<SEC-DOCUMENT>0001292814-23-001494.txt : 20230412
<SEC-HEADER>0001292814-23-001494.hdr.sgml : 20230412
<ACCEPTANCE-DATETIME>20230412171535
ACCESSION NUMBER:		0001292814-23-001494
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230412
DATE AS OF CHANGE:		20230412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		23816447

	BUSINESS ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Companhia Vale do Rio Doce
		DATE OF NAME CHANGE:	20051108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE RIO DOCE CO
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>vale20230404_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">United
States<BR>
Securities and Exchange Commission</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Form&nbsp;6-K</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Report
of Foreign Private Issuer</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Pursuant
to Rule&nbsp;13a-16 or 15d-16 of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">the
Securities Exchange Act of 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">For
the month of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">April
2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Commission
File Number 001-15030</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Vale
S.A.</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Praia
de Botafogo n&ordm; 186, 18&ordm; andar, Botafogo</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">22250-145
Rio de Janeiro, RJ, Brazil</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(Address
of principal executive office)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Form&nbsp;20-F
x Form&nbsp;40-F o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 405.9pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><U>Page</U></FONT></P>

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  <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Results
                                            of operations for the year ended December 31, 2022&#9;</FONT></P></TD>
  <TD STYLE="vertical-align: bottom; text-align: right; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">3</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Liquidity
                                            and capital resources&#9;</FONT></P></TD>
  <TD STYLE="vertical-align: bottom; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">11</FONT></P></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: Black"><B>Results
of operations for the Year ended December 31, 2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, we recorded net income from continuing operations of US$16,810 million, compared to US$24,844 million in 2021. Our Adjusted EBITDA
from continuing operations decreased to US$19,760 million in 2022 from US$31,343 million in 2021, mainly due to lower iron ore average
realized prices, which had an impact of US$9,768 million. Adjusted EBITDA is a non-GAAP measure, which is calculated using operating
income or loss and adding dividends received and interest from associates and joint ventures, and excluding the amounts charged as (i)&nbsp;depreciation,
depletion and amortization and (ii) impairment reversal (impairment and disposals) of non-current assets. For more information and the
reconciliation of our Adjusted EBITDA to our net income (loss), see &ldquo;Adjusted EBITDA&rdquo; below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">For
commentary on our results of operations for the year 2021 compared with 2020, please see pages 113-120 of our Form 20-F for the year
ended December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Consolidated
income statement data</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI Semilight; background-color: #F9FDFD; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">For
    the year ended December&nbsp;31,</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 56%; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2022</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">%
    change</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(US$
    million)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Net
    operating revenue</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">43,839</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">54,502</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(19.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Cost
    of goods sold and services rendered</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(24,028)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(21,729)
    </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.6</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Selling,
    administrative and other operating expenses, net</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2,237)
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(3,457)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(35.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Research
    and evaluation expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(660)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(549)
    </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">20.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Pre&#45;operating
    and operational stoppage</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(479)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(648)
    </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(26.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Impairment
    reversal (impairment and disposals) of non&#45;current assets, net</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">773</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(426)
    </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">281.5</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">17,208</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">27,693</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(37.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Non&#45;operating
    income (expenses):</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Financial
    income (expenses), net</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">2,268</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,119
    </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(27.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Equity
    results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">305</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(1,271)
    </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">124.0</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Income
    before income taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">19,781</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">29,541</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(33.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Income
    taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2,971)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(4,697)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(36.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
    income from continuing operations</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">16,810</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">24,844</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(32.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Net
    income attributable to non&#45;controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">82</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">108
    </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(24.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
    income from continuing operations attributable to Vale&rsquo;s shareholders</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">16,728</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">24,736</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(32.4)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Net
    income (loss) from discontinued operations</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">2,060</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2,376)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">186.7</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Loss
    attributable to non&#45;controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(85)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">100.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
    income (loss) from discontinued operations attributable to Vale&rsquo;s shareholders</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">2,060</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2,291)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">189.9</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
    income</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">18,870</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">22,468</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(15.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Net
    income attributable to non&#45;controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">82</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">23</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt; text-align: right; text-indent: -10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">256.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
    income attributable to Vale&rsquo;s shareholders</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">18,788</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">22,445</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(16.3)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black"><B>Consolidated
Revenues</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, our net operating revenues from continuing operations decreased by US$10,663 million or 19.56% to US$43,839 million, from US$54,502
million in 2021. The decrease was mainly due to (i) lower prices of Iron Solutions products due to the lower realized prices in the sale
of iron ore, which reflects the drop in the market reference price (impact of US$9,768 million) and (ii) lower volume of iron ore sales
(impact of US$837 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">The
following table summarizes, for each of the years indicated, the distribution of our net operating revenues based on the geographical
location of our customers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: #1F497D 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
    operating revenues by destination</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="border-bottom: #1F497D 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">2022</FONT></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="border-bottom: #1F497D 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">2021</FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(US$
    million)</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(%
    of total)</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(US$
    million)</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(%
    of total)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><I>Asia</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">China</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">22,203</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">50.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">28,603</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">52.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Japan</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,535</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4,523</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">South
    Korea</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,311</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,744</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Taiwan</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">621</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1.8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,187</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,757</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Asia
    &ndash; total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">28,857</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">65.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">37,627</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">69.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><I>Europe</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Germany</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,521</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,034</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">England</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">204</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">0.5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">116</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">0.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Italy</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">708</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">652</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">France</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">454</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">583</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,470</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">5.6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,345</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Europe
    &ndash; total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">5,357</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">12.2</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6,730</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">12.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><I>South&nbsp;and
    Central America</I></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Brazil</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4,137</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">9.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">5,164</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">9.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">603</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">916</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">South
    and Central America - total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4,740</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6,080</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">11.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Rest
    of the world</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,646</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6.0</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,155</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><I>North
    America</I></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Canada</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">596</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1.4</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">367</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">0.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">United
    States</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,643</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,543</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2.8</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">North
    America - total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,239</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,910</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 1.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>43,839</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>100</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>54,502</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>100</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black"><B>Consolidated
Operating Costs and Expenses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Our
cost of goods sold and services rendered from continuing operations increased by 10.6%, to US$24,028 million in 2022 from US$21,729 million
in 2021, mainly due (i) increase in costs with bunker and fuel of the segment of Iron Solutions, resulting in higher costs with oil and
gas (impact of US$993 million), and (ii) goods and services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Our
research and development expenses totaled US$660 million in 2022, a 20.2% increase from US$549 million recorded in 2021, mainly due to
projects of drilling and geology exploration and mineral exploration in all segments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Our
pre-operating and operational stoppage expenses totaled US$479 million in 2022, a 26.1% decrease from the US$648 million recorded in
2021, mainly due to lower idle capacity in stopped Iron Solutions operations related to the Brumadinho dam collapse.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Our
selling administrative and other operating expenses, net, totaled US$2,237 million in 2022, a 35.3% decrease from US$3,457 million recorded
in 2021, mostly due to lower expenses with obligations for dam de-characterization.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>Results
of Operations by Segment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, we renamed our main operating segments. The operating segment previously named &ldquo;Ferrous Minerals&rdquo; is now disclosed
as &ldquo;Iron Solutions&rdquo; while the &ldquo;Base Metals&rdquo; operating segment is now disclosed as &ldquo;Energy Transition Metals.&rdquo;</FONT></P>


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<P STYLE="color: #365F91; font: italic 10pt Cambria, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Net
operating revenue by segment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">The
following table summarizes our net operating revenues by product for the years indicated.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Segoe UI; width: 100%; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Year
    ended December&nbsp;31,</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">%
    change</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(US$
    million, except for %)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">28,188</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">38,324</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(26.4)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore pellets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6,256</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">7,053</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(11.3)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Other&nbsp;ferrous&nbsp;products&nbsp;and&nbsp;services</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">472</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">548</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(13.9)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions - total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">34,916</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">45,925</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(24.0)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Nickel
    and other products(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6,619</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">5,377</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">23.1</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Copper
    concentrate(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,779</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,589</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(31.3)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals - total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8,398</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">7,966</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">5.4</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Other
    products and services</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">525</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">611</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(14.1)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; color: Black">Total
    from continuing operations</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">43,839</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">54,502</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(19.6)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; color: Black">Discontinued
    operations - Coal</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">448</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,083</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(58.6)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
    operating revenues</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>44,287</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>55,585</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>(20.3)</B></FONT></TD>
    </TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Includes
                                            nickel coproducts (copper) and byproducts (precious metals, cobalt and others).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Does
                                            not include copper produced in our nickel operations.</FONT></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Sales
volumes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">The
following table sets forth our principal products and the total volumes sold of each product in each of the years indicated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI; background-color: #F9FDFD; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Year
    ended December&nbsp;31,</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2022</FONT></TD>
    <TD STYLE="width: 24%; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</FONT></TD>
    <TD STYLE="width: 25%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">%
    change</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(thousand
    metric tons, except where indicated)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore fines</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">260,663</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">270,885</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(3.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore pellets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">33,164</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">32,306</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">2.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">ROM
    (run of mine)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8,216</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,052</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">300.4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals:</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Nickel</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">181</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">182</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(0.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Copper</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">166</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">216</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(23.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Copper
    as nickel coproduct</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">78</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">68</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">14.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">PGMs&nbsp;(000&rsquo;
    oz.) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">215</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">173</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">24.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Gold
    (000&rsquo; oz.) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">277</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">340</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(18.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Silver
    (000&rsquo; oz.) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,611</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,399</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">15.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Cobalt
    (metric tons) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,361</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,017</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">17.1</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">By-product
                                            contained in our nickel and copper concentrates.</FONT></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Average
realized prices</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">The
following table sets forth our average realized prices for our principal products for each of the years indicated. We determine average
realized prices based on our net operating revenues, which consist of the price charged to customers, excluding certain items that we
deduct in arriving at net operating revenues, mainly value&#45;added tax.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI; background-color: #F9FDFD; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Year
    ended December&nbsp;31,</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 25%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 27%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2022</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; vertical-align: bottom; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</FONT></TD>
    <TD STYLE="vertical-align: top; width: 22%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">%
    change</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(US$
    per metric ton, except where indicated)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: bottom; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">108</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">141</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(23.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore pellets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">188</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">218</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(13.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals:</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Nickel</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">23,670</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">18,004</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">31.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Copper</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">8,052</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">9,337</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(13.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Copper
    as nickel byproduct</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">7,459</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">9,237</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(19.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Gold
    (US$/oz)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">1,785</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">1,768</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">0.9</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Silver
    (US$/oz)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">24</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(12.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Cobalt</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">58,865</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">51,907</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">13.4</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Cost
of goods sold by segment (excluding depreciation, depletion and amortization)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">The
following table presents, for each year indicated, our cost of goods sold and services rendered (excluding depreciation, depletion and
amortization) by segment and the percentage change from year to year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Year
    ended December&nbsp;31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2022</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">%
    change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(US$
    million, except for %)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">11,929</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">11,199</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore pellets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,682</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,231</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">20.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Other
    ferrous products and services</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">335</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">400</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(16.3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions &ndash; total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">14,946</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">13,830</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">8.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Nickel
    and other products (1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4,541</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,606</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">25.9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Copper
    (2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,049</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">878</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">19.5</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals &ndash; total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">5,590</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">4,484</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">24.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Others</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">443</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">558</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(20.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; color: Black">Total
    of continuing operations (excluding depreciation, depletion and amortization)&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">20,979</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; color: Black">18,872</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; color: Black">11.2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Depreciation,
    depletion and amortization</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,049</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,857</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">6.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total
    of continuing operations (including depreciation, depletion and amortization)&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">24,028</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">21,729</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">10.6</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Includes
                                            nickel coproducts (copper) and byproducts (precious metals, cobalt and others).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Does
                                            not include copper produced in our nickel operations.</FONT></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Expenses
by segment (excluding depreciation, depletion and amortization)</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black">The
following table summarizes, for each year indicated, our expenses (consisting of selling, general and administrative, research and evaluation,
pre&#45;operating, stoppage and other expenses, net of other revenues) by operating segment (excluding depreciation, depletion and amortization)
and the percentage change from year to year.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Year
    ended December&nbsp;31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2022</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">%
    change</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(US$
    million, except for %)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">604</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">664</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(9.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore pellets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">20</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">30.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Other
    ferrous products and services</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">17</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">12</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">41.7</FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; vertical-align: bottom; width: 47%; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions &ndash; total</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">647</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; vertical-align: bottom; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">696</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; vertical-align: top; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(7.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Nickel
    and other products (1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">154</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">195</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(21.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Copper
    (2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">161</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">94</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">71.3</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals -total</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">315</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">289</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">9.0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Others</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,292</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,492</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(34.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total
    from continuing operations (excluding depreciation, depletion and amortization)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,254</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4,477</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(27.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Depreciation,
    depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">122</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">177</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(31.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total
    from continuing operations (including depreciation, depletion and amortization)</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,376</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4,654</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(27.5)</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Includes
                                            nickel coproducts (copper) and byproducts (precious metals, cobalt and others).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Does
                                            not include copper produced in our nickel operations.</FONT></TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Adjusted
EBITDA by segment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">The
following table summarizes our Adjusted EBITDA for each of our segments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Year
    ended December&nbsp;31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2022<BR>
    Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021<BR>
    Adjusted EBITDA</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(US$
    million)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">15,670</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">26,471</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    ore pellets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,653</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">4,873</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Other
    ferrous products and services</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">120</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">136</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Iron
    Solutions &ndash; total</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">19,443</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">31,480</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Nickel
    and other products (1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,924</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,576</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Copper
    (2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">569</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">1,617</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Energy
    Transition Metals &ndash; total</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2,493</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">3,193</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Other
    (3)</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(2,176)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #666666 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(3,330)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Adjusted
    EBITDA from continuing operations</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">19,760</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">31,343</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Adjusted
    EBITDA from discontinued operations (coal)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">171</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(189)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Adjusted
    EBITDA</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">19,931</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">31,154</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Includes
                                            nickel coproducts (copper) and byproducts (precious metals, cobalt and others).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Does
                                            not include copper produced in our nickel operations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Includes
                                            sales and expenses of other products, services, research and development, investments in
                                            joint ventures and associates of other business and unallocated corporate expenses.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">The
table below shows a reconciliation of our Adjusted EBITDA with our net income for the years indicated. Our management uses Adjusted EBITDA
as the measure to assess the contribution of each segment to our performance and to support decision-making in allocating resources.
Adjusted EBITDA is a non-GAAP measure, which is calculated for each segment using operating income or loss from continuing operations
plus dividends received and interest from associates and joint ventures and adding back the amounts charged as (i) depreciation, depletion
and amortization and (ii) impairment and reversal (impairment and disposal) of non-current assets. For more information, see note 4 to
our consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Year
    ended December&nbsp;31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 57%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2022</FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>(US$
    million)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Net
    Income from continuing operations attributable to Vale&rsquo;s shareholders</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">16,728</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">24,736</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: bottom; width: 57%; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Net
    Income attributable to non-controlling interests</FONT></TD>
    <TD STYLE="vertical-align: top; width: 21%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">82</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 22%; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">108</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Net
    Income from continuing operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>16,810</B></FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>24,844</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Depreciation,
    depletion and amortization</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">3,171</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">3,034</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Income
    taxes</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">2,971</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">4,697</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Financial
    results, net</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(2,268)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(3,119)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Equity
    results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(305)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">1,271</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Dividends
    received and interest from associates and joint ventures</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">154</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">190</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Impairment
    and disposals (impairment reversal) of non-current assets</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(773)</FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">426</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Adjusted
    EBITDA from continuing operations</B></FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>19,760</B></FONT></P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>31,343</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Adjusted
    EBITDA from discontinued operations (coal)</FONT></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">171</FONT></P></TD>
    <TD STYLE="border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(189)</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Adjusted
    EBITDA</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>19,931</B></FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>31,154</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">We
discuss below, for each segment, the changes in our net operating revenues, cost of goods sold and services rendered (excluding depreciation,
depletion and amortization), expenses (excluding depreciation, depletion and amortization and excluding impairment charges) and Adjusted
EBITDA. The expenses incurred in connection with remediation, indemnification and donations in respect of the collapse of the Brumadinho
dam are not directly related to our operating activities and are therefore not allocated to any operating segment.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Iron
Solutions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Net
operating revenues from sales of Iron Solutions. </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Total
of US$ 34,916 million in 2022, a 24.0% decrease from US$45,925 million in 2021, mainly reflecting (i) lower realized average prices from
iron ore, reflecting the drop of the reference index of the iron ore price, the Platts IODEX 62% that was 24.6% lower with respect to
2021, with an impact on the Iron Solutions segment of US$9,768 million, and (ii) lower Iron solutions products volumes sold (US$837 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Cost
of goods sold and services rendered from Iron Solutions.</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Excluding
depreciation, depletion and amortization, increased by 8.1% in 2022, to US$14,946 million in 2022 from US$13,830 million in 2021. This
increase primarily reflects higher costs with (i) oil and gas, mainly due to the increase in costs with bunker (impact of US$993 million),
and (ii) materials and services impact of US$330 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Net
expenses from Iron Solutions.</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Total of US$647 million
in 2022, in line with the US$696 million recorded in 2021.<FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: Black"><I>Adjusted
EBITDA from Iron Solutions.</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Total of
US$19,443 million in 2022, a decrease of US$12,037 million or 38.2%, compared to our Adjusted EBITDA of US$31,480 million in 2021. This
decrease mainly reflects (i) reduction of the iron solution products average realized price and sales volume.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Energy
Transition Metals</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Net
operating revenues from sales of Energy Transition Metals.</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Total
of US$8,398 million in 2022, in line with the US$7,966 million recorded in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I><BR>
Cost of goods sold from Energy Transition Metals. </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Excluding
depreciation, amortization and depletion, increased by 24.7% in 2022, to US$5,590 million in 2022 from US$4,484 million in 2021, mainly
due to higher costs associated with (i) maintenance shutdown in Sossego (impact of US$151 million), (ii) goods and services (impact of
US$459 million) and (iii) fuel (impact of US$307 million).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Net
expenses from Energy Transition Metals.</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Total of US$315
million in 2022, in line with the US$289 million recorded in 2021.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Adjusted
EBITDA from Energy Transition Metals. </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Total of US$2,493
million in 2022, a decrease of US$700 million or 21.9% compared to our Adjusted EBITDA of US$ 3,193 million in 2021. This decrease primarily
reflects higher costs associated to (i) maintenance shutdown in Sossego, (ii) goods and services and (iii) fuel.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black"><B>FINANCIAL
RESULTS, NET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">The
following table details our financial results, net, for the years indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Segoe UI; width: 100%; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1F497D 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #1F497D 1pt solid; border-bottom: #1F497D 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Year
    ended December&nbsp;31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(31,73,125) 1pt solid; width: 15%; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><I>(US$
    million)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Financial
    income(1)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">520</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">337</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Financial
    expenses(2)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(1,179)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(1,249)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Derivatives
    financial instruments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">1,154</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(23)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Net
    foreign exchange gains (losses)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(398)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">408</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Reclassification
    of cumulative translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">1,608</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">4,326</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Indexation
    losses, net</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(577)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(276)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Financial
    guarantees</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">481</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">312</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Participative
    shareholders' debentures</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">659</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(716)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>Financial
    results, net</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>2,268</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #1F497D 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>3,119</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Includes
                                            short&#45;term investments and other financial income (see note 6 to our consolidated financial
                                            statements).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Includes
                                            loans and borrowings gross interest, capitalized loans and borrowing costs, expenses of REFIS,
                                            interest on lease liabilities and others financial expenses (see note 6 to our consolidated
                                            financial statements).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, our financial results, net, was an income of US$2,268 million compared to an income of US$3,119 million in 2021. The most relevant
impacts were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Reclassification
of cumulative translation adjustments.</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In 2022, we recognized
gains of US$1,608 million compared with gains of US$4,326 million in 2021. The effect recorded in 2022 refers mainly to the reclassification
of the cumulative translation adjustments arising from a capital reduction of Vale International SA (&ldquo;VISA&rdquo;), which resulted
in a gain of US$1,543 million, compared with a gain of US$2,413 million recognized in 2021 (see note 16 to our consolidated financial
statements).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Gains
on derivatives.</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">US$1,154 million in 2022, compared to
a loss of US$23 million in 2021. This variation was mainly due to our currency and interest rate swaps. We recognized a net gain of US$1,130
million in 2022 compared to a net loss of US$159 million in 2021 due the Brazilian <I>real</I> appreciation by 4.3% against the U.S.
dollar in 2022, compared to a 4.6% depreciation of the Brazilian <I>real</I> in 2021. These swaps are primarily used to convert debt
denominated in Brazilian Reais into U.S. dollars to protect our cash flow from exchange rate volatility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>The
non-cash effect of the fair value changes in participative shareholders' debentures.</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Represented
a gain of US$659 million in 2022, compared to a loss of US$716 million in 2021. This variation was derived from the decrease on the weighted
average trading price of the secondary market in 2022 compared to 2021.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black"><B>EQUITY
RESULTS AND OTHER RESULTS IN ASSOCIATES AND JOINT VENTURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, the equity results and other results in associates and joint ventures totaled a gain of US$305 million compared to a loss of US$1,271
million in 2021, representing a positive impact of R$1,576 million, mainly caused by lower provisions related to Funda&ccedil;&atilde;o
Renova and Samarco.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>Income
taxes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, we recorded an income tax net expense of US$2,971 million, compared to US$4,697 million in 2021. Our effective tax rate differed
from our statutory tax rate of 34%, principally due to tax incentives resulting from our iron ore, copper and nickel operations in the
North and Northeast regions of Brazil (impact of US$1,247 million), resulting in an effective tax rate of 15.0%. Our effective tax rate
also differed from our statutory tax due to the effect of the reclassification of cumulative adjustments to the income statement (with
an impact of US$547 million). The reconciliation from statutory tax rate to our effective tax rate is presented in note 8 to our consolidated
financial statements.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>net
income AND LOSSES from continuing operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">For
the reasons discussed above, our net income from continuing operations in 2022 was US$16,810 million, compared to US$24,844 million in
2021.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>Income
from discontinued operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, we had a gain from discontinued operations attributable to Vale&rsquo;s shareholders of US$2,060 million compared to a loss of
US$2,291 million in 2021. In 2021, as part of the sustainable mining strategic agenda, we announced our intention to divest from coal
assets. In order to achieve this objective, we carried out a corporate reorganization through the acquisition of the interests held by
Mitsui in these assets, which, upon completion, allowed us to reach an agreement with Vulcan in December 2021, for the sale of all of
our coal assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">For
more information on our discontinued operations, see note 16 to our consolidated financial statements.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: Black"><B>Liquidity
and Capital Resources</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Our
principal funding requirements are for capital expenditures, dividends payments, share buybacks, debt service, tax payments, dam de-characterization
and satisfaction of our obligations relating to the remediation and compensation of damages in connection with the Brumadinho dam collapse
and any contribution we may be required to make to Funda&ccedil;&atilde;o Renova, pursuant to the Framework Agreement. We expect to meet
these requirements, in line with our historical practice, by using cash generated from operating activities and financing activities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Our
investment guidance for capital expenditures in 2023 is approximately US$6 billion and after 2023 our average estimated capital expenditures
ranges between US$6 billion and US$6.5 billion per year. A principal amount of US$160 million of our debt matures in 2023. We expect
to incur a total amount of US$3,486 million relating to the remediation and compensation in connection with the Brumadinho dam collapse,
de-characterization of dams and contributions to Funda&ccedil;&atilde;o Renova in 2023 and after 2023 our aggregate expected expenses
with provision is US$7,074 million. We have an aggregate principal amount of US$1,910 million debt maturing between 2024 and 2026, and
US$8,964 million maturing after 2026. We expect that our existing cash and cash equivalents and our operating cash flows will be sufficient
to satisfy our obligations due in 2023 and thereafter. We are constantly evaluating opportunities for additional cash generation. Finally,
we are committed to continue the reduction in our costs and expenses, maintain our debt leverage and discipline in capital allocation.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>Sources
of funds</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Our
principal sources of funds are our operating cash flow and financing activities. The amount of operating cash flow is strongly affected
by global prices for our products. In 2022, net cash flow generated by operating activities amounted to US$11,485 million, compared to
US$25,679 million in 2021. In 2022, our cash, cash equivalents and short-term investments totaled US$4,797 million compared to US$11,905
million in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, we borrowed US$1,275 million, compared to US$930 million in 2021, including US$775 million in pre-export financing agreements with
commercial banks and US$500 million in loan agreements with development banks and agencies. In addition, we amended certain existing
credit agreements in the total amount of US$1,550 million to replace Libor with SOFR and for a portion of those also to extend the maturity.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; text-transform: uppercase; color: Black"><B>Uses
of funds</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
addition, in 2022, we used a total amount of cash of US$1,713 million (US$1,898 million in 2021) in matters related to the collapse of
our dam in Brumadinho, of which US$904 million (US$1,056 million in 2021) in connection with obligations assumed under settlement agreements,
US$189 million (US$192 million in 2021) in individual indemnification and other commitments and US$620 million (US$650 million in 2021)
was in connection with communication services, accommodation and humanitarian assistance, equipment, legal services, water, food aid,
taxes, among others. In 2022, we also used a total amount of cash of US$349 million in matters related to the de-characterization of
dams, compared to US$392 million in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, we also used a total amount of cash of US$338 million in matters related to the collapse of Samarco&rsquo;s dam, which has been
entirely contributed to Funda&ccedil;&atilde;o Renova to be used in the reparation programs in accordance with the Framework Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><I>Capital
expenditures</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Our
capital expenditures in 2022 amounted to US$5,446 million, including US$3,859 million dedicated to sustaining our existing operations
and US$1,587 million for project execution (construction in progress).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><I>Distributions
and repurchases</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Distributions.
</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In 2022, we paid dividends and interest on shareholders&rsquo;
equity in the total amount of US$6,615 million, of which US$3,254 million was based on the anticipation of the income for the year ended
December 31, 2022.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">On
February 16, 2023, the Board of Directors approved a dividend payment of US$1,569, which was paid on March 22, 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black"><I>Repurchases.
</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In 2022, we repurchased 357,442,577 shares at an average
price of US$16.89 per share, including 187,807,077 through wholly owned subsidiaries and 169,635,500 directly by Vale S.A. The total
amount acquired was US$6,036 million, of which US$3,160 million were acquired through wholly owned subsidiaries and US$2,876 million
by Vale S.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><I>Tax
payments</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">We
paid US$4,274 million in income tax in 2022, excluding the payments in connection with REFIS tax settlement, compared to US$4,053 million
in income tax in 2021. In 2022, we paid a total of US$363 million, in connection with the REFIS, compared to US$332 million in the same
period in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B><I>Liability
Management</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
2022, we repaid US$2,300 million (US$1,927 million in 2021) under our financing agreements, including US$1,291 million through a cash
repurchase of certain debt securities consummated in June 2022 and other repayments in loans with commercial banks.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; color: Black"><B>Debt</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">As
of December&nbsp;31, 2022, our total outstanding debt was US$11,181 million (including US$11,034&nbsp;million of principal and US$147&nbsp;million
of accrued interest) compared with US$12,180&nbsp;million as of December 31, 2021. As of December 31, 2022, we had loans and financing
amounting to US$101 million secured by fixed assets, which were terminated on April 22, 2022. As of December&nbsp;31, 2022, the weighted
average of the remaining term of our debt was 8.7&nbsp;years, the same as in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">As
of December&nbsp;31, 2022, our short-term debt and the current portion of long-term debt was US$307&nbsp;million compared to US$1,030
million in 2021, including accrued interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Our
major categories of long&#45;term indebtedness are described below. The principal amounts shown below, excluding accrued interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.85pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Segoe UI; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">U.S.
                                            dollar-denominated loans and financings (US$4,212 million as of December&nbsp;31, 2022 and
                                            US$3,136 million as of December 31, 2021). This category includes export financing lines,
                                            loans from export credit agencies, and loans from commercial banks and multilateral organizations;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Segoe UI; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">U.S.
                                            dollar-denominated fixed rate notes (US$6,157 million as of December&nbsp;31, 2022 and US$7,448
                                            million as of December 31, 2021). We have issued in public offerings several series of fixed
                                            rate debt securities, directly by Vale and through our wholly owned finance subsidiary Vale
                                            Overseas Limited (debt securities guaranteed by Vale) totaling US$5,878 million, compared
                                            to US$6,631 million in 2021. Our subsidiary Vale Canada has outstanding fixed rate note in
                                            the amount of US$279&nbsp;million as of December 31, 2022, compared to US$297 million as
                                            of December 21, 2021;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Segoe UI; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Other
                                            debt (US$505 million as of December&nbsp;31, 2022 and US$566 million as of December 31, 2021).
                                            We have outstanding debt, principally owed to BNDES, Brazilian commercial banks and holders
                                            of infrastructure debentures, denominated in Brazilian reais and other currencies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">As
of December&nbsp;31, 2022, we have two revolving credit facilities with syndicates of international banks, which will mature in 2024
and 2026. The revolving credit lines, which are committed, allow more efficient cash management, consistent with our strategic focus
on reducing cost of capital. We currently have US$5 billion available under these two revolving credit lines which can be drawn by Vale,
Vale Canada and Vale International.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Some
of our long-term debt instruments contain financial covenants and most include cross acceleration provisions. 22.39% of the aggregate
principal amount of our total debt require that we maintain, as of the end of each quarter, (i)&nbsp;a consolidated ratio of total debt
to adjusted EBITDA for the past 12&nbsp;months not exceeding 4.5 to one and (ii)&nbsp;a consolidated interest coverage ratio of at least
2.0 to one. These covenants appear in our financing agreements with BNDES, with other export and development agencies and with some other
lenders. As of December 31, 2022, we were in compliance with our financial covenants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">As
of December 31, 2022, the corporate financial guarantees we provided (within the limit of our direct or indirect interest) for certain
associates and joint ventures totaled US$1,522 million, compared to US$1,513 million in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">In
a broader view, the sum of our net debt, with other commitments with respect to leases, currency swaps, and provisions for Brumadinho
and Mariana reparations, increased in 2022 by US$5,092 million to US$14,140 million as of December 31, 2022, from US$9,048 million as
of December 31, 2021.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Segoe UI; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>VALE
                    S.A.</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>&nbsp;</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 43%; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;/s/
    Ivan Fadel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Name:
        Ivan Fadel</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Title:
    Head of Investor Relations</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">Date:
    April 12, 2023</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">&nbsp;</FONT></TD></TR>
  </TABLE>
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