |  | joint ventures |  | and intangibles (i)
Ferrous minerals |  | 2,403 | ​ | 1,250 | ​ | 30,567 | ​ | 2,017 | ​ | 1,154 | ​ | 29,436
Base metals |  | 1,288 | ​ | 17 | ​ | 20,155 | ​ | 1,231 | ​ | 18 | ​ | 19,549
Coal (note 12) |  | 89 | ​ | — | ​ | 2,342 | ​ | 25 | ​ | — | ​ | —
Others |  | — | ​ | 930 | ​ | 1,817 | ​ | — | ​ | 859 | ​ | 1,459
Total |  | 3,780 | ​ | 2,197 | ​ | 54,881 | ​ | 3,273 | ​ | 2,031 | ​ | 50,444
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three-month period ended June 30,
​ | ​ | 2021 | ​ | 2020
​ | ​ | Capital expenditures (ii) | ​ | ​ | ​ | Capital expenditures (ii) | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Depreciation, | ​ | ​ | ​ | ​ | ​ | Depreciation,
​ | ​ | Sustaining | ​ | Project | ​ | depletion and | ​ | Sustaining | ​ | Project | ​ | depletion and
​ |  | capital |  | execution |  | amortization |  | capital |  | execution |  | amortization
Ferrous minerals | ​ | 535 | ​ | 113 | ​ | 455 | ​ | 482 | ​ | 59 | ​ | 478
Base metals | ​ | 357 | ​ | 69 | ​ | 367 | ​ | 295 | ​ | 63 | ​ | 309
Coal (note 12) | ​ | 36 | ​ | — | ​ | 17 | ​ | 31 | ​ | — | ​ | —
Others (iii) | ​ | 1 | ​ | 28 | ​ | 10 | ​ | 35 | ​ | 2 | ​ | 20
Total | ​ | 929 | ​ | 210 | ​ | 849 | ​ | 843 | ​ | 124 | ​ | 807
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended June 30,
​ | ​ | 2021 | ​ | 2020
​ |  | Capital expenditures (ii) | ​ | ​ | ​ | Capital expenditures (ii) | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Depreciation, | ​ | ​ | ​ | ​ | ​ | Depreciation,
​ | ​ | Sustaining | ​ | Project | ​ | depletion and | ​ | Sustaining | ​ | Project | ​ | depletion and
​ |  | capital |  | execution |  | amortization |  | capital |  | execution |  | amortization
Ferrous minerals | ​ | 1,061 | ​ | 195 | ​ | 852 | ​ | 1,018 | ​ | 150 | ​ | 900
Base metals | ​ | 648 | ​ | 137 | ​ | 684 | ​ | 595 | ​ | 115 | ​ | 651
Coal (note 12) | ​ | 65 | ​ | — | ​ | 17 | ​ | 111 | ​ | — | ​ | 19
Others (iii) | ​ | 12 | ​ | 30 | ​ | 27 | ​ | 98 | ​ | 4 | ​ | 52
Total | ​ | 1,786 | ​ | 362 | ​ | 1,580 | ​ | 1,822 | ​ | 269 | ​ | 1,622
(i) Goodwill is allocated to ferrous minerals and base metals segments in the amount of US$1,426 and US$1,975 in June 30, 2021 and US$1,373 and US$1,926 in December 31, 2020, respectively. (ii) Cash outflows. (iii) Includes the reclassification of VNC under the captions “Sustaining capital” and “depreciation, depletion and amortization”, in the amount of US$34 and US$8, respectively, for the three-month period ended on June 30, 2020 and in the amount of US$95 and US$26, respectively, for the six-month period ended on June 30, 2020. c) Net operating revenue by geographic area ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three-month period ended June 30, 2021
​ | ​ | Ferrous | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | minerals |  | Base metals |  | Coal |  | Others |  | Total
Americas, except United States and Brazil |  | 248 | ​ | 130 | ​ | — | ​ | — | ​ | 378
United States of America |  | 161 | ​ | 288 | ​ | — | ​ | — | ​ | 449
Germany | ​ | 154 | ​ | 463 | ​ | — | ​ | — | ​ | 617
Europe, except Germany |  | 988 | ​ | 581 | ​ | 5 | ​ | — | ​ | 1,574
Middle East, Africa and Oceania |  | 672 | ​ | 7 | ​ | 21 | ​ | — | ​ | 700
Japan |  | 943 | ​ | 119 | ​ | 20 | ​ | — | ​ | 1,082
China |  | 8,665 | ​ | 264 | ​ | 47 | ​ | — | ​ | 8,976
Asia, except Japan and China |  | 987 | ​ | 315 | ​ | 66 | ​ | — | ​ | 1,368
Brazil |  | 1,479 | ​ | 13 | ​ | 2 | ​ | 37 | ​ | 1,531
Net operating revenue |  | 14,297 | ​ | 2,180 | ​ | 161 | ​ | 37 | ​ | 16,675
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three-month period ended June 30,2020
​ | ​ | Ferrous | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | minerals |  | Base metals |  | Coal |  | Others (i) |  | Total
Americas, except United States and Brazil | ​ | 14 | ​ | 45 | ​ | — | ​ | 57 | ​ | 116
United States of America | ​ | 29 | ​ | 148 | ​ | — | ​ | — | ​ | 177
Germany | ​ | 67 | ​ | 284 | ​ | — | ​ | — | ​ | 351
Europe, except Germany | ​ | 223 | ​ | 370 | ​ | 34 | ​ | — | ​ | 627
Middle East, Africa and Oceania | ​ | 280 | ​ | 5 | ​ | 21 | ​ | — | ​ | 306
Japan | ​ | 288 | ​ | 108 | ​ | — | ​ | — | ​ | 396
China | ​ | 4,154 | ​ | 166 | ​ | — | ​ | — | ​ | 4,320
Asia, except Japan and China | ​ | 417 | ​ | 245 | ​ | 35 | ​ | — | ​ | 697
Brazil | ​ | 423 | ​ | 43 | ​ | 4 | ​ | 58 | ​ | 528
Net operating revenue | ​ | 5,895 | ​ | 1,414 | ​ | 94 | ​ | 115 | ​ | 7,518
(i) Includes the reclassification of VNC in the amount of US$57.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended June 30,2021
​ | ​ | Ferrous | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | minerals |  | Base metals |  | Coal |  | Others (i) |  | Total
Americas, except United States and Brazil | ​ | 467 | ​ | 224 | ​ | — | ​ | 4 | ​ | 695
United States of America | ​ | 259 | ​ | 573 | ​ | — | ​ | — | ​ | 832
Germany | ​ | 323 | ​ | 929 | ​ | — | ​ | — | ​ | 1,252
Europe, except Germany | ​ | 1,579 | ​ | 1,287 | ​ | 23 | ​ | — | ​ | 2,889
Middle East, Africa and Oceania | ​ | 943 | ​ | 7 | ​ | 39 | ​ | — | ​ | 989
Japan | ​ | 1,470 | ​ | 215 | ​ | 20 | ​ | — | ​ | 1,705
China | ​ | 15,458 | ​ | 424 | ​ | 60 | ​ | — | ​ | 15,942
Asia, except Japan and China | ​ | 1,769 | ​ | 473 | ​ | 109 | ​ | — | ​ | 2,351
Brazil | ​ | 2,534 | ​ | 36 | ​ | 2 | ​ | 93 | ​ | 2,665
Net operating revenue | ​ | 24,802 | ​ | 4,168 | ​ | 253 | ​ | 97 | ​ | 29,320
(i) Includes the revenue of VNC in the amount of US$4.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six-month period ended June 30, 2020
​ |  | Ferrous |  |  |  |  |  |  |  |
​ |  | minerals |  | Base metals |  | Coal |  | Others (i) |  | Total
Americas, except United States and Brazil | ​ | 114 | ​ | 99 | ​ | — | ​ | 145 | ​ | 358
United States of America |  | 73 | ​ | 393 | ​ | — | ​ | — | ​ | 466
Germany |  | 249 | ​ | 478 | ​ | — | ​ | — | ​ | 727
Europe, except Germany |  | 509 | ​ | 805 | ​ | 81 | ​ | — | ​ | 1,395
Middle East, Africa and Oceania |  | 522 | ​ | 13 | ​ | 49 | ​ | — | ​ | 584
Japan |  | 665 | ​ | 202 | ​ | 13 | ​ | — | ​ | 880
China |  | 7,218 | ​ | 282 | ​ | 16 | ​ | — | ​ | 7,516
Asia, except Japan and China |  | 828 | ​ | 401 | ​ | 79 | ​ | — | ​ | 1,308
Brazil |  | 1,013 | ​ | 80 | ​ | 4 | ​ | 156 | ​ | 1,253
Net operating revenue |  | 11,191 | ​ | 2,753 | ​ | 242 | ​ | 301 | ​ | 14,487
(i) Includes the reclassification of VNC in the amount of US$145. Provisionally priced commodities sales - The commodity price risk arises from volatility of iron ore, nickel, copper and coal prices. The Company is mostly exposed to the fluctuations in the iron ore and copper price (note 16). The selling price of these products can be measured reliably at each period, since the price is quoted in an active market. The sensitivity of the Company’s risk on final settlement of provisionally priced accounts receivables is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021
​ |  | ​ |  | Provisional price |  | ​ |  | ​
​ |  | Thousand metric tons | ​ | (US$/tonne) | ​ | Change |  | Effect on Revenue
Iron ore |  | 18,155 |  | 181.3 |  | +/-10 | % | 329
Copper |  | 65 |  | 11,627.7 |  | +/-10 | % | 76
​

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