<SEC-DOCUMENT>0001292814-24-002522.txt : 20240625
<SEC-HEADER>0001292814-24-002522.hdr.sgml : 20240625
<ACCEPTANCE-DATETIME>20240625084213
ACCESSION NUMBER:		0001292814-24-002522
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240625
DATE AS OF CHANGE:		20240625

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		241066212

	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>vale20240624_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">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">June 2024</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>

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

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

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

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


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal; text-transform: uppercase"><B>INCORPORATION
BY REFERENCE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This report is incorporated by reference in the registration
statements on <A HREF="http://www.sec.gov/Archives/edgar/data/1169446/000129281423001757/valepream_f3a.htm">Form F-3/A filed by us and
Vale Overseas Limited with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) on April 25, 2023 (File Nos. 333-271248 and
333-271248-01</A>), and shall be deemed to be a part thereof from the date on which this report is furnished to the SEC, to the extent
not superseded by documents or reports subsequently filed or furnished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This report incorporates by reference our current
report on <A HREF="http://www.sec.gov/Archives/edgar/data/917851/000129281424001547/valedfifrs1q24_6k.htm">Form 6-K furnished to the
SEC on April 25, 2024 (SEC Accession No: 0001292814-24-001547)</A>, containing our unaudited consolidated interim financial statements
as of March 31, 2024 and for the three-month periods ended March 31, 2024 and March 30, 2023 (the &ldquo;Interim Financial Statements&rdquo;),
prepared and presented in accordance with IAS 34, Interim Financial Reporting of the International Financial Reporting Standards (&ldquo;IFRS&rdquo;),
as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;), which are accordingly incorporated by reference in the
registration statements on Form F-3 referred to in the preceding paragraph.</P>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal; text-transform: uppercase"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: right"><U>Page</U></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="width: 92%"><A HREF="#a_001">Results of operations for the three-month periods ended March 31, 2024 and March 31, 2023</A></TD>
    <TD STYLE="text-align: right; width: 8%">4</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><A HREF="#a_002">Liquidity and capital resources</A></TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><A HREF="#a_003">Recent developments</A></TD>
    <TD STYLE="text-align: right">14</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD><A HREF="ex99-1.htm">Awareness Letter of PricewaterhouseCoopers Auditores Independentes Ltda.</A></TD>
    <TD STYLE="text-align: right">Exhibit 99</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal; text-transform: uppercase"><B><A NAME="a_001"></A>Results
of operations for the three-month periods ended march 31, 2024 and march 31, 2023</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2024,
we recorded net income of US$1,687 million, compared to US$1,878 million for the same period of 2023. Our Adjusted EBITDA decreased to
US$3,438 million for the three-month period ended March 31, 2024, from US$3,714 million for the same period of 2023, mainly due to lower
average realized prices and sales volume of nickel, which had an impact of US$336 million. Consolidated Adjusted EBITDA is a non-GAAP
financial measure; for a reconciliation with our net income, see &ldquo;<I>Reconciliation of Consolidated Adjusted EBITDA</I>&rdquo;
below.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-style: normal"><B>Consolidated income statement
data</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI Semilight; background-color: #F9FDFD; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; text-indent: -5.4pt; vertical-align: top; padding-right: 5.4pt; padding-left: 11.4pt; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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; font-style: normal; color: Black"><B>For
    the three-month period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; text-indent: -5.4pt; vertical-align: top; width: 61%; padding-right: 5.4pt; padding-left: 11.4pt; color: #1F497D; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 13%; 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">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 13%; 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">2023</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 13%; 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="text-indent: -5.4pt; vertical-align: top; padding-right: 5.4pt; padding-left: 11.4pt; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="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, except for %)</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="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Net
    operating revenue</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8,459</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8,434</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">0.3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Cost
    of goods sold and services rendered</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(5,367)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(4,949)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">8.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black"><B>Gross
    profit</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>3,092</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>3,485</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>(11,3)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Selling
    and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(140)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(118)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">18.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Research
    and development expenses</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(156)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(139)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">12.2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Pre&#45;operating
    and operational stoppage</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(92)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(124)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(25.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Other
    operating expenses, net</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(256)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">(223)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">14.8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black"><B>Operating
    income</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>2,448</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>2,881</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>(15.0)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Financial
    income</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; 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; font-weight: normal; color: Black">109</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; 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; font-weight: normal; color: Black">121</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: Black">(9.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Financial
    expenses</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="color: Black">(339)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(320)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">5.9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Other
    financial items, 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="color: Black">(207)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(331)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">(37.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Equity
    results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; 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">124</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black">(55)</FONT></P></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black">325.5</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Income
    before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>2,135</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>2,296</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>(7.0)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Income
    taxes</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; 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">(448)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; 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">(418)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; 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">7.2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Net
    income</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>1,687</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>1,878</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>(10.2)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="color: Black">Net
    income attributable to non&#45;controlling interests</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">8</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">41</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: Black">(80.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 11.4pt; text-indent: -5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Net
    income attributable to Vale&rsquo;s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>1,679</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>1,837</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>(8.6)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2024,
our net operating revenue increased by US$25 million or 0.3% to US$8,459 million, from US$8,434 million recorded for the same period
of 2023. The increase was mainly due to higher iron ore fines and pellets sales volumes, with an impact of US$1,027 million, partially
offset by lower realized average prices from iron ore fines, with an impact of US$521 million and by lower average realized prices and
sales volume of nickel, with an impact of US$455 million.</P>

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-style: normal"><B>Net operating revenue by shipment
destination</B></FONT></P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI, Helvetica, Sans-Serif; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 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="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-bottom: Black 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">Three-month
    period ended March&nbsp;31,</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="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">2024</FONT></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black">2023</FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; 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="border-bottom: Black 1pt solid; width: 13%; 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="border-bottom: Black 1pt solid; width: 13%; 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="border-bottom: Black 1pt solid; width: 13%; 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="color: Black"><I>Asia</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="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="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">3,674</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; color: Black">43.4</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">3,407</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; color: Black">40.4</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="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">682</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; color: Black">8.1</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">689</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; color: Black">8.2</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="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">206</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; color: Black">2.4</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">312</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; color: Black">3.7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Other</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">608</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">7,2</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">318</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">3.8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Asia
    &ndash; total</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">5,170</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">61.1</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">4,726</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">56.0</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="color: Black"><I>Europe</I></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="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="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">326</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; color: Black">3.9</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">428</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; color: Black">5.1</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="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">19</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; color: Black">0.2</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">183</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; color: Black">2.2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Other</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">663</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">7.8</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">952</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">11.3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Europe
    &ndash; total</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">1,008</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">11,9</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">1,563</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">18.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black"><I>South&nbsp;and
    Central America</I></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">1,006</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">11.9</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">919</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">10.9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Other</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">122</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">1.4</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">148</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">1.8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">South
    and Central America - total</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">1,128</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">13.3</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">1,067</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">12.7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black"><I>North
    America</I></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">United
    States of American</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">243</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">2.9</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">511</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">6.1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Canada</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">184</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">2.2</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">142</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">1.7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">North
    America - total</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">427</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">5.0</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">653</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">7.7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Middle
    East</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">266</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">3.1</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">238</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">2.8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Rest
    of the World</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">460</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">5.4</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">187</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">2.2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10pt"><FONT STYLE="color: Black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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"><B>8,459</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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"><B>100</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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"><B>8,434</B></FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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"><B>100</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our cost of goods sold and services rendered increased
by 8.4%, to US$5,367 million for the three-month period ended March 31, 2024 from US$4,949 million for the same period of 2023, mainly
due to higher iron ore fines and pellets sales volumes, which had an impact of US$509 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our research and development expenses totaled US$156
million for the three-month period ended March 31, 2024, a 12.2% increase from US$139 million recorded for the same period of 2023, mainly
due to projects of drilling and geology exploration and mineral exploration in all segments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our pre-operating and operational stoppage expenses
totaled US$92 million for the three-month period ended March 31, 2024, a 25.8% decrease from the US$124 million recorded for the same
period of 2023, mainly due to the reduction in idle capacity in the Cap&atilde;o Xavier, Mutuca, and Vargem Grande operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our selling, administrative and other operating expenses,
net, totaled US$396 million for the three-month period ended March 31, 2024, a 16.1% increase from US$341 million recorded for the same
period of 2023, mostly due to the agreement for reparation in Bar&atilde;o de Cocais (Gongo Soco mine), which had an impact of US$24
million.</P>

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

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

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

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

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

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




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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Segoe UI, Helvetica, Sans-Serif; width: 100%; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Segoe UI Semilight; color: #44546A; font-style: italic"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Segoe UI Semilight; color: #44546A; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; color: Black"><B>Three-month
    period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Segoe UI Semilight; color: #44546A; font-style: italic"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #44546A; font-weight: bold; text-align: right; width: 61%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #44546A 1pt solid; border-bottom: #44546A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #44546A; font-weight: bold; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2024</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #44546A 1pt solid; border-bottom: #44546A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #44546A; font-weight: bold; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #44546A 1pt solid; border-bottom: #44546A 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #44546A; font-weight: bold; text-align: right; width: 13%"><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: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Segoe UI Semilight; color: #44546A; font-style: italic"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-family: Segoe UI Semilight; color: #44546A; 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="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="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="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="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="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">5,292</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">4,982</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; color: Black">6.2</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="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">1,585</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">1,322</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; color: Black">19.9</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Other&nbsp;ferrous&nbsp;products&nbsp;and&nbsp;services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">148</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">107</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">38.3</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Iron
    Solutions - total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">7,025</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">6,411</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">9.6</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="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="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="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="color: Black">Nickel
    and other products <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">854</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">1,508</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; color: Black">(43.4)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Copper
    <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">577</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">490</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">17.8</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;Other
    energy transition metals</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">3</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">100.0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Energy
    Transition Metals - total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">1,434</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">1,998</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">(28.2)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Other
    products and services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">25</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">(100.0)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #44546A; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #44546A; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #44546A; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #44546A; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #44546A; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Net
    operating revenue</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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"><B>8,459</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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"><B>8,434</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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"><B>0.3</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">(1)</TD><TD STYLE="text-align: justify">Includes nickel coproducts (copper) and byproducts
                                            (precious metals, cobalt and others).</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">(2)</TD><TD STYLE="text-align: justify">Does not include copper produced in our nickel
                                            operations.</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Segoe UI, Helvetica, Sans-Serif; width: 100%; background-color: #F9FDFD; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; 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="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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; font-style: normal; color: Black"><B>Three-month
    period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right; width: 61%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right; width: 13%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2023</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right; width: 13%"><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="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="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="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="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="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="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="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">52,546</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">45,861</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-size: 9pt; color: Black">14.6</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="color: Black">Iron
    ore pellets</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; 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">9,225</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">8,133</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-size: 9pt; color: Black">13.4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">ROM
    (run of mine)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">2,056</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">1,665</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: Black">23.5</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="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="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="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="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="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">33</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">40</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-size: 9pt; color: Black">(17.5)</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="color: Black">Copper
    <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">77</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">63</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-size: 9pt; color: Black">22.2</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="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">73</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">74</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-size: 9pt; color: Black">(1.4)</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="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">97</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">72</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-size: 9pt; color: Black">34.7</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="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">433</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">406</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-size: 9pt; color: Black">6.7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Cobalt
    (metric tons) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">465</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">621</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: Black">(25.1)</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">(1)</TD><TD STYLE="text-align: justify">By-product contained in our nickel and copper
                                            concentrates.</TD></TR></TABLE>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Segoe UI, Helvetica, Sans-Serif; width: 100%; background-color: #F9FDFD; border-collapse: collapse">
  <TR>
    <TD STYLE="border-top: Black 1pt solid; 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="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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; font-style: normal; color: Black"><B>Three-month
    period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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="color: Black">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 13%; 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">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 13%; 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">2023</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 13%; 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="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="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="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="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="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="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="color: Black">Iron
    ore fines</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="color: Black">100.7</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="color: Black">108.6</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-size: 9pt; color: Black">(7.3)</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="color: Black">Iron
    ore pellets</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">171.9</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="color: Black">162.5</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-size: 9pt; color: Black">5.8</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="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="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="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="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="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="color: Black">16,848</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="color: Black">25,260</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-size: 9pt; color: Black">(33.3)</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="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="color: Black">7,687</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="color: Black">9,465</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-size: 9pt; color: Black">(18.8)</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="color: Black">Gold
    (US$/oz)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">2,079</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">1,845</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: Black">12.7</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Silver
    (US$/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="color: Black">23.0</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="color: Black">22.1</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-size: 9pt; color: Black">4.1</FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Cobalt</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">30,502</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">32,830</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: Black">(7.1)</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><B>Cost of goods sold by segment (excluding depreciation, depletion
and amortization)</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Segoe UI, Helvetica, Sans-Serif; width: 100%; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: right; color: #1F497D; font-style: italic"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 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; font-style: normal; color: Black"><B>Three-month
    period ended March&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; 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">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; 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">2023</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 13%; 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="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="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="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="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="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">2,703</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">2,197</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; color: Black">23.0</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="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">739</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">648</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; color: Black">14.0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Other
    ferrous products and services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">111</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">73</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">52.1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Iron
    Solutions &ndash; total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">3,553</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">2,918</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: Black">21.8</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="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="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="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="color: Black">Nickel
    and other products <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">773</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">1,112</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; color: Black">(30.5)</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="color: Black">Other
    energy transition metals</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">34</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">-</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; color: Black">n.m.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Copper
    <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">329</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">270</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">21.9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Energy
    Transition Metals &ndash; total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">1,136</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">1,382</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 9pt; color: Black">(17.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Others</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">36</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">(100.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 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
    (excluding depreciation, depletion and amortization)</FONT></TD>
    <TD STYLE="border-bottom: Black 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">4,689</FONT></TD>
    <TD STYLE="border-bottom: Black 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="color: Black">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-weight: normal; color: Black">4,336</FONT></P></TD>
    <TD STYLE="border-bottom: Black 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-weight: normal; color: Black">8.1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Depreciation,
    depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">678</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">613</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">10.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 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
    (including depreciation, depletion and amortization)&#9;</FONT></TD>
    <TD STYLE="border-bottom: Black 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>5,367</B></FONT></TD>
    <TD STYLE="border-bottom: Black 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="color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black">4,949</FONT></P></TD>
    <TD STYLE="border-bottom: Black 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">8.4</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">(1)</TD><TD STYLE="text-align: justify">Includes nickel coproducts (copper) and byproducts
                                            (precious metals, cobalt and others).</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">(2)</TD><TD STYLE="text-align: justify">Does not include copper produced in our nickel
                                            operations.</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">n.m.</TD><TD STYLE="text-align: justify"><P STYLE="margin: 0; font: 8pt Times New Roman, Times, Serif">Not meaningful.</P></TD></TR></TABLE>

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">The following
table summarizes, for each period 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 period to period.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI, Helvetica, Sans-Serif; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 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="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: right; color: #1F497D; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; color: Black"><B>Three-month
    period ended March&nbsp;31,</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: right; color: #1F497D; font-style: italic"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 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="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 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">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 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">2023</FONT></TD>
    <TD STYLE="border-bottom: Black 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="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; text-align: center; color: #1F497D; font-style: italic"><FONT STYLE="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="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="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="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="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="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">170</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">147</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">15.6</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="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">-</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">7</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">(100.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Other
    ferrous products and services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">41</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">19</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">115.8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Iron
    Solutions &ndash; total operating expenses, net</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">211</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">173</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">22.0</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="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="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="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="color: Black">Nickel
    and other products <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">46</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">44</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; 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">4.5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Copper
    <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">26</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">34</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">(23.5)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Other
    energy transition metals</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">41</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">n.m.</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="color: Black">Energy
    Transition Metals &ndash; total operating expenses, net</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">113</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">78</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">44.9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(102,102,102) 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Others</FONT></TD>
    <TD STYLE="border-top: rgb(102,102,102) 1pt solid; vertical-align: top; border-bottom: Black 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">278</FONT></TD>
    <TD STYLE="border-top: rgb(102,102,102) 1pt solid; vertical-align: top; border-bottom: Black 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">306</FONT></TD>
    <TD STYLE="border-top: rgb(102,102,102) 1pt solid; border-bottom: Black 1pt solid; 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">(9.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 48%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 17%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 44%; border-bottom: Black 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
    (excluding depreciation, depletion and amortization)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 18%; border-bottom: Black 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">602</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%; border-bottom: Black 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">557</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>8.1</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Depreciation,
    depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">36</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">43</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">(16.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 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
    (including depreciation, depletion and amortization)</FONT></TD>
    <TD STYLE="border-bottom: Black 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>638</B></FONT></TD>
    <TD STYLE="border-bottom: Black 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="color: Black">&nbsp;</FONT></P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="color: Black">600</FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black"><B>6.3</B></FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<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">(1)</TD><TD STYLE="text-align: justify">Includes nickel coproducts (copper) and byproducts
                                            (precious metals, cobalt and others).</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">(2)</TD><TD STYLE="text-align: justify">Does not include copper produced in our nickel
                                            operations.</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">n.m.</TD><TD STYLE="text-align: justify"><P STYLE="margin: 0; font: 8pt Times New Roman, Times, Serif">Not meaningful.</P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0"><B>Adjusted EBITDA by segment</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI, Helvetica, Sans-Serif; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 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="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 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; font-style: normal; color: Black"><B>Three-month
    period ended March&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; 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">2024<BR>
    Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2023<BR>
    Adjusted EBITDA</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 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="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 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="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="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="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="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">2,507</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">2,696</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="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">882</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">692</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Other
    ferrous products and services</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">70</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">70</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Iron
    Solutions &ndash; total</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">3,459</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">3,458</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="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="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="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="color: Black">Nickel
    and other products <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">17</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">353</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Copper
    <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">284</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">220</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Other
    energy transition metals</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">(44)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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">-</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="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">257</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">573</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: rgb(102,102,102) 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">Other
    <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-top: rgb(102,102,102) 1pt solid; vertical-align: top; border-bottom: Black 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">(278)</FONT></TD>
    <TD STYLE="border-top: rgb(102,102,102) 1pt solid; vertical-align: top; border-bottom: Black 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">(317)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; 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="border-bottom: Black 1pt solid; vertical-align: top; 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">3,438</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; 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">3,714</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">(1)</TD><TD STYLE="text-align: justify">Includes nickel coproducts (copper) and byproducts
                                            (precious metals, cobalt and others).</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">(2)</TD><TD STYLE="text-align: justify">Does not include copper produced in our nickel
                                            operations.</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">(3)</TD><TD STYLE="text-align: justify">Includes research and development of greenfield
                                            exploration projects expenses related to the Brumadinho event, de-characterization of dams,
                                            asset retirement obligations and unallocated corporate expenses.</TD></TR></TABLE>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">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 for each segment is calculated by using operating income or loss, adding the EBITDA from interests in associates
and joint ventures and adding back the amounts charged as (i) depreciation, depletion and amortization and (ii) impairment reversal (impairment
and disposals) of non-current assets. In 2024, we changed our adjusted EBITDA definition to include, for each segment, &ldquo;EBITDA
from associates and joint ventures&rdquo; for such segment, which is a measure of their &ldquo;equity results&rdquo; excluding (i) net
finance costs; (ii) depreciation, depletion, and amortization; (iii) taxation and (iv) impairments. The comparative information in our
Interim Financial Statements was restated to reflect this change in the adjusted EBITDA definition. The effect in our Consolidated Adjusted
EBITDA for the three-month period ended March 31, 2024 and 2023 due to the inclusion of the &ldquo;EBITDA from associates and joint ventures&rdquo;
is US$203 million and US$138 million, respectively. We believe this revision provides investors with a better view of the performance
of our operating segments, as it reflects our proportional interest in the performance of our associates and joint ventures operating
in the same segment. For more information, see note 4 to our Interim Financial Statements. </FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">We discuss
below, for each segment, the changes in our net operating revenue, cost of goods sold and services rendered (excluding depreciation,
depletion and amortization), operating 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; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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"><I>Net
operating revenue from sales of Iron Solutions. </I></FONT>Total of US$7,025 million for the three-month period ended March 31, 2024,
a 9.6% increase from US$6,411 million for the same period of 2023, mainly due to higher iron ore fines and pellets sales volumes, with
an impact of US$1,027 million, partially offset by lower realized average prices from iron ore fines, following the drop of 2% in the
reference index of the iron ore price, the Platts IODEX 62%, with an impact of US$521 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-weight: normal"><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"><I>Cost
of goods sold and services rendered from Iron Solutions.</I></FONT> Excluding depreciation, depletion and amortization, increased by
US$635 million, or 21.8%, to US$3,553 million for the three-month period ended March 31, 2024, from US$2,918 million for the same period
of 2023. This increase primarily reflects higher iron ore fines and pellets sales volumes (impact of US$509 million) and higher costs
with maritime freight mainly due to the increase in costs with bunker (impact of US$73 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-weight: normal"><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"><I>Operating
expenses from Iron Solutions, net.</I></FONT> Total of US$211 million for the three-month period ended March 31, 2024, an increase of
US$38 million, from US$173 million recorded for the same period of 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-weight: normal"><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"><I>Adjusted
EBITDA from Iron Solutions. </I></FONT>Total of <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">US$3,</FONT>459
million for the three-month period ended <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">March 31, 2024,
in line with the US$3,458 million recorded for the same period of 2023. </FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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"><I>Net
operating revenue from sales of Energy Transition Metals.</I></FONT> Total of US$1,434 million for the three-month period ended March
31, 2024, a 28.2% decrease from the US$1,998 million recorded for the same period of 2023, mainly due to lower average realized prices
and sales volume of nickel due to furnace rebuild in On&ccedil;a Puma, which had an impact of US$455 million.&nbsp;</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"><I><BR>
Cost of goods sold from Energy Transition Metals. </I></FONT>Excluding depreciation, amortization and depletion, decreased by US$246
million, or 17.8%, for the three-month period ended March 31, 2024 to US$1,136 million in the three-month period ended March 31, 2024
from US$1,382 million for the same period of 2023, mainly due to lower sales volume of nickel (impact of US$166 million) and lower costs
associated with the acquisition of third party products (impact of US$111 million), partially offset by higher maintenance cost due to
furnace rebuild in On&ccedil;a Puma (impact of US$39 million).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>Operating
expenses from Energy Transition Metals, net</I></FONT>. <FONT STYLE="font-size: 10pt">Total of US$113 million for the three-month period
ended March 31, 2024, an increase of US$35 million, or 44.9%, from US$78 million recorded for the same period of 2023, mainly due to
higher corporate expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-weight: normal"><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"><I>Adjusted
EBITDA from Energy Transition Metals.</I></FONT> Total of US$257 million for the three-month period ended March 31, 2024, a decrease
of US$316 million, when compared to our Adjusted EBITDA of US$573 million for the same period of 2023. This decrease primarily reflects
lower average realized prices and lower sales volume of nickel, which had an impact of US$336 million.&nbsp;</P>

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


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Segoe UI, Helvetica, Sans-Serif; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 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="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 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; font-style: normal; color: Black"><B>Three-month
    period ended March&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt; width: 70%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: Black"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right; width: 15%"><FONT STYLE="color: Black"><B>2023</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="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="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="color: Black">Financial
    income <SUP>(1)</SUP></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="color: Black">109</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="color: Black">121</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="color: Black">Financial
    expenses <SUP>(2)</SUP></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="color: Black">(339)</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="color: Black">(320)</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="color: Black">Derivatives
    financial instruments, net</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="color: Black">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="color: Black">192</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="color: Black">Net
    foreign exchange losses, net</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="color: Black">(28)</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="color: Black">(152)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: Black">Indexation
    gain (losses), net</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: Black">(345)</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: Black">(324)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.75pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="color: Black">Participative
    shareholders' debentures</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: Black">164</FONT></TD>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: Black">(47)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt"><FONT STYLE="color: Black"><B>Financial
    results</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: Black"><B>(437)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><FONT STYLE="color: Black"><B>(530)</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">(1)</TD><TD STYLE="text-align: justify">Includes short&#45;term investments and other
                                            financial income (see note 6 to our Interim Financial Statements).</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">(2)</TD><TD STYLE="text-align: justify">Includes loans and borrowings gross interest,
                                            capitalized loans and borrowing costs, interest expenses of REFIS (a tax settlement program),
                                            interest on lease liabilities and others financial expenses (see note 6 to our Interim Financial
                                            Statements).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our financial results for the three-month period
ended March 31, 2024 were mostly impacted by a gain associated to a R$2.1 reduction in participative shareholders&rsquo; debentures price,
compared to a loss associated to an increase of R$0.6 for the same period of 2023, which had an impact of US$211 million, partially offset
by a loss related with the net effect from our foreign exchange results and currency and interest rate swaps (derivate financial instruments),
following the Brazilian <I>real</I> depreciation by 3.2% against the U.S. dollar in the three-month period ended March 31, 2024, compared
to a gain associated with a 2.6% appreciation of the Brazilian <I>real</I> in the same period of 2023, which had a net impact of US$66
million. These swaps are primarily used to convert debt denominated in Brazilian <I>reais</I> into U.S. dollars to protect our cash flow
from exchange rate volatility.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2024,
the equity results and other results in associates and joint ventures totaled a gain of US$124 million compared to a loss of US$55 million
for the same period of 2023, representing a positive impact of R$179 million, mainly driven by better results from VLI S.A. (impact of
US$125 million) and MRS Log&iacute;stica S.A. (impact of US$24 million).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the three-month period ended March 31, 2024,
we recorded an income tax net expense of US$448 million, in line with the US$418 million recorded for the same period of 2023. 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, resulting in an effective tax rate of 21% for the three-month period ended March
31, 2024 (18% for the three-month period ended March 31, 2023). The reconciliation from statutory tax rate to our effective tax rate
is presented in note 7 to our Interim Financial Statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>RECONCILIATION OF CONSOLIDATED ADJUSTED EBITDA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The table below shows a reconciliation of
our consolidated Adjusted EBITDA with our net income for the periods indicated. Consolidated Adjusted EBITDA is a non-GAAP measure, used
by our management as an additional measure of our consolidated performance. Consolidated Adjusted EBITDA is calculated by adding to our
net income (i) depreciation, depletion and amortization, (ii) income taxes, (iii) financial results, (iv) equity results and other results
in associates and joint ventures, (v) impairment and results on disposal of non-current assets, net and other, and (vi) EBITDA proportional
to our interest from associates and joint ventures. In 2024, we changed our adjusted EBITDA definition to include the &ldquo;EBITDA from
associates and joint ventures&rdquo;, which is a measure of their &ldquo;equity results&rdquo; excluding (i) net finance costs; (ii)
depreciation, depletion, and amortization; (iii) taxation and (iv) impairments. For more information, see note 4 to our Interim Financial
Statements and &ldquo;Adjusted EBITDA by segment&rdquo; above.</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Segoe UI, Helvetica, Sans-Serif; width: 100%; background-color: #F9FDFD; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 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="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 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; font-style: normal; color: Black"><B>Three-month
    period ended March&nbsp;31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right; width: 70%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; 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">2024</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Segoe UI Semilight; color: #1F497D; font-weight: bold; text-align: right; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">2023</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: Black; font-style: italic"><FONT STYLE="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="color: Black">Net
    income 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="color: Black">1,679</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="color: Black">1,837</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Net
    income attributable to non-controlling interests</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="color: Black">8</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="color: Black">41</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="color: Black"><B>Net
    income</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="color: Black"><B>1,687</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="color: Black"><B>1,878</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="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="color: Black">714</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="color: Black">656</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="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="color: Black">448</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="color: Black">418</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="color: Black">Financial
    results</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="color: Black">437</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="color: Black">530</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="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="color: Black">(124)</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="color: Black">55</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #666666 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-right: 5.4pt; padding-left: 10.1pt"><FONT STYLE="color: Black">Impairment
    and results on disposal of non-current assets, net and other <SUP>(1)</SUP></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="color: Black">73</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="color: Black">39</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;EBITDA
    from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt double; 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="color: Black"><B>203</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt double; 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="color: Black"><B>138</B></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: Black"><B>Adjusted
    EBITDA </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt double; 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="color: Black"><B>3,438</B></FONT></P></TD>
    <TD STYLE="border-bottom: Black 1pt double; 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="color: Black"><B>3,714</B></FONT></P></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt 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-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes
                                            adjustments of US$67 million for the three-month period ended March 31, 2024 and US$35 million
                                            for the three-month period ended March 31, 2023, to reflect the performance of the streaming
                                            transactions at market prices.</FONT></TD></TR></TABLE>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal; text-transform: uppercase"><B><A NAME="a_002"></A>Liquidity
and Capital Resources</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 in connection with the remediation obligations related to the collapse of Fund&atilde;o dam owned by Samarco, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are constantly evaluating opportunities for additional
cash generation. Finally, we are committed to continue the reduction in our costs and expenses, maintain sound leverage levels and discipline
in capital allocation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 the
three-month period ended March 31, 2024, net cash flow generated by operating activities amounted to US$3,576 million, compared to US$3,610
million for the same period of 2023. As of March 31, 2024, our cash, cash equivalents and short-term investments totaled US$3,834 million
compared to US$3,660 million as of December 31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the three-month period ended March 31, 2024, we
borrowed US$620 million indexed to SOFR plus spread and US$250 million with a fixed rate from commercial banks maturing from 2024 to
2035, compared to US$300 million indexed to SOFR borrowed from commercial bank maturing in 2028 in the three-month period ended March
31, 2023.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">In the ordinary course of business, our principal
funding requirements are for capital expenditures, dividend payments, taxes and debt service. In addition, in the three-month period
ended March 31, 2024, we used a total amount of cash of US$245 million (US$235 million for the same period of 2023) in matters related
to the collapse of our dam in Brumadinho, of which US$60 million (US$70 million for the same period of 2023) in connection with obligations
assumed under settlement agreements, US$75 million (US$54 million for the same period of 2023) in tailing containment and geotechnical
safety, individual indemnification and other commitments and US$110 million (US$111 million for the same period of 2023) was in connection
with tailing management, humanitarian assistance, payroll, legal services, water, supply, among others. For the three-month period ended
March 31, 2024, we also used a total amount of cash of US$119 million in matters related to the de-characterization of dams, compared
to US$78 million for the same period of 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the three-month period ended March 31, 2024, we
also used a total amount of cash of US$86 million (US$77 million for the same period of 2023) 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our capital expenditures in the three-month period
ended March 31, 2024 amounted to US$1,395 million, including US$1,028 million dedicated to sustaining our existing operations and US$367
million for project execution (construction in progress). For more information, see note 4c to our Interim Financial Statements.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #2AA9A6"><FONT STYLE="font-style: normal"><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"><I>Distributions.
</I></FONT>In the three-month period ended <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">March 31, </FONT>2024,
we paid dividends and interest on shareholders&rsquo; equity in the total amount of US$ 2,328 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</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"><I>Repurchases</I>.
</FONT>In the three-month period ended <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">March 31, </FONT>2024,
we repurchased 19,631,014 common shares (including common shares in the form of ADRs), corresponding to the total amount of US$275 million.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We paid US$400 million in income tax in the three-month
period ended March 31, 2024, excluding the payments in connection with REFIS (a tax settlement program), compared to US$243 million in
income tax for the same period of 2023. In the three-month period ended March 31, 2024, we paid a total of US$106 million, in connection
with the REFIS, compared to US$94 million for the same period of 2023.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the three-month period ended March 31, 2024, we
repaid US$62 million (US$39 million for the same period of 2023) under our financing agreements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March&nbsp;31, 2024, our total outstanding
debt (composed by loans and borrowings) was US$13,248 million (including US$13,069&nbsp;million of principal and US$179&nbsp;million
of accrued interest) compared with US$12,471 million as of December 31, 2023. As of March&nbsp;31, 2024, the weighted average of the
remaining term of our debt was 7.5&nbsp;years compared with 7.9 as of December 31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March&nbsp;31, 2024, our short-term debt and
the current portion of long-term debt was US$1,286&nbsp;million compared to US$824 million as of December 31, 2023, including accrued
interest.</P>

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

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

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

<P STYLE="font: 9pt Segoe UI, Helvetica, Sans-Serif; margin: 0 0 0 35.85pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. dollar-denominated loans and borrowings (US$4,305
million as of March&nbsp;31, 2024 and US$3,945  million as of December 31, 2023). This category includes export financing lines, loans
from export credit agencies, and loans from commercial banks and multilateral organizations;</FONT></P>

<P STYLE="font: 9pt Segoe UI, Helvetica, Sans-Serif; margin: 0 0 0 35.85pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. dollar-denominated fixed rate notes (US$7,157 million
as of March&nbsp;31, 2024 and US$7,157 million as of December 31, 2023). Our subsidiary Vale Overseas Limited has outstanding debt securities
guaranteed by Vale totaling US$6,387 million as of March 31, 2024, compared to US$6,387 million as of December 31, 2023. Our subsidiary
Vale Canada has outstanding fixed rate note in the amount of US$279&nbsp;million as of March 31, 2024, compared to US$279 million as
of December 31, 2023;</FONT></P>

<P STYLE="font: 9pt Segoe UI, Helvetica, Sans-Serif; margin: 0 0 0 35.85pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other debt (US$500 million as of March&nbsp;31, 2024
and US$545 million as of December 31, 2023). We have outstanding debt, principally owed to BNDES, Brazilian commercial banks and holders
of infrastructure debentures, denominated in Brazilian reais and other currencies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March&nbsp;31, 2024, we have two revolving
credit facilities with syndicates of international banks, which will mature in 2026 and 2029. 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Some of our long-term debt instruments contain financial
covenants and most include cross acceleration provisions. 21% 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 March 31, 2024, we were in compliance with
our financial covenants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2024, we have financial guarantees
in the amount of US$855 million, compared to US$910 million on December 31, 2023 for the obligations to demobilize the assets of our
Energy Transition Metals operations.<BR STYLE="clear: both"></P>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal; text-transform: uppercase"><B><A NAME="a_003"></A>Recent
Developments</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Strategic partnership on the Energy Transition
Metals business</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 30, 2024, following the approval from the
relevant regulatory authorities, we completed the sale to Manara Minerals, a joint venture formed by Ma'aden and Saudi Arabia's Public
Investment Fund, of a 10% equity interest in Vale Base Metals Limited for approximately US$2.5 billion. For additional information, see
<I>Overview&mdash;Business Overview&mdash;Significant Changes in Our Business</I> in our annual report on Form 20-F.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are engaged in a mediation led by the Brazilian
Federal Court of Appeals of the 6<SUP>th</SUP> Region (&ldquo;TRF6&rdquo;) for renegotiation of the Framework Agreement (the &ldquo;Framework
Agreement&rdquo; or <I>Termo de Transa&ccedil;&atilde;o e Ajustamento de Conduta &ndash;TTAC</I>) entered in 2016 in connection with
the remediation and reparation of damages resulting from the collapse of Samarco&rsquo;s Fundao dam. This mediation also involves Samarco
Mineracao S.A. (&ldquo;Samarco&rdquo;), BHP Billiton Brasil Ltda (&ldquo;BHP Brasil&rdquo;), the Federal Government, State governments,
certain municipalities impacted by Fundao dam failure, and other authorities. On June 11, 2024, Samarco, with the support of its shareholders
(Vale and BHP Brasil) submitted a proposal with technical solutions to address the disputes and grant full reparation, in the total amount
of R$140 billion, including (i) R$37 billion in amounts already invested on remediation and compensation, (ii) additional R$82 billion
cash payments payable over 20 years to the authorities, and (iii) R$21 billion in obligations to be performed. Samarco is the primary
obligor under such proposal, and BHP Brasil and Vale are each liable for 50% of the amounts as secondary obligors, if Samarco cannot
fund as the primary obligor. The companies are waiting for a formal response of the authorities on the proposal and the negotiations
are still ongoing. Other claims relating to alleged damages arising from the collapse of Samarco&rsquo;s Fundao dam are ongoing and other
claims may be brought against us during the negotiations. However, we expect that the new agreement will settle most of the reparation
and remediation claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Ministry of Labor and Employment&rsquo;s Registry</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 6, 2024, the Ministry of Labor and Employment
(&ldquo;MTE&rdquo;) of the Federal Government included our name in a list of entities accused of having workers in conditions analogous
to slavery (the so called &ldquo;dirty list&rdquo;), based on an infraction notice related to a company that provided transportation
services to us. On June 14, 2024, based on a decision of the Brazilian Federal Supreme Court (the &ldquo;STF&rdquo;), we obtained an
injunction from the Regional Labor Court of the state of Minas Gerais, ordering the MTE to remove our name from the dirty list until
a final decision is made on the proceeding we are moving against the MTE to annul the underlying infraction notice. This injunction as
well as the STF&rsquo;s decision are still subject to appeal by the MTE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As reported in our annual report on Form 20-F, in
February 2015, following an inspection in the facilities of a company that provided transportation services to us between our mines Mina
do Pico and Mina de F&aacute;brica in the state of Minas Gerais, the MTE issued an infraction notice determining that the transportation
company had failed to comply with certain obligations relating to health, safety, overtime and other labor matters, and working condition
of the employees of such company were similar to slavery. Upon learning of the findings, we implemented corrective measures and terminated
the agreement with the transportation company. The MTE then commenced two administrative proceedings against us, one establishing the
employment relationship between the supplier&rsquo;s employees and Vale under the allegation of illegal outsourcing of transportation
services and another alleging that the illegally outsourced employees were working in conditions similar to slavery.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 30, 2024, the STF ruled that the infraction
notice issued by the MTE regarding the inspection of working conditions was inconsistent with the understanding established in a STF
court precedent that established that this type of outsourcing is legal and is not to deemed to establish an employment relationship
between the contracting company and the employee of the outsourced company. Based on the STF decision, we are seeking the annulment of
the underlying infraction notice. The Regional Labor Court of the state of Minas Gerais is expected to rule on our annulment proceedings
on July 3, 2024; any decision of the Regional Labor Court is subject to further appeals to the Superior Labor Court and the Supreme Court.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Suspension of environmental operating licenses
of Sossego and On&ccedil;a Puma</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since April 2024, our operations at the Sossego copper
mine and On&ccedil;a Puma nickel mine have been suspended due to the suspension of the corresponding operating licenses by the environmental
authorities. We are discussing the legality of the suspension of such licenses judicially while engaged in negotiations with the authorities
for the resumption of these operations. We cannot, however, predict when these operations will resume.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Fire at Salobo 3 plant</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 17, 2024, a fire occurred in one of the conveyor
belts at the Salobo 3 copper processing plant in the state of Par&aacute;. The fire was contained with no injuries and no material environmental
impact. The causes of the incident are under investigation, we are assessing the impacts of the incident and the necessary measures to
restore the affected operational processes at Salobo 3. Operations at Salobo 3 have been suspended since June 17, and the plan to resume
operations is underway. Operations at the Salobo 1 and 2 plants were not affected.</P>


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    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal"><B>EXHIBIT
INDEX&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A HREF="ex99-1.htm">Exhibit 99: Awareness Letter
of PricewaterhouseCoopers Auditores Independentes.</A></P>

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

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

<!-- Field: Page; Sequence: 16 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-style: normal; text-transform: uppercase"><B>SIGNATURES</B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Segoe UI, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>VALE S.A.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 4%; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 43%; font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&nbsp;/s/
    Adriana Barbosa Areias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name: Adriana Barbosa Areias</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title: Attorney-in-fact</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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">&nbsp;/s/
    Jo&atilde;o Barbosa Campbell Penna</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name: Jo&atilde;o Barbosa Campbell Penna</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Title: Attorney-in-fact</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: June 25, 2024</FONT></TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt/11.2pt Georgia, Times, Serif; margin: 0; text-align: left">June 25, 2024</P>

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

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Washington, DC 20549</P>

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

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Commissioners:</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">We are aware that our report dated April 24, 2024 on our review of interim statements
of Vale S.A., which is incorporated by reference in this Form 6-K, is incorporated by reference in the Registration Statements on Form 3 of Vale S.A. (No.
333-271248) and of Vale Overseas Limited (No. 333-271248-01).</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0">Very truly yours,</P>

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

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

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

<P STYLE="font: 10pt/96% Georgia, Times, Serif; margin: 0">/s/PricewaterhouseCoopers</P>

<P STYLE="font: 10pt/96% Georgia, Times, Serif; margin: 0">Auditores Independentes Ltda.</P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Georgia, Times, Serif; margin: 0 36pt 0 0; color: red"><B><I>&nbsp;</I></B></P>

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



<P STYLE="margin: 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
