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United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K/A

Report of Foreign Private Issuer

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

of the

Securities Exchange Act of 1934

For the month of

July 2024

Vale S.A.

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

(Address of principal executive office)

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

(Check One) Form 20-F x Form 40-F ¨

Explanatory Note

Vale is amending its report on Form 6-K furnished to the Securities and Exchange Commission on July 26, 2024 (File/Film Number: 001-15030 / 241143181) (the “Original 6-K”) solely for the purpose of adding Exhibit 101, which contains Interactive Data File disclosure in accordance with Rule 405 of Regulation S-T. Except as described above, this amendment does not amend any information set forth in the Original 6-K.

Contents

Report of Independent Registered Public Accounting Firm | 3
Consolidated Interim Income Statement | 4
Consolidated Interim Statement of Comprehensive Income | 5
Consolidated Interim Statement of Cash Flows | 6
Consolidated Interim Statement of Financial Position | 7
Consolidated Interim Statement of Changes in Equity | 8
1. Corporate information | 9
2. Basis of preparation of condensed consolidated interim financial statements | 10
3. Significant events and transaction related to the three-month period ended June 30, 2024 | 10
4. Information by business segment and geographic area | 11
5. Costs and expenses by nature | 15
6. Financial results | 15
7. Taxes | 16
8. Basic and diluted earnings per share | 18
9. Cash flows reconciliation | 18
10. Accounts receivable | 20
11. Inventories | 21
12. Suppliers and contractors | 21
13. Other financial assets and liabilities | 22
14. Investments in associates and joint ventures | 23
15. Acquisitions and divestitures | 24
16. Intangibles | 26
17. Property, plant, and equipment | 27
18. Financial and capital risk management | 28
19. Financial assets and liabilities | 34
20. Participative shareholders’ debentures | 35
21. Loans, borrowings, cash and cash equivalents and short-term investments | 36
22. Leases | 37
23. Brumadinho dam failure | 38
24. Liabilities related to associates and joint ventures | 41
25. Provision for de-characterization of dam structures and asset retirement obligations | 44
26. Legal proceedings | 47
27. Employee benefits | 48
28. Equity | 50
29. Related parties | 51

2

Report of Independent Registered Public Accounting Firm

To the shareholders and Board of Directors of

Vale S.A.

Results of review of interim
financial statements

We have reviewed the accompanying consolidated interim statement of financial position of Vale S.A. and its subsidiaries (the "Company") as of June 30, 2024, and the related consolidated interim income statement and statements of comprehensive income for the three-month and six-month periods ended June 30, 2024 and June 30, 2023 and the consolidated interim statements of changes in equity and cash flows for the six-month periods ended June 30, 2024 and June 30, 2023, including the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB).

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statement of financial position of the Company as of December 31, 2023, and the related consolidated income statement and statements of comprehensive income, changes in equity and cash flows for the year then ended (not presented herein), and in our report dated February 22, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial position as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.

Basis for review results

These interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Rio de Janeiro, July 25, 2024

PricewaterhouseCoopers
Auditores Independentes Ltda.

3

Consolidated Interim Income Statement

In millions of United States dollars, except earnings per share

|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2024 | 2023 | 2024 | 2023
Net operating revenue | 4(b) | 9,920 | 9,673 | 18,379 | 18,107
Cost of goods sold and services rendered | 5(a) | (6,349) | (5,940) | (11,716) | (10,889)
Gross profit |  | 3,571 | 3,733 | 6,663 | 7,218
Operating expenses |  |  |  |  |
Selling and administrative | 5(b) | (137) | (139) | (277) | (257)
Research and development |  | (189) | (165) | (345) | (304)
Pre-operating and operational stoppage | 25 | (91) | (103) | (183) | (227)
Other operating revenues (expenses), net | 5(c) | 721 | (454) | 465 | (677)
Operating income |  | 3,875 | 2,872 | 6,323 | 5,753
Financial income | 6 | 78 | 106 | 187 | 227
Financial expenses | 6 | (365) | (397) | (704) | (717)
Other financial items, net | 6 | (965) | 134 | (1,172) | (197)
Equity results and other results in associates and joint ventures | 14 and 24 | 112 | 5 | 236 | (50)
Income before income taxes |  | 2,735 | 2,720 | 4,870 | 5,016
Income taxes | 7 | 34 | (1,792) | (414) | (2,210)
Net income |  | 2,769 | 928 | 4,456 | 2,806
Net income attributable to noncontrolling interests |  | - | 36 | 8 | 77
Net income attributable to Vale's shareholders |  | 2,769 | 892 | 4,448 | 2,729
Basic and diluted earnings per share attributable to Vale's shareholders | 8 |  |  |  |
Common share (US$) |  | 0.65 | 0.20 | 1.04 | 0.62

The accompanying notes are an integral part of these interim financial statements.

4

Consolidated Interim Statement of Comprehensive Income

In millions of United States dollars

|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2024 | 2023 | 2024 | 2023
Net income |  | 2,769 | 928 | 4,456 | 2,806
Other comprehensive income: |  |  |  |  |
Items that will not be reclassified to income statement |  |  |  |  |
Translation adjustments of the Parent Company |  | (4,014) | 2,072 | (5,239) | 3,016
Retirement benefit obligations |  | 4 | (5) | 44 | (12)
Fair value adjustment to investment in equity securities |  | - | 13 | - | 13
Total items that will not be reclassified to income statement |  | (4,010) | 2,080 | (5,195) | 3,017
Items that may be reclassified to income statement |  |  |  |  |
Translation adjustments of foreign operations |  | 1,203 | (249) | 1,381 | (406)
Net investment hedge | 18(h) | (202) | 95 | (258) | 144
Cash flow hedge | 18(h) | - | (4) | - | 15
Reclassification of cumulative translation adjustments to income statement (i) | 15(a) | (1,048) | - | (997) | -
Total items that may be reclassified to income statement |  | (47) | (158) | 126 | (247)
Comprehensive (loss) income |  | (1,288) | 2,850 | (613) | 5,576
Comprehensive income attributable to noncontrolling interests |  | 1 | 36 | 7 | 84
Comprehensive (loss) income attributable to Vale's shareholders |  | (1,289) | 2,814 | (620) | 5,492

(i) | Mainly related to the effect of the reclassification of cumulative translation adjustments of PTVI in the amount of US$1,063 (note 15a).

Items above are stated net of tax, when applicable, and the related taxes are disclosed in note 7.

The accompanying notes are an integral part of these interim financial statements.

5

Consolidated Interim Statement of Cash Flows

In millions of United States dollars

|  | Six-month period ended June 30,
| Notes | 2024 | 2023
Cash flow from operations | 9(a) | 6,832 | 7,539
Interest on loans and borrowings paid | 9(c) | (397) | (369)
Cash received on settlement of derivatives, net | 18(d) | 124 | 172
Payments related to the Brumadinho event | 23 | (400) | (621)
Payments related to de-characterization of dams | 25 | (251) | (173)
Interest on participative shareholders' debentures paid | 20 | (149) | (127)
Income taxes (including settlement program) paid |  | (972) | (911)
Net cash generated by operating activities |  | 4,787 | 5,510
Cash flow from investing activities: |  |  |
Capital expenditures | 4(c) | (2,723) | (2,338)
Payments related to the Samarco dam failure | 24 | (191) | (108)
Cash received (payments) from disposal of investments, net | 9(b) | 2,610 | (67)
Dividends received from associates and joint ventures |  | 42 | 105
Short-term investment |  | (16) | 12
Other investing activities, net |  | (1) | 3
Net cash used in investing activities |  | (279) | (2,393)
Cash flow from financing activities: |  |  |
Loans and borrowings from third parties | 9(c) | 1,960 | 1,800
Payments of loans and borrowings from third parties | 9(c) | (592) | (620)
Payments of leasing | 22 | (85) | (92)
Dividends and interest on capital paid to Vale’s shareholders | 28(d) | (2,328) | (1,795)
Dividends and interest on capital paid to noncontrolling interest |  | - | (8)
Shares buyback program | 28(c) | (389) | (2,124)
Acquisition of additional stake in VOPC | 15(g) | - | (130)
Net cash used in financing activities |  | (1,434) | (2,969)
Net increase in cash and cash equivalents |  | 3,074 | 148
Cash and cash equivalents in the beginning of the period |  | 3,609 | 4,736
Effect of exchange rate changes on cash and cash equivalents |  | (204) | 99
Cash and cash equivalents at end of the period |  | 6,479 | 4,983

The accompanying notes are an integral part of these interim financial statements.

6

Consolidated Interim Statement of Financial Position

In millions of United States dollars

| Notes | June 30, 2024 | December 31, 2023
Assets |  |  |
Current assets |  |  |
Cash and cash equivalents | 21 | 6,479 | 3,609
Short-term investments | 21 | 61 | 51
Accounts receivable | 10 | 2,332 | 4,197
Other financial assets | 13 | 168 | 271
Inventories | 11 | 4,793 | 4,684
Recoverable taxes | 7(e) | 659 | 900
Judicial deposits | 26(c) | - | 611
Other |  | 337 | 444
Total current assets excluding assets held for sale |  | 14,829 | 14,767
Non-current assets held for sale | 15(a) | - | 3,933
Total current assets |  | 14,829 | 18,700
Non-current assets |  |  |
Judicial deposits | 26(c) | 585 | 798
Other financial assets | 13 | 160 | 593
Recoverable taxes | 7(e) | 1,329 | 1,374
Deferred income taxes | 7(b) | 9,931 | 9,565
Other |  | 1,289 | 1,257
Total non-current assets excluding investments, intangible assets and property, plant and equipment |  | 13,294 | 13,587
Investments in associates and joint ventures | 14 | 3,715 | 1,872
Intangibles | 16 | 10,195 | 11,631
Property, plant, and equipment | 17 | 44,582 | 48,396
Total non-current assets |  | 71,786 | 75,486
Total assets |  | 86,615 | 94,186

Liabilities |  |  |
Current liabilities |  |  |
Suppliers and contractors | 12 | 4,769 | 5,272
Loans and borrowings | 21 | 910 | 824
Leases | 22 | 177 | 197
Other financial liabilities | 13 | 1,467 | 1,676
Taxes payable | 7(e) | 1,242 | 1,314
Settlement program ("REFIS") | 7(c) | 383 | 428
Liabilities related to Brumadinho | 23 | 974 | 1,057
Liabilities related to associates and joint ventures | 24 | 1,605 | 837
De-characterization of dams and asset retirement obligations | 25 | 956 | 1,035
Provisions for litigation | 26(a) | 115 | 114
Employee benefits | 27 | 724 | 964
Other |  | 421 | 376
Total current liabilities excluding assets held for sale |  | 13,743 | 14,094
Liabilities associated with non-current assets held for sale | 15(a) | - | 561
Total current liabilities |  | 13,743 | 14,655
Non-current liabilities |  |  |
Loans and borrowings | 21 | 12,860 | 11,647
Leases | 22 | 1,183 | 1,255
Participative shareholders' debentures | 20 | 2,451 | 2,874
Other financial liabilities | 13 | 2,656 | 3,373
Settlement program ("REFIS") | 7(c) | 1,284 | 1,723
Deferred income taxes | 7(b) | 806 | 870
Liabilities related to Brumadinho | 23 | 1,438 | 2,003
Liabilities related to associates and joint ventures | 24 | 2,102 | 3,590
De-characterization of dams and asset retirement obligations | 25 | 5,484 | 6,694
Provisions for litigation | 26(a) | 765 | 885
Employee benefits | 27 | 1,221 | 1,381
Streaming transactions |  | 1,948 | 1,962
Other |  | 287 | 293
Total non-current liabilities |  | 34,485 | 38,550
Total liabilities |  | 48,228 | 53,205
Equity | 28 |  |
Equity attributable to Vale's shareholders |  | 36,974 | 39,461
Equity attributable to noncontrolling interests |  | 1,413 | 1,520
Total equity |  | 38,387 | 40,981
Total liabilities and equity |  | 86,615 | 94,186

The accompanying notes are an integral part of these interim financial statements.

7

Consolidated Interim Statement of Changes in Equity

In millions of United States dollars

| Notes | Share capital | Capital reserve | Profit reserves | Treasury shares | Other reserves | Cumulative translation adjustments | Retained earnings | Equity attributable to Vale’s shareholders | Equity attributable to noncontrolling interests | Total equity
Balance as of December 31, 2023 |  | 61,614 | 1,139 | 21,877 | (3,504) | (1,774) | (39,891) | - | 39,461 | 1,520 | 40,981
Net income |  | - | - | - | - | - | - | 4,448 | 4,448 | 8 | 4,456
Other comprehensive income |  | - | - | (2,520) | - | 61 | (2,609) | - | (5,068) | (1) | (5,069)
Dividends and interest on capital of Vale's shareholders | 28(d) | - | - | (2,364) | - | - | - | - | (2,364) | - | (2,364)
Transactions with noncontrolling interests (i) | 15(a) and 15(b) | - | - | - | - | 895 | - | - | 895 | (114) | 781
Shares buyback program | 28(c) | - | - | - | (389) | - | - | - | (389) | - | (389)
Share-based payment program | 27(a) | - | - | - | 2 | (11) | - | - | (9) | - | (9)
Balance as of June 30, 2024 |  | 61,614 | 1,139 | 16,993 | (3,891) | (829) | (42,500) | 4,448 | 36,974 | 1,413 | 38,387
Balance as of December 31, 2022 |  | 61,614 | 1,139 | 20,744 | (4,980) | (1,675) | (40,975) | - | 35,867 | 1,491 | 37,358
Net income |  | - | - | - | - | - | - | 2,729 | 2,729 | 77 | 2,806
Other comprehensive income |  | - | - | 1,402 | - | 7 | 1,354 | - | 2,763 | 7 | 2,770
Dividends and interest on capital of Vale's shareholders | 28(d) | - | - | (437) | - | - | - | - | (437) | - | (437)
Dividends of noncontrolling interests |  | - | - | - | - | - | - | - | - | (37) | (37)
Transactions with noncontrolling interests | 15(g) | - | - | - | - | 3 | - | - | 3 | (59) | (56)
Shares buyback program | 28(c) | - | - | - | (2,124) | - | - | - | (2,124) | - | (2,124)
Treasury shares canceled | 28(b) | - | - | (4,164) | 4,164 | - | - | - | - | - | -
Share-based payment program | 27(a) | - | - | - | 26 | (15) | - | - | 11 | - | 11
Balance as of June 30, 2023 |  | 61,614 | 1,139 | 17,545 | (2,914) | (1,680) | (39,621) | 2,729 | 38,812 | 1,479 | 40,291

(i) | The effect on equity attributable to noncontrolling interests includes the derecognition of noncontrolling shareholders of PT Vale Indonesia Tbk in the amount of US$1,628 (note 15a) and the recognition of noncontrolling shareholders of Vale Base Metals Limited in the amount of US$1,514 (note 15b).

The accompanying notes are an integral part of these interim financial statements.

8

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

1. Corporate information

Vale S.A. (the “Parent Company”) is a public company headquartered in the city of Rio de Janeiro, Brazil. Vale’s share capital consists of common shares, traded on the stock exchange.

In Brazil, Vale's common shares are listed on B3 under the code VALE3. The Company also has American Depositary Receipts (ADRs), with each representing one common share, traded on the New York Stock Exchange (NYSE) under the code VALE. Additionally, the shares are traded on LATIBEX under the code XVALO, which is an unregulated electronic market established by the Madrid Stock Exchange for the trading of Latin American securities. The Company's shareholding structure is disclosed in note 28.

Vale, together with its subsidiaries (“Vale” or the “Company”), is one of the world's largest producers of iron ore and nickel. The Company also produces iron ore pellets and copper. Nickel and copper concentrates contain by-products such as platinum group metals (PGM), gold, silver, and cobalt. Most of the Company’s products are sold to international markets, through the Company's main trading Company, Vale International S.A. (“VISA”), a wholly owned subsidiary located in Switzerland.

The Company is engaged in greenfield mineral exploration in six countries, including Brazil, USA, Canada, Chile, Peru and Indonesia. It also operates extensive logistics systems in Brazil and other regions worldwide, including railways, maritime terminals, and ports integrated with mining operations. Additionally, the Company has distribution centers to support its iron ore shipments globally.

As part of its strategy, Vale also holds investments in energy businesses to meet part of its energy consumption needs through renewable sources.

The Company's operations are organized into two operational segments: "Iron Ore Solutions" and "Energy Transition Metals" (note 4).

Iron Ore Solutions – Comprise iron ore extraction and iron ore pellet production, as well as the North, South, and Southeast transportation corridors in Brazil, including railways, ports and terminals linked to mining operations.

| · | Iron ore: Currently, Vale operates three systems in Brazil for the production and distribution of iron ore. The Northern

System (Carajás, State of Pará, Brazil) is fully integrated and comprises three mining complexes and a maritime terminal. The Southeast System (Quadrilátero Ferrífero, Minas Gerais, Brazil) is fully integrated, consisting of three mining complexes, a railway, a maritime terminal, and a port. The Southern System (Quadrilátero Ferrífero, Minas Gerais, Brazil) consists of two mining complexes and two maritime terminals.

| · | Iron ore pellets: Vale operates six pelletizing plants in Brazil and two in Oman.

Energy Transition Metals – Includes the production of nickel, copper and its by-products. In 2023, the Company transferred the assets related to this segment to a new entity, "Vale Base Metals Limited” and sold a minority stake in this business to Manara Minerals (notes 3 and 15b).

| · | Nickel: The Company's primary nickel operations are conducted by Vale Canada Limited ("Vale Canada"), which owns mines and processing plants in Canada and Indonesia and nickel refining facilities in the United Kingdom and Japan. In June 2024, the Company concluded the divestment obligation in PT Vale Indonesia Tbk ("PTVI"), which resulted in the loss of control over this operation (note 15a). Vale also has nickel operations in Onça Puma, located in the State of Pará.

| · | Copper: In Brazil, Vale produces copper concentrates at Sossego and Salobo in Carajás, State of Pará. In Canada, Vale produces copper concentrates and copper cathodes associated with its nickel mining operations in Sudbury (located in Ontario), Voisey’s Bay (located in Newfoundland and Labrador), and Thompson (located in Manitoba).

| · | Cobalt, PGM, and other precious metals: The ore extracted by Vale Canada in Sudbury yields cobalt, PGMs (Platinum Group Metals), silver, and gold as by-products, which are processed at refining facilities in Port Colborne, Ontario. In Canada, Vale Canada also produces refined cobalt at its Long Harbour facilities in Newfoundland and Labrador. The copper operations in Sossego and Salobo in Brazil also yield silver and gold as by-products.

9

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

2. Basis of preparation of condensed consolidated interim financial statements

The condensed consolidated interim financial statements of the Company (“interim financial statements”) have been prepared and are being presented in accordance with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). All relevant information for the interim financial statements, and only this information, are presented and consistent to those used by the Company's Management.

The interim financial statements have been prepared to update users on the relevant events and transactions that occurred in the period and must be read together with the financial statements for the year ended December 31, 2023. Except by the accounting policy described in note 7 - Taxes, all accounting policies, accounting estimates and judgments, risk management and measurement methods are the same as those adopted in the preparation of the latest annual financial statements.

These interim financial statements were authorized for issue by the Board of Directors on July 25, 2024.

a) New and amended standards

In April 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which replaces IAS 1 – Presentation of Financial Statements. IFRS 18 introduces new requirements on presentation within the statement of income statement, requires disclosure of ‘management-defined performance measures’ and includes new requirements for aggregation and disaggregation of financial information based on the identified “roles” of the primary financial statements and the notes. IFRS 18 will be effective for annual reporting periods beginning on or after January 1, 2027, and the Company is currently assessing the potential impacts arising from the standard.

Certain other new accounting standards, amendments and interpretations have been published that are not mandatory for December 31, 2024, reporting periods or have not materially impacted these interim financial statements. The Company did not early adopt any of these standards and does not expect them to have a material impact in future reporting periods.

b) Functional currency and presentation currency

The interim financial statements of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which each entity operates (“functional currency”), in the case of the Parent Company it is the Brazilian real (“R$”). For presentation purposes, these interim financial statements are presented in United States dollars (“US$”) as the Company believes that this is how international investors analyze the financial statements.

The main exchange rates used by the Company to translate its foreign operations are as follows:

Schedule of foreign exchange rates |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Average rate
|  | Closing rate |  | Three-month period ended June 30, |  | Six-month period ended June 30,
|  | June 30, 2024 |  | December 31, 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
US Dollar ("US$") |  | 5.5589 |  | 4.8413 |  | 5.2129 |  | 4.9485 |  | 5.0843 |  | 5.0744
Canadian dollar ("CAD") |  | 4.0620 |  | 3.6522 |  | 3.8107 |  | 3.6860 |  | 3.7426 |  | 3.7654
Euro ("EUR") |  | 5.9547 |  | 5.3516 |  | 5.6132 |  | 5.3867 |  | 5.4969 |  | 5.4831

3. Significant events and transaction related to the three-month period ended June 30, 2024

| · | Shareholders remuneration - In July 2024 (subsequent event), the Board of Directors approved remuneration to its shareholders in the amount of US$1,608, which is expected to be paid in September 2024. Further details are presented in note 28(d) of these interim financial statements.

| · | Divestment of PT Vale Indonesia Tbk (“PTVI”) – In June 2024, the Company, together with Sumitomo Metal Mining Co. Ltd. and PT Mineral Industri Indonesia (“MIND ID”), completed the divestment transaction of PTVI. As a result, Vale received US$155 and lost control over PTVI, which resulted in a gain of US$1,059 recorded in the income statement for the period ended June 30, 2024. Further details are presented in note 15(a) of these interim financial statements.

10

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

| · | Notes offering and bond tender offers - In June 2024, Vale issued bonds of US$1 billion, maturing in 2054 with a coupon of 6.45% per year. In July 2024 (subsequent event), this amount was substantially used to redeem bonds maturing in 2026, 2036 and 2039. Further details are presented in note 9(c) of these interim financial statements.

| · | Strategic partnership in the Metals for Energy Transition business - In April 2024, the Company completed the transaction with Manara Minerals to sell a 10% stake in Vale Base Metals Limited, which is the holding of the Metals for Energy Transition business, for the amount of US$2,455. As a result, Vale recognized a gain of US$895 in equity as “Transactions with noncontrolling interests”. Further details are presented in note 15(b) of these interim financial statements.

4. Information by business segment and geographic area

The segments are aligned with products and reflect the structure used by Management to evaluate the Company’s performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance are the Executive Committee and Board of Directors. Accordingly, the performance of the operating segments is assessed based on a measure of adjusted EBITDA, among other measures.

In 2024, consistently with the reports analyzed by the executive committee and Board of Directors, the Company changed its adjusted EBITDA definition to include the “EBITDA from associates and joint ventures”, which is a measure of their “equity results” (note 14) excluding (i) net finance costs; (ii) depreciation, depletion, and amortization; (iii) taxation and (iv) impairments.

Therefore, the Company’s adjusted EBITDA is defined as operating income or loss, including the EBITDA from interests in associates and joint ventures; and excluding (i) depreciation, depletion, and amortization; and (ii) impairment and results on disposal of non-current assets, net and other. The comparative information in these interim financial statements was revised to reflect this change in the adjusted EBITDA definition.

Additionally, as a result of the reorganization of assets and the governance established for the Energy Transition Metals segment, the “Other” segment was reorganized for a better allocation of direct effects on the Iron Ore Solutions and Energy Transition Metals businesses. These effects were allocated to each segment starting from the six-month period ended June 30, 2024.

Segment | Main activities
Iron Ore Solutions | Comprises the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services.
Energy Transition Metals | Includes the extraction and production of nickel and its by-products (gold, silver, cobalt, precious metals and others), and copper, as well as its by-products (gold and silver).
Other | Includes corporate expenses not allocated to the operating segment, research and development of greenfield exploration projects, as well as expenses related to the Brumadinho event and de-characterization of dams and asset retirement obligations.

11

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

a) Adjusted EBITDA

Schedule of adjusted EBITDA |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2024 | 2023 (revised) | 2024 | 2023 (revised)
Iron ore |  | 3,071 | 3,175 | 5,578 | 5,871
Iron ore pellets |  | 724 | 757 | 1,606 | 1,449
Other ferrous products and services |  | 92 | 150 | 162 | 220
Iron Solutions |  | 3,887 | 4,082 | 7,346 | 7,540
Nickel |  | 108 | 240 | 125 | 593
Copper |  | 351 | 236 | 635 | 456
Other energy transition metals |  | (52) | - | (96) | -
Energy Transition Metals |  | 407 | 476 | 664 | 1,049
Other (i) |  | (301) | (560) | (579) | (877)
Adjusted EBITDA |  | 3,993 | 3,998 | 7,431 | 7,712
Depreciation, depletion and amortization |  | (793) | (779) | (1,507) | (1,435)
Impairment and results on disposal of non-current assets, net and other (ii) |  | 928 | (118) | 855 | (157)
EBITDA from associates and joint ventures |  | (253) | (229) | (456) | (367)
Operating income |  | 3,875 | 2,872 | 6,323 | 5,753
Equity results and other results in associates and joint ventures | 14 | 112 | 5 | 236 | (50)
Financial results | 6 | (1,252) | (157) | (1,689) | (687)
Income before income taxes |  | 2,735 | 2,720 | 4,870 | 5,016

(i) Includes income (expenses) from Vale Base Metals Limited that were not allocated to the operating segment in the amount of US$2 and US$(45) for the three and six-month period ended June 30, 2024, respectively.

(ii) Includes adjustments of US$82 and US$149 for the three and six-month period ended June 30, 2024, respectively, (2023: US$52 and US$87, respectively), to reflect the performance of the streaming transactions at market prices.

12

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

b) Net operating revenue by shipment destination

Schedule of net operating revenue by shipment destination |  |  |  |  |  |  |
| Three-month period ended June 30, 2024
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other energy transition metals | Total
China | 4,787 | - | - | 84 | 94 | 29 | 4,994
Japan | 710 | 87 | 1 | 129 | - | - | 927
Asia, except Japan and China | 605 | 112 | 2 | 82 | 136 | - | 937
Brazil | 273 | 410 | 172 | 12 | - | 1 | 868
United States of America | - | 51 | - | 196 | - | 7 | 254
Americas, except United States and Brazil | - | 107 | - | 141 | 39 | - | 287
Germany | 89 | 49 | - | 81 | 67 | - | 286
Europe, except Germany | 265 | 11 | - | 141 | 366 | 10 | 793
Middle East, Africa, and Oceania | - | 567 | - | 7 | - | - | 574
Net operating revenue | 6,729 | 1,394 | 175 | 873 | 702 | 47 | 9,920

| Three-month period ended June 30, 2023
| Iron Solutions | Energy Transition Metals |  |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other | Total
China | 4,364 | 2 | - | 217 | 55 | - | 4,638
Japan | 623 | 54 | - | 147 | - | - | 824
Asia, except Japan and China | 519 | 67 | 3 | 227 | - | - | 816
Brazil | 361 | 465 | 124 | 18 | - | 26 | 994
United States of America | - | 97 | - | 334 | - | - | 431
Americas, except United States and Brazil | - | 102 | - | 123 | 2 | - | 227
Germany | 47 | - | 1 | 123 | 123 | - | 294
Europe, except Germany | 321 | 119 | - | 181 | 312 | - | 933
Middle East, Africa, and Oceania | - | 507 | - | 9 | - | - | 516
Net operating revenue | 6,235 | 1,413 | 128 | 1,379 | 492 | 26 | 9,673

| Six-month period ended June 30, 2024
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other energy transition metals | Total
China | 8,315 | - | - | 138 | 186 | 29 | 8,668
Japan | 1,230 | 152 | 1 | 226 | - | - | 1,609
Asia, except Japan and China | 1,204 | 151 | 5 | 190 | 200 | - | 1,750
Brazil | 602 | 931 | 317 | 20 | - | 4 | 1,874
United States of America | - | 103 | - | 374 | - | 20 | 497
Americas, except United States and Brazil | - | 228 | - | 264 | 101 | - | 593
Germany | 157 | 84 | - | 177 | 194 | - | 612
Europe, except Germany | 506 | 52 | - | 299 | 598 | 21 | 1,476
Middle East, Africa, and Oceania | 7 | 1,278 | - | 15 | - | - | 1,300
Net operating revenue | 12,021 | 2,979 | 323 | 1,703 | 1,279 | 74 | 18,379

13

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

| Six-month period ended June 30, 2023
| Iron Solutions | Energy Transition Metals |  |
| Iron ore | Iron ore pellets | Other ferrous products and services | Nickel and other products | Copper | Other | Total
China | 7,639 | 2 | - | 295 | 109 | - | 8,045
Japan | 1,102 | 106 | - | 305 | - | - | 1,513
Asia, except Japan and China | 922 | 108 | 5 | 367 | 44 | - | 1,446
Brazil | 722 | 874 | 229 | 37 | - | 51 | 1,913
United States of America | - | 183 | - | 759 | - | - | 942
Americas, except United States and Brazil | 1 | 248 | - | 266 | 2 | - | 517
Germany | 138 | 33 | 1 | 297 | 253 | - | 722
Europe, except Germany | 693 | 258 | - | 543 | 574 | - | 2,068
Middle East, Africa, and Oceania | - | 923 | - | 18 | - | - | 941
Net operating revenue | 11,217 | 2,735 | 235 | 2,887 | 982 | 51 | 18,107

No customer individually represented 10% or more of the Company’s revenues in the periods presented above.

c) Assets by segment

Schedule of assets by segment |  |  |  |  |  |  |  |
| June 30, 2024 | December 31, 2023
| Iron Solutions | Energy Transition Metals | Other | Total | Iron Solutions | Energy Transition Metals | Other | Total
Investments in associates and joint ventures | 1,320 | 1,910 | 485 | 3,715 | 1,349 | - | 523 | 1,872
Property, plant and equipment and intangibles | 34,598 | 17,483 | 2,696 | 54,777 | 38,376 | 18,341 | 3,310 | 60,027

| Three-month period ended June 30,
| 2024 | 2023
| Iron Solutions | Energy Transition Metals | Other | Total | Iron Solutions | Energy Transition Metals | Other | Total
Capital expenditures |  |  |  |  |  |  |  |
Sustaining capital (i) | 613 | 372 | 15 | 1,000 | 472 | 326 | 34 | 832
Project execution | 293 | 33 | 2 | 328 | 255 | 95 | 26 | 376
Total capital expenditures | 906 | 405 | 17 | 1,328 | 727 | 421 | 60 | 1,208

| Six-month period ended June 30,
| 2024 | 2023
| Iron Solutions | Energy Transition Metals | Other | Total | Iron Solutions | Energy Transition Metals | Other | Total
Capital expenditures |  |  |  |  |  |  |  |
Sustaining capital (i) | 1,294 | 700 | 34 | 2,028 | 984 | 589 | 63 | 1,636
Project execution | 613 | 72 | 10 | 695 | 491 | 167 | 44 | 702
Total capital expenditures | 1,907 | 772 | 44 | 2,723 | 1,475 | 756 | 107 | 2,338

(i) According to the Company's shareholders remuneration policy, minimum remuneration to Vale shareholders are calculated based on 30% of the adjusted EBITDA less sustaining capital investments.

d) Assets by geographic area

Schedule of assets by geographic area |  |  |  |  |  |  |  |
| June 30, 2024 | December 31, 2023
| Investments in associates and joint ventures | Intangible | Property, plant and equipment | Total | Investments in associates and joint ventures | Intangible | Property, plant and equipment | Total
Brazil | 1,805 | 8,451 | 30,317 | 40,573 | 1,872 | 9,822 | 33,769 | 45,463
Canada | - | 1,742 | 11,703 | 13,445 | - | 1,808 | 11,890 | 13,698
Americas, except Brazil and Canada | - | - | 4 | 4 | - | - | 4 | 4
Indonesia | 1,910 | - | 57 | 1,967 | - | - | 59 | 59
China | - | 1 | 10 | 11 | - | 1 | 14 | 15
Asia, except Indonesia and China | - | - | 672 | 672 | - | - | 731 | 731
Europe | - | - | 603 | 603 | - | - | 678 | 678
Oman | - | 1 | 1,216 | 1,217 | - | - | 1,251 | 1,251
Total | 3,715 | 10,195 | 44,582 | 58,492 | 1,872 | 11,631 | 48,396 | 61,899

14

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

5. Costs and expenses by nature

a) Cost of goods sold, and services rendered

Schedule of cost of goods sold, and services rendered |  |  |  |
| Three-month period ended June 30, | Six-month period ended June 30,
| 2024 | 2023 | 2024 | 2023
Services | (1,200) | (994) | (2,231) | (1,793)
Freight | (1,184) | (999) | (2,122) | (1,681)
Depreciation, depletion and amortization | (763) | (737) | (1,441) | (1,350)
Materials | (720) | (716) | (1,361) | (1,307)
Personnel | (683) | (717) | (1,236) | (1,405)
Acquisition of products | (496) | (547) | (870) | (1,082)
Fuel, oil and gas | (363) | (425) | (732) | (810)
Royalties | (347) | (320) | (636) | (552)
Energy | (157) | (185) | (326) | (352)
Others | (436) | (300) | (761) | (557)
Total | (6,349) | (5,940) | (11,716) | (10,889)

b) Selling and administrative expenses

Schedule of selling and administrative expenses |  |  |  |
| Three-month period ended June 30, | Six-month period ended June 30,
| 2024 | 2023 | 2024 | 2023
Personnel | (52) | (63) | (119) | (119)
Services | (45) | (36) | (79) | (68)
Depreciation and amortization | (9) | (14) | (19) | (25)
Other | (31) | (26) | (60) | (45)
Total | (137) | (139) | (277) | (257)

c) Other operating revenues (expenses), net

Schedule of other operating revenues (expenses), net |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2024 | 2023 | 2024 | 2023
Expenses related to Brumadinho event | 23 | (69) | (271) | (171) | (382)
Provision for litigations | 26(a) | (54) | (52) | (104) | (83)
Profit sharing program |  | (40) | (32) | (125) | (87)
Impairment and results on disposal of non-current assets, net (i) | 15(a) | 1,010 | (66) | 1,004 | (70)
Other |  | (126) | (33) | (139) | (55)
Total |  | 721 | (454) | 465 | (677)

(i) In the three-month period ended June 30, 2024, includes the gain from the divestment in PT Vale Indonesia Tbk in the amount of US$1,059 (note 15a) and net losses on disposal of property, plant and equipment and intangible assets in the amount of US$49 (notes 16 and 17).

6. Financial results

Schedule of financial results |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2024 | 2023 | 2024 | 2023
Financial income |  |  |  |  |
Short-term investments |  | 75 | 82 | 156 | 170
Other |  | 3 | 24 | 31 | 57
Total financial income |  | 78 | 106 | 187 | 227
Financial expenses |  |  |  |  |
Loans and borrowings interest | 9(c) | (203) | (180) | (369) | (355)
Interest on REFIS |  | (23) | (38) | (51) | (76)
Interest on lease liabilities | 22 | (14) | (15) | (28) | (30)
Interest on supplier liabilities |  | (44) | (53) | (90) | (91)
Other |  | (81) | (111) | (166) | (165)
Total financial expenses |  | (365) | (397) | (704) | (717)
Other financial items, net |  |  |  |  |
Foreign exchange and indexation losses, net |  | (253) | (750) | (626) | (1,226)
Participative shareholders' debentures | 20 | (241) | 321 | (77) | 274
Derivative financial instruments, net | 18(c) | (471) | 563 | (469) | 755
Total other financial items, net |  | (965) | 134 | (1,172) | (197)
Total |  | (1,252) | (157) | (1,689) | (687)

15

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

7. Taxes

a) Income tax reconciliation

In December 2021, the Organization for Economic Co-operation and Development (“OECD”) released the Pillar Two model rules to reform international corporate taxation. Multinational economic groups within the scope of these rules are required to calculate their effective tax rate in each country where they operate, the “GloBE effective tax rate”.

When the effective GloBE rate of any entity in the economic group, aggregated by jurisdiction where the group operates, is lower than the minimum rate defined at 15%, the multinational group must pay a supplementary amount of tax on profit, referring to the difference between its rate effective GloBE and the minimum tax rate.

From 2024, the Company is subject to OECD Pillar Two model rules in the Netherlands, Switzerland, United Kingdom, Japan and Luxembourg. However, there was no material impact on Company’s income tax computation due to this matter and it does not expect any further impact on its future financial statements.

Income tax expense is recognized based on the estimate of the weighted average effective tax rate expected for the full year, adjusted for the tax effect of certain items that are recognized in full on the interim tax calculation. Therefore, the effective tax rate in the interim financial statements may differ from management’s estimate of the effective tax rate for the year. The reconciliation of the taxes calculated according to the nominal tax rates and the amount of taxes recorded is shown below:

Schedule of income tax reconciliation |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2024 | 2023 | 2024 | 2023
Income before income taxes |  | 2,735 | 2,720 | 4,870 | 5,016
Income taxes at statutory rate (34%) |  | (930) | (925) | (1,656) | (1,705)
Adjustments that affect the taxes basis: |  |  |  |  |
Tax incentives |  | 298 | 497 | 767 | 902
Equity results |  | 4 | 33 | (3) | 3
Reduction of tax loss carryforward |  | 369 | (172) | 213 | (243)
Reversal of deferred income tax related to Renova Foundation | 24 | - | (1,078) | - | (1,078)
Reclassification of cumulative adjustments to the income statement |  | (4) | - | (22) | -
Gain on divestment in PTVI | 15(a) | 358 | - | 358 | -
Other |  | (61) | (147) | (71) | (89)
Income taxes |  | 34 | (1,792) | (414) | (2,210)
Current tax |  | (639) | (404) | (1,373) | (622)
Deferred tax |  | 673 | (1,388) | 959 | (1,588)
Income taxes |  | 34 | (1,792) | (414) | (2,210)

16

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

b) Deferred income tax assets and liabilities

Schedule of deferred income tax assets and liabilities |  |  |
| Assets | Liabilities | Deferred taxes, net
Balance as of December 31, 2023 | 9,565 | 870 | 8,695
Effect in income statement | 875 | (96) | 971
Incorporation | (2) | (2) | -
Other comprehensive income | 602 | 15 | 587
Transfer between assets and liabilities | 50 | 50 | -
Translation adjustment | (1,159) | (31) | (1,128)
Balance as of June 30, 2024 | 9,931 | 806 | 9,125
Balance as of December 31, 2022 | 10,770 | 1,413 | 9,357
Effect in income statement | (1,620) | (32) | (1,588)
Other comprehensive income | (30) | (2) | (28)
Translation adjustment | 784 | 32 | 752
Balance as of June 30, 2023 | 9,904 | 1,411 | 8,493

| c) | Income taxes - Settlement program (“REFIS”)

Schedule of income taxes - Settlement program |  |
| June 30, 2024 | December 31, 2023
Current liabilities | 383 | 428
Non-current liabilities | 1,284 | 1,723
REFIS liabilities | 1,667 | 2,151
SELIC rate | 10.50% | 11.75%

The balance mainly relates to the settlement program of claims regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and associates from 2003 to 2012. This amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly installments until October 2028 and the impact of the SELIC over the liability is recorded under the Company’s financial results (note 6).

d) Uncertain tax positions (“UTP”)

The amount under discussion with the tax authorities is US$4,982 as of June 30, 2024 (December 31, 2023: US$5,408) which includes the reduction of tax losses in the amount of US$658 as of June 30, 2024 (December 31, 2023: US$754), if the tax authority does not accept the tax treatment adopted by the Company in relation to these matters.

Schedule of uncertain tax positions |  |  |  |  |  |
| June 30, 2024 | December 31, 2023
| Assessed (i) | Potential (ii) | Total | Assessed (i) | Potential (ii) | Total
UTPs not recorded on statement of financial position (iii) |  |  |  |  |  |
Transfer pricing over the exportation of ores to a foreign subsidiary | 1,967 | 2,610 | 4,577 | 2,144 | 3,010 | 5,154
Expenses of interest on capital | 1,361 | - | 1,361 | 1,511 | - | 1,511
Proceeding related to income tax paid abroad | 461 | - | 461 | 512 | - | 512
Goodwill amortization | 696 | 117 | 813 | 606 | 190 | 796
Payments to Renova Foundation | 150 | 467 | 617 | 167 | 536 | 703
Other | 347 | - | 347 | 468 | - | 468
Total UTPs not recorded on statement of financial position | 4,982 | 3,194 | 8,176 | 5,408 | 3,736 | 9,144
UTPs recorded on statement of financial position |  |  |  |  |  |
Deduction of CSLL in Brazil | 165 | - | 165 | 183 | - | 183
Total UTPs recorded on statement of financial position | 165 | - | 165 | 183 | - | 183

(i) Includes the tax effects arising from the reduction of the tax losses and negative basis of the CSLL without fines and interest.

(ii) Includes the principal, without fines and interest.

(iii) Based on the assessment of its internal and external legal advisors, the Company believes that the tax treatment adopted for these matters will be accepted in decisions of the higher courts on last instance.

17

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

e) Recoverable and taxes payables

Schedule of recoverable and taxes payables |  |  |  |  |  |
| Consolidated
| Current assets | Non-current assets | Current liabilities
| June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023
Value-added tax ("ICMS") | 212 | 232 | 2 | 5 | 36 | 25
Brazilian federal contributions ("PIS" and "COFINS") | 244 | 355 | 981 | 1,010 | 4 | 615
Income taxes | 195 | 302 | 346 | 358 | 1,031 | 429
Financial compensation for the exploration of mineral resources ("CFEM") | - | - | - | - | 71 | 93
Other | 8 | 11 | - | 1 | 100 | 152
Total | 659 | 900 | 1,329 | 1,374 | 1,242 | 1,314

8. Basic and diluted earnings per share

The basic and diluted earnings per share are presented below:

Schedule of basic and diluted earnings per share |  |  |  |
| Three-month period ended June 30, | Six-month period ended June 30,
| 2024 | 2023 | 2024 | 2023
Net income attributable to Vale's shareholders | 2,769 | 892 | 4,448 | 2,729
Thousands of shares |  |  |  |
Weighted average number of common shares outstanding | 4,274,769 | 4,396,778 | 4,283,095 | 4,424,788
Weighted average number of common shares outstanding and potential ordinary shares | 4,279,782 | 4,400,609 | 4,288,108 | 4,428,619
Basic and diluted earnings per share |  |  |  |
Common share (US$) | 0.65 | 0.20 | 1.04 | 0.62

9. Cash flows reconciliation

a) Cash flow from operating activities

Schedule of cash flow from operating activities |  |  |
|  | Six-month period ended June 30,
| Notes | 2024 | 2023
Cash flow from operating activities: |  |  |
Income before income taxes |  | 4,870 | 5,016
Adjusted for: |  |  |
Equity results and other results in associates and joint ventures | 14 | (236) | 50
Impairment and results on disposal of non-current assets, net | 5(c) | (1,004) | 70
Review of estimates related to Brumadinho | 23 | (20) | 140
Review of estimates related to de-characterization of dams | 25 | (131) | -
Depreciation, depletion and amortization |  | 1,507 | 1,435
Financial results, net | 6 | 1,689 | 687
Changes in assets and liabilities: |  |  |
Accounts receivable | 10 | 1,768 | 1,439
Inventories | 11 | (461) | (520)
Suppliers and contractors | 12 | (150) | 465
Other assets and liabilities, net |  | (1,000) | (1,243)
Cash flow from operations |  | 6,832 | 7,539

18

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

b) Cash flow from investing activities

Schedule of cash flow from investing activities |  |  |
|  | Six-month period ended June 30,
| Notes | 2024 | 2023
Proceeds from the partial disposal of VBML shares | 15(b) | 2,455 | -
Proceeds from the partial disposal of PTVI shares | 15(a) | 155 | -
Proceeds from the divestment of Companhia Siderúrgica do Pecém | 15(f) | - | 1,082
Cash contribution to Companhia Siderúrgica do Pecém | 15(f) | - | (1,149)
Cash received (payments) from disposal of investments, net |  | 2,610 | (67)

c) Reconciliation of debt to cash flows arising from financing activities

Schedule of reconciliation of debt to cash flows arising from financing activities |  |  |  |
| Quoted in the secondary market | Other debt contracts in Brazil | Other debt contracts on the international market | Total
December 31, 2023 | 7,474 | 250 | 4,747 | 12,471
Additions | 1,000 | - | 960 | 1,960
Payments | (51) | (24) | (517) | (592)
Interest paid (i) | (227) | (11) | (159) | (397)
Cash flow from financing activities | 722 | (35) | 284 | 971
Effect of exchange rate | (53) | (30) | 29 | (54)
Interest accretion | 227 | 11 | 144 | 382
Non-cash changes | 174 | (19) | 173 | 328
June 30, 2024 | 8,370 | 196 | 5,204 | 13,770
December 31, 2022 | 6,497 | 280 | 4,404 | 11,181
Additions | 1,500 | - | 300 | 1,800
Payments | (517) | (38) | (65) | (620)
Interest paid (i) | (237) | (16) | (116) | (369)
Cash flow from financing activities | 746 | (54) | 119 | 811
Effect of exchange rate | 7 | 34 | 3 | 44
Interest accretion | 234 | 16 | 131 | 381
Non-cash changes | 241 | 50 | 134 | 425
June 30, 2023 | 7,484 | 276 | 4,657 | 12,417

| (i) | Classified as operating activities in the statement of cash flows.

Funding

| · | In June 2024, the Company issued bonds of US$1 billion with a coupon of 6.45% per year, payable semi-annually, and maturing in 2054. In July 2024 (subsequent event), Vale redeemed notes with maturity date in 2026, 2036 and 2039, in the total amount of US$970 and paid a premium of US$38.

| · | In April 2024, the Company contracted a loan of US$90 with the Canadian Imperial Bank of Commerce (“CIBC”) indexed to SOFR plus spread adjustments and maturing in 2024.

| · | In March 2024, the Company contracted a loan of US$360 with the Japan Bank of International Cooperation (“JBIC”) indexed to SOFR plus spread adjustments and maturing in 2035.

| · | In March 2024, the Company contracted a loan of US$60 with the CIBC indexed to SOFR plus spread adjustments and maturing in 2024.

| · | In February 2024, the Company contracted a loan of US$166 with Banco Santander indexed to SOFR plus spread adjustments and maturing in 2025.

19

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

| · | In February 2024, the Company contracted a loan of US$34 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2025.

| · | From January to February 2024, the Company contracted a loan of US$250 with Banco Bradesco with a fixed rate maturing in 2025.

| · | In March 2023, the Company contracted a loan of US$300 with the Industrial and Commercial Bank of China Limited, Panama Branch (“ICBC”) indexed to SOFR plus spread adjustments and maturing in 2028.

| · | In June 2023, Vale issued notes of US$1,500 with a coupon of 6.125% per year, payable semi-annually, and maturing in 2033.

Payments

| · | In January 2024, the Company paid principal and interest of debentures, in the amount of U$46.

| · | In January 2023, the Company paid principal and interest of debentures, in the amount of U$24.

| · | In June 2023, Vale redeemed notes with maturity date in 2026, 2036 and 2039, in the total amount of US$500 and paid a premium of US$22, recorded as “Bond premium repurchase” in the financial results for the three-month period ended June 30, 2023.

d) Non-cash transactions

Schedule of non-cash transactions |  |
| Six-month period ended June 30,
| 2024 | 2023
Non-cash transactions: |  |
Additions to PP&E with capitalized loans and borrowing costs | 13 | 10

10. Accounts receivable

Schedule of accounts receivable |  |  |
| Notes | June 30, 2024 | December 31, 2023
Receivables from contracts with customers |  |  |
Third parties |  |  |
Iron Solutions |  | 1,550 | 3,406
Energy Transition Metals |  | 663 | 743
Other |  | 8 | 3
Related parties | 29(b) | 156 | 89
Accounts receivable |  | 2,377 | 4,241
Expected credit loss |  | (45) | (44)
Accounts receivable, net |  | 2,332 | 4,197

Provisionally priced commodities sales – The Company is mainly exposed to iron ore and copper price risk. The determination of the final sales price for these commodities is based on the pricing period outlined in the sales contracts, typically occurring after the revenue recognition date. Consequently, the Company initially recognizes revenue using a provisional invoice. Subsequently, the receivables associated with provisionally priced products are measured at fair value through profit or loss (note 19). Any fluctuations in the value of these receivables are reflected in the Company's net operating revenue.

The sensitivity of the Company’s risk related to the final settlement of provisionally priced accounts receivables is detailed below:

Schedule of final settlement of provisionally priced accounts receivables |  |  |  |
| June 30, 2024
| Thousand metric tons | Provisional price (US$/ton) | Variation | Effect on Revenue (US$ million)
Iron ore | 20,093 | 107 | +/- 10% | +/- 214
Copper | 64 | 8,986 | +/- 10% | +/- 57

20

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

11. Inventories

Schedule of inventories |  |
| June 30, 2024 | December 31, 2023
Finished products |  |
Iron Solutions | 2,459 | 2,457
Energy Transition Metals | 569 | 640
| 3,028 | 3,097
Work in progress | 868 | 567
Consumable inventory | 1,052 | 1,159
Net realizable value provision (i) | (155) | (139)
Total of inventories | 4,793 | 4,684

(i) In the six-month period ended June 30, 2024, the effect of provision for net realizable value was US$53 (2023: US$47).

12. Suppliers and contractors

Schedule of suppliers and contractors |  |  |
| Notes | June 30, 2024 | December 31, 2023
Third parties – Brazil |  | 2,759 | 3,461
Third parties – Abroad |  | 1,748 | 1,653
Related parties | 29(b) | 262 | 158
Total |  | 4,769 | 5,272

The Company has supplier finance arrangements, which do not substantially modify the original liabilities terms and conditions and remain presented as suppliers. The outstanding balance related to those transactions was US$1,391 as of June 30, 2024 (December 31, 2023: US$1,438), of which US$221 (December 31, 2023: US$221) relates to the structure introduced by the Company with the exclusive purpose of enabling small and medium suppliers to anticipate their receivables with better interest rates, in line with Company’s social pillar.

21

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

13. Other financial assets and liabilities

Schedule of other financial assets and liabilities |  |  |  |  |
|  | Current | Non-Current
| Notes | June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023
Other financial assets |  |  |  |  |
Restricted cash |  | - | - | 4 | 4
Derivative financial instruments | 18 | 168 | 271 | 109 | 544
Investments in equity securities |  | - | - | 47 | 45
|  | 168 | 271 | 160 | 593
Other financial liabilities |  |  |  |  |
Derivative financial instruments | 18 | 135 | 36 | 105 | 95
Other financial liabilities - Related parties | 29(b) | 144 | 290 | - | -
Liabilities related to the concession grant | 13(a) | 680 | 591 | 2,551 | 3,278
Advances and other financial obligations (i) |  | 508 | 759 | - | -
|  | 1,467 | 1,676 | 2,656 | 3,373

(i) Includes advances received from customers and other financial obligations.

a) Liabilities related to the concession grant

Schedule of liabilities related to the concession grant |  |  |  |  |  |  |  |  |
| Consolidated | Discount rate |
| December 31, 2023 | Revision to estimates | Monetary and present value adjustments | Disbursements | Translation adjustment | June 30, 2024 | June 30, 2024 | December 31, 2023 | Remaining term of obligations
Payment obligation | 1,130 | - | 53 | (29) | (147) | 1,007 | 11.04% | 11.04% | 33 years
Infrastructure investment | 2,739 | (99) | 69 | (142) | (343) | 2,224 | 6.48% - 6.51% | 5.17% - 5.54% | 8 years
| 3,869 | (99) | 122 | (171) | (490) | 3,231 |  |  |
Current liabilities | 591 |  |  |  |  | 680 |  |  |
Non-current liabilities | 3,278 |  |  |  |  | 2,551 |  |  |
Liabilities | 3,869 |  |  |  |  | 3,231 |  |  |

The Company is currently discussing with the Brazilian Ministry of Transport the general conditions for optimizing the investment plans of Estrada de Ferro Carajás (“EFC”) and Estrada de Ferro Vitória a Minas (“EFVM”) concessions contracts, both of which are currently being fulfilled by Vale in accordance with the contracts in place.

The potential change in the agreements is still uncertain as it is subject to conclusion of the negotiations and approval by the Company and relevant authorities. Any changes to the existing obligation will be recorded after the conclusion of the negotiations and based on the final terms agreed.

Therefore, until there is any change in the existing concession contracts, the Company will continue to comply with its obligations under the agreements, which are reflected in the Company’s liability recorded in these interim financial statements.

22

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

14. Investments in associates and joint ventures

Schedule of investments in associates and joint ventures |  |  |  |  |  |  |  |
Associates and joint ventures | % ownership | December 31, 2023 | Equity results in income statement | Dividends declared | Translation adjustment | Fair value remeasurement (i) | Other | June 30, 2024
Iron Solutions |  |  |  |  |  |  |  |
Baovale Mineração S.A. | 50.00 | 28 | 1 | (1) | (4) | - | (1) | 23
Companhia Coreano-Brasileira de Pelotização | 50.00 | 73 | 13 | - | (10) | - | - | 76
Companhia Hispano-Brasileira de Pelotização | 50.89 | 49 | 8 | (6) | (7) | - | - | 44
Companhia Ítalo-Brasileira de Pelotização | 50.90 | 63 | 8 | - | (9) | - | 6 | 68
Companhia Nipo-Brasileira de Pelotização | 51.00 | 150 | 19 | (8) | (20) | - | - | 141
MRS Logística S.A. | 49.01 | 640 | 70 | - | (88) | - | - | 622
VLI S.A. | 29.60 | 346 | 48 | - | (48) | - | - | 346
Samarco Mineração S.A. (note 24) | 50.00 | - | - | - | - | - | - | -
|  | 1,349 | 167 | (15) | (186) | - | 5 | 1,320
Energy Transition Metals |  |  |  |  |  |  |  |
PT Vale Indonesia Tbk | 33.88 | - | - | - | - | 1,910 | - | 1,910
|  | - | - | - | - | 1,910 | - | 1,910
Others |  |  |  |  |  |  |  |
Aliança Geração de Energia S.A. | 55.00 | 356 | 17 | - | (50) | - | 19 | 342
Aliança Norte Energia Participações S.A. | 51.00 | 106 | (5) | - | (13) | - | - | 88
Other |  | 61 | 1 | (1) | (8) | - | 2 | 55
|  | 523 | 13 | (1) | (71) | - | 21 | 485
Equity results in associates and joint ventures |  | 1,872 | 180 | (16) | (257) | 1,910 | 26 | 3,715
Other results in associates and joint ventures |  | - | 56 | - | - | - | - | -
Equity results and other results in associates and joint ventures |  | - | 236 | - | - | - | - | -

(i) It refers to the remeasurement at fair value of the remaining stake held by Vale on PT Vale Indonesia Tbk, after the closing of the divestment transaction (note 15a).

23

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

15. Acquisitions and divestitures

Schedule of acquisitions and divestitures |  |  |  |  |
|  | Three-month period ended June 30, 2024 | Six-month period ended June 30, 2024
| Reference | Results on disposals of non-current assets | Equity results and other results in associates and joint ventures | Results on disposals of non-current assets | Equity results and other results in associates and joint ventures
PT Vale Indonesia Tbk | 15(a) | 1,059 | - | 1,059 | -
|  | 1,059 | - | 1,059 | -

|  | Three-month period ended June 30, 2023 | Six-month period ended June 30, 2023
| Reference | Results on disposals of non-current assets | Equity results and other results in associates and joint ventures | Results on disposals of non-current assets | Equity results and other results in associates and joint ventures
Mineração Rio do Norte | 15(e) | - | (93) | - | (93)
Companhia Siderúrgica do Pecém | 15(f) | - | - | - | 37
|  | - | (93) | - | (56)

a) Divestment on PT Vale Indonesia Tbk (“PTVI”) – PTVI has a contract of work with the government of Indonesia to operate its mining licenses (“Contract of Work”), expiring in December 2025. To extend the period of the mining licenses beyond 2025, PTVI must meet certain requirements under the Contract of Work, including the commitment to meet a threshold of Indonesian participants in its shareholding structure.

In November 2023, the Company signed a Heads of Agreement with PT Mineral Industri Indonesia (“MIND ID”) and Sumitomo Metal Mining Co., Ltd. (“SMM”) regarding the divestment obligation in PTVI. Therefore, since the year ended December 31, 2023, PTVI assets and liabilities were classified as held for sale.

In June 2024, the transaction was concluded, and the Company reduced its interests in PTVI in approximately 10.5%. This divestment was carried out through (i) the issuance of PTVI’s new shares, thereby diluting Vale in 2.1%, and (ii) by the direct sale of 8.4% of Vale’s shares to MIND ID. As a result of the transaction, MIND ID became PTVI's largest shareholder, holding approximately 34.0% of the issued shares, with the Company and SMM holding approximately 33.9% and 11.5%, respectively. The completion of the transaction fulfills the divestment obligations of the Contract of Work and satisfies a key condition for PTVI to extend its mining license until 2035, with potential extension beyond this period subject to certain requirements.

With the transaction, Vale received US$155 for its shares and lost control over PTVI and so, the Company will no longer consolidate PTVI, which will be accounted for as an associate under the equity method due to the significant influence it will retain over PTVI.

As result, the Company recognized a gain of US$1,059 in the income statement for the three-month period ended June 30, 2024, as "Other operating expenses, net". This gain is due to the reclassification of cumulative translation adjustments of US$1,063 and the gain on remeasurement of the interest retained at fair value of the US$657, net of the loss on the reduction in PTVI stake in the amount of US$661. The effects of this transaction are summarized below:

Schedule of effect in transaction in income statement |
| June 28, 2024
Cash consideration received | 155
Fair value of 33.9% interest retained (i) | 1,910
Effects of the deconsolidation: |
Derecognition of net assets of PTVI | (3,697)
Gain on derecognition of noncontrolling shareholders | 1,628
Gain on the reclassification of cumulative translation adjustments | 1,063
Gain on the transaction recorded in the income statement | 1,059

(i) The fair value of the 33.9% retained interest was estimated based on a third-party valuation report. The valuation considered the discounted cash flow method. The key assumptions considered were (i) discount rate of 7.75% with incremental risk premium of around 1.00% on certain assets, (ii) asset life through to 2065, and (iii) range of expected nickel prices from US$/t 17,501 to US$/t 21,000.

24

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

Balance sheet of PTVI classified as held for sale

Schedule of balance sheet of PTVI classified as held for sale |  |
| June 30, 2024 | December 31, 2023
Assets |  |
Cash and cash equivalents | - | 703
Accounts receivable | - | 20
Inventories | - | 80
Taxes | - | 117
Investments | - | 13
Property, plant and equipment | - | 2,792
Intangible | - | 69
Other assets | - | 139
Total assets | - | 3,933
Liabilities |  |
Suppliers and contractors | - | 172
Deferred income taxes | - | 213
Other liabilities | - | 176
Total liabilities | - | 561
Net assets held for sale | - | 3,372

b) Strategic partnership in the Energy Transition Metals business – In July 2023, the Company signed a binding agreement with Manara Minerals, a joint venture between Ma’aden and Saudi Arabia’s Public Investment Fund, under which Manara Minerals would make an equity investment in Vale Base Metals Limited (“VBM”), the holding entity for Vale’s Energy Transition Metals Business that was a wholly owned subsidiary. At the same time, Vale and Engine No. 1 entered into another binding agreement for an equity investment in VBM.

In April 2024, the Company concluded the transaction with Manara Minerals to sell 10% of the business for US$2,455, which was fully contributed to VBM thereby diluting Vale to a 90% equity interest, retaining control over VBM. As a result, Vale recognized a gain from the sale in the amount of US$895, of which US$1,514 was attributable to noncontrolling interests recorded in the equity as "Transactions with noncontrolling interests".

Additionally, in April 2024, Vale and Engine No. 1 agreed to not proceed with the transaction, which was discontinued, without any penalties to both parties.

c) Acquisition of Aliança Geração de Energia S.A. (“Aliança Geração”) - Aliança Geração is a joint venture of Vale, which operates hydroelectric and wind power plants in Brazil, in which the Company holds a 55% shareholding. The entity’s power generation asset portfolio consists of seven hydroelectric power plants in the state of Minas Gerais and three wind farms in operation in the states of Rio Grande do Norte and Ceará, Brazil.

In March 2024, the Company entered into a binding agreement with Cemig Geração e Transmissão S.A. ("Cemig GT") for the acquisition of the entire 45% interest held for Cemig GT in Aliança Geração, for US$486 (R$2,700 million). The acquisition of the stake in Aliança Geração will be the first step towards creating an energy platform and, after the acquisition is completed, Vale will seek potential partners for this platform.

This transaction is in line with Vale's strategy of having an energy matrix based on renewable sources in Brazil and contributes to the Company's commitment to decarbonize operations at competitive costs.

Upon closing, which is subject to usual precedent conditions, including the consent of competent bodies, Vale will hold 100% of the shareholding, obtaining control over Aliança Geração, and consolidating its assets, liabilities and results in the Company´s financial statements. The transaction's conclusion is expected for the second half of 2024.

d) Acquisition of equity interest in Anglo American Minério de Ferro Brasil S.A. (“Anglo American Brasil”) – In February 2024, the Company entered into a binding agreement with Anglo American plc for the acquisition of 15% interest in Anglo American Brasil, the company that currently owns the Minas-Rio complex (“Minas-Rio”), in Brazil. Under the terms agreed, Vale will contribute with Serra da Serpentina iron ore resources and a cash contribution of US$157.5, subject to adjustments at the closing date. Additionally, depending on the future iron ore prices, there may be an adjustment in the transaction price and the fair value adjustments of this mechanism will be recognized in the Company's income statements accordingly.

Following completion of the transaction, Vale will receive its pro-rata share of Minas-Rio production and the Company will also have an option to acquire an additional 15% shareholding in Minas-Rio. The option will be exercised at fair value, calculated at the time of exercise.

25

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

The closing of the transaction is subject to the usual conditions precedent and expected to occur in 2025. Upon completion of the transaction, Anglo American Brasil will be an associate of Vale and the investment will be accounted for under the equity method.

e) Mineração Rio do Norte S.A. (“MRN”) – In April 2023, Vale signed a binding agreement with Ananke Alumina S.A. to sell its 40% stake in MRN, which has been impaired in full since 2021. Due to certain remaining commitments of the agreement, the Company recognized a provision of US$93 with the corresponding impact in the income statement for the three-month period ended June 30, 2023, as “Equity results and other results in associates and joint ventures”. As a result, in November 2023 the Company concluded the transaction and transferred its shares in MRN to Ananke Alumina S.A.

f) Companhia Siderúrgica do Pecém (“CSP”) – In July 2022, the Company and the other shareholders of CSP signed a binding agreement with ArcelorMittal Brasil S.A. (“ArcelorMittal”) for the sale of CSP. In March 2023, the Company completed the sale of its interest in CSP to ArcelorMittal. Under the terms of the agreement, Vale has received US$1,042 from the buyer and made a cash contribution of US$1,189 to CSP upon closing, which was fully used to prepay the outstanding net debt of CSP as determined by the agreement. In addition, the Company derecognized its financial liability related to the guarantee granted to CSP, leading to a gain of US$37 recognized as “Equity results and other results in associates and joint ventures” for the six-month period ended June 30, 2023.

g) Vale Oman Pelletizing Company LLC (“VOPC”) – In February 2023, OQ Group exercised their option to sell its 30% noncontrolling interest held in VOPC, a subsidiary consolidated by the Company. As a result, in April 2023, the Company completed the transaction and acquired the minority interest previously held by the OQ Group for US$130, resulting in a gain of US$3, recorded in equity as of June 30, 2023, as “Acquisitions and disposals of noncontrolling interests”, since it resulted from a transaction between shareholders. Upon closing, Vale owns 100% of VOPC's share capital.

16. Intangibles

Schedule of intangibles |  |  |  |  |
| Goodwill | Concessions | Software | Research and development project | Total
Balance as of December 31, 2023 | 3,263 | 7,689 | 104 | 575 | 11,631
Additions | - | 23 | 30 | - | 53
Disposals | - | (4) | - | (5) | (9)
Amortization | - | (125) | (29) | - | (154)
Translation adjustment | (252) | (989) | (12) | (73) | (1,326)
Balance as of June 30, 2024 | 3,011 | 6,594 | 93 | 497 | 10,195
Cost | 3,011 | 8,200 | 606 | 497 | 12,314
Accumulated amortization | - | (1,606) | (513) | - | (2,119)
Balance as of June 30, 2024 | 3,011 | 6,594 | 93 | 497 | 10,195
Balance as of December 31, 2022 | 3,189 | 6,434 | 87 | 528 | 10,238
Additions | - | 167 | 13 | 3 | 183
Disposals | - | (7) | - | - | (7)
Amortization | - | (123) | (21) | - | (144)
Translation adjustment | 151 | 530 | 6 | 44 | 731
Balance as of June 30, 2023 | 3,340 | 7,001 | 85 | 575 | 11,001
Cost | 3,340 | 8,601 | 600 | 575 | 13,116
Accumulated amortization | - | (1,600) | (515) | - | (2,115)
Balance as of June 30, 2023 | 3,340 | 7,001 | 85 | 575 | 11,001

26

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

17. Property, plant, and equipment

Schedule of movements in property, plant and equipment |  |  |  |  |  |  |  |  |  |
|  | Consolidated
| Notes | Building and land | Facilities | Equipment | Mineral properties | Railway equipment | Right of use assets | Other | Constructions in progress | Total
Balance as of December 31, 2023 |  | 10,119 | 9,239 | 4,450 | 6,925 | 2,612 | 1,359 | 2,484 | 11,208 | 48,396
Additions (i) |  | - | - | - | - | - | (4) | - | 2,749 | 2,745
Disposals |  | (5) | (16) | (7) | - | (3) | - | (1) | (70) | (102)
Assets retirement obligation | 25(b) | - | - | - | (147) | - | - | - | - | (147)
Depreciation, depletion and amortization |  | (225) | (276) | (351) | (226) | (81) | (93) | (164) | - | (1,416)
Translation adjustment |  | (1,139) | (1,098) | (397) | (517) | (332) | (37) | (220) | (1,154) | (4,894)
Transfers |  | 314 | 504 | 284 | 158 | 50 | - | 127 | (1,437) | -
Balance as of June 30, 2024 |  | 9,064 | 8,353 | 3,979 | 6,193 | 2,246 | 1,225 | 2,226 | 11,296 | 44,582
Cost |  | 15,956 | 13,724 | 9,706 | 14,734 | 3,917 | 2,089 | 4,929 | 11,296 | 76,351
Accumulated depreciation |  | (6,892) | (5,371) | (5,727) | (8,541) | (1,671) | (864) | (2,703) | - | (31,769)
Balance as of June 30, 2024 |  | 9,064 | 8,353 | 3,979 | 6,193 | 2,246 | 1,225 | 2,226 | 11,296 | 44,582
Balance as of December 31, 2022 |  | 8,913 | 8,042 | 4,984 | 7,112 | 2,475 | 1,455 | 2,632 | 9,325 | 44,938
Additions (i) |  | - | - | - | - | - | 19 | - | 2,430 | 2,449
Disposals |  | (8) | (8) | (5) | - | (5) | - | (1) | (53) | (80)
Assets retirement obligation | 25(b) | - | - | - | 99 | - | - | - | - | 99
Depreciation, depletion and amortization |  | (224) | (250) | (364) | (241) | (81) | (91) | (163) | - | (1,414)
Translation adjustment |  | 607 | 608 | 229 | 302 | 198 | 31 | 153 | 546 | 2,674
Transfers |  | 772 | 586 | 371 | 46 | 47 | - | 166 | (1,988) | -
Balance as of June 30, 2023 |  | 10,060 | 8,978 | 5,215 | 7,318 | 2,634 | 1,414 | 2,787 | 10,260 | 48,666
Cost |  | 17,700 | 14,330 | 12,418 | 16,285 | 4,455 | 2,196 | 5,903 | 10,260 | 83,547
Accumulated depreciation |  | (7,640) | (5,352) | (7,203) | (8,967) | (1,821) | (782) | (3,116) | - | (34,881)
Balance as of June 30, 2023 |  | 10,060 | 8,978 | 5,215 | 7,318 | 2,634 | 1,414 | 2,787 | 10,260 | 48,666

(i) Includes capitalized interest, when applicable.

For more details regarding right of use and lease liability see note 22.

27

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

18. Financial and capital risk management

a) Effects of derivatives on the statement of financial position

Schedule of derivatives effects on statement of financial position |  |
| June 30, 2024 | December 31, 2023
| Assets | Liabilities | Assets | Liabilities
Foreign exchange and interest rate risk |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap | 13 | 70 | 109 | 30
IPCA swap | - | 57 | - | 41
Dollar swap and forward transactions | 230 | 100 | 650 | -
SOFR swap | 16 | - | 4 | 28
Treasury forwards | 1 | 7 | - | -
| 260 | 234 | 763 | 99
Commodities price risk |  |  |  |
Gasoil, Brent and freight | 16 | - | 52 | 22
Energy Transition Metals | 1 | 5 | - | 8
| 17 | 5 | 52 | 30
Other | - | 1 | - | 2
Total | 277 | 240 | 815 | 131

b) Net exposure

Schedule of net exposure |  |
| June 30, 2024 | December 31, 2023
Foreign exchange and interest rate risk |  |
CDI & TJLP vs. US$ fixed and floating rate swap | (57) | 79
IPCA swap | (57) | (41)
Dollar swap and forward transactions | 130 | 650
SOFR swap | 16 | (24)
Treasury forwards | (6) | -
| 26 | 664
Commodities price risk |  |
Gasoil, Brent and freight | 16 | 30
Energy Transition Metals | (4) | (8)
| 12 | 22
Other | (1) | (2)
Total | 37 | 684

c) Effects of derivatives on the income statement

Schedule of effects of derivatives on income statement and cash flow |  |  |  |
| Gain (loss) recognized in the income statement
| Three-month period ended June 30, | Six-month period ended June 30,
| 2024 | 2023 | 2024 | 2023
Foreign exchange and interest rate risk |  |  |  |
CDI & TJLP vs. US$ fixed and floating rate swap | (117) | 134 | (130) | 178
IPCA swap | (23) | 23 | (28) | 30
Dollar swap and forward operations | (318) | 376 | (346) | 538
SOFR swap | 12 | 12 | 44 | 15
Treasury forwards | (9) | 13 | (9) | 13
| (455) | 558 | (469) | 774
Commodities price risk |  |  |  |
Gasoil, Brent and freight | (19) | 4 | (2) | (20)
Energy Transition Metals | 1 | - | 1 | (1)
| (18) | 4 | (1) | (21)
Other | 2 | 1 | 1 | 2
Total | (471) | 563 | (469) | 755

28

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

d) Effects of derivatives on the cash flows

Schedule of effects of derivatives on cash flows |
| Financial settlement inflows (outflows)
| Six-month period ended June 30,
| 2024 | 2023
Foreign exchange and interest rate risk |  |
CDI & TJLP vs. US$ fixed and floating rate swap | 1 | (8)
IPCA swap | (4) | 3
Dollar swap and forward operations | 117 | 118
LIBOR swap | - | 4
SOFR swap | 4 | -
Treasury forwards | (3) | 13
| 115 | 130
Commodities price risk |  |
Gasoil, Brent and freight | 12 | 3
Energy Transition Metals | (3) | 5
| 9 | 8
Derivatives designated as cash flow hedge accounting |  |
Nickel | - | 34
| - | 34
Total | 124 | 172

e) Market risk - Foreign exchange and interest rates

Protection programs for the R$ denominated debt instruments and other liabilities

Schedule of protection program |  |  |  |  |  |  |
| Notional |  |  | Fair value | Financial Settlement Inflows (Outflows) | Value at Risk | Fair value by year
Flow | June 30, 2024 | December 31, 2023 | Index | Average rate | June 30, 2024 | December 31, 2023 | June 30, 2024 | June 30, 2024 | 2024 | 2025 | 2026+
CDI vs. US$ fixed rate swap |  |  |  |  | (16) | 107 | 3 | 14 | (2) | (2) | (12)
Receivable | R$ 4,581 | R$ 5,162 | CDI | 100.00% |  |  |  |  |  |  |
Payable | US$ 1,061 | US$ 1,196 | Fix | 1.70% |  |  |  |  |  |  |
TJLP vs. US$ fixed rate swap |  |  |  |  | (41) | (28) | (2) | 2 | (4) | (9) | (28)
Receivable | R$ 599 | R$ 694 | TJLP + | 1.07% |  |  |  |  |  |  |
Payable | US$ 149 | US$ 173 | Fix | 3.47% |  |  |  |  |  |  |
|  |  |  |  | (57) | 79 | 1 | 16 | (6) | (11) | (40)
IPCA swap vs. US$ fixed rate swap |  |  |  |  | (57) | (41) | (4) | 3 | (4) | (10) | (43)
Receivable | R$ 924 | R$ 1,078 | IPCA + | 4.54% |  |  |  |  |  |  |
Payable | US$ 228 | US$ 267 | Fix | 3.86% |  |  |  |  |  |  |
|  |  |  |  | (57) | (41) | (4) | 3 | (4) | (10) | (43)
R$ fixed rate vs. US$ fixed rate swap |  |  |  |  | 187 | 600 | 97 | 35 | 62 | 124 | 1
Receivable | R$ 14,004 | R$ 12,660 | Fix | 6.75% |  |  |  |  |  |  |
Payable | US$ 2,705 | US$ 2,431 | Fix | 0.97% |  |  |  |  |  |  |
Forward | R$ 8,335 | R$ 1,209 | B | 5.27 | (57) | 50 | 20 | 20 | (62) | 4 | 1
|  |  |  |  | 130 | 650 | 117 | 55 | - | 128 | 2

29

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

The sensitivity analysis of these derivative financial instruments is presented as follows:

Schedule of sensitivity analysis of derivative financial instruments |  |  |  |
Instrument | Instrument's main risk events | Fair value | Scenario I (∆ of 25%) | Scenario II (∆ of 50%)
CDI vs. US$ fixed rate swap | R$ depreciation | (16) | (277) | (538)
| US$ interest rate inside Brazil decrease | (16) | (47) | (81)
| Brazilian interest rate increase | (16) | (41) | (65)
Protected item: R$ denominated liabilities | R$ depreciation | n.a. | - | -
TJLP vs. US$ fixed rate swap | R$ depreciation | (41) | (76) | (112)
| US$ interest rate inside Brazil decrease | (41) | (45) | (50)
| Brazilian interest rate increase | (41) | (46) | (51)
| TJLP interest rate decrease | (41) | (44) | (48)
Protected item: R$ denominated debt | R$ depreciation | n.a. | - | -
IPCA swap vs. US$ fixed rate swap | R$ depreciation | (57) | (112) | (167)
| US$ interest rate inside Brazil decrease | (57) | (63) | (70)
| Brazilian interest rate increase | (57) | (65) | (74)
| IPCA index decrease | (57) | (61) | (65)
Protected item: R$ denominated debt | R$ depreciation | n.a. | - | -
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | 187 | (459) | (1,104)
| US$ interest rate inside Brazil decrease | 187 | 158 | 127
| Brazilian interest rate increase | 187 | 136 | 88
Protected item: R$ denominated debt | R$ depreciation | n.a. | - | -
Forward | R$ depreciation | (57) | (436) | (814)
| US$ interest rate inside Brazil decrease | (57) | (57) | (57)
| Brazilian interest rate increase | (57) | (57) | (57)
Protected item: R$ denominated liabilities | R$ depreciation | n.a. | - | -

Protection program for interest rate US$ denominated debt

Schedule of protection program for interest |  |  |  |  |  |  |
| Notional |  |  | Fair value | Financial Settlement Inflows (Outflows) | Value at Risk | Fair value by year
Flow | June 30, 2024 | December 31, 2023 | Index | Average rate | June 30, 2024 | December 31, 2023 | June 30, 2024 | June 30, 2024 | 2024 | 2025 | 2026+
SOFR vs. US$ fixed rate swap |  |  |  |  | 16 | (24) | 4 | 5 | - | 12 | 4
Receivable | US$ 2,150 | US$ 2,300 | SOFR | 0.00% |  |  |  |  |  |  |
Payable | US$ 2,150 | US$ 2,300 | Fix | 3.77% |  |  |  |  |  |  |
|  |  |  |  | 16 | (24) | 4 | 5 | - | 12 | 4

The sensitivity analysis of these derivative financial instruments is presented as follows:

Schedule of sensitivity analysis |  |  |  |  |  |
Instrument |  | Instrument's main risk events |  | Fair value | Scenario I (∆ of 25%) | Scenario II (∆ of 50%)
SOFR vs. US$ fixed rate swap |  | US$ SOFR decrease |  | 16 | (36) | (91)
Protected item: SOFR US$ indexed debt |  | US$ SOFR decrease |  | n.a | 36 | 91

30

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

Protection for American treasury volatility related to bond issuance and tender offer transactions

Due to the volatility of the United States Treasury (“UST”), a treasury lock transaction was implemented to preserve the issuance of new bond occurred in June 2024 and the tender offer occurred in July 2024 (subsequent event).

Schedule of protection American treasury volatility |  |  |  |  |  |  |
| Notional |  |  | Fair value | Financial Settlement Inflows (Outflows) | Value at Risk | Fair value by year
Flow | June 30, 2024 | December 31, 2023 | Bought / Sold | Average rate | June 30, 2024 | December 31, 2023 | June 30, 2024 | June 30, 2024 | 2024
Treasury forwards | US$ 1,130 | - | S | 4.44% | (6) | - | - | 3 | (6)
Treasury forwards | - | - | B | - | - | - | (3) | - | -

The sensitivity analysis of these derivative financial instruments is presented as follows:

Schedule of derivative financial instruments |  |  |  |
Instrument | Instrument's main risk events | Fair value | Scenario I (∆ of 25%) | Scenario II (∆ of 50%)
NDF Tresury | Treasury increase | (6) | (46) | (81)
Protected item: Treasury US$ indexed bonds | Treasury increase | N/A | 46 | 81

f) Protection program for product prices and input costs

Schedule of protection program for product price |  |  |  |  |  |  |
| Notional |  |  | Fair value | Financial settlement Inflows (Outflows) | Value at Risk | Fair value by year
Flow | June 30, 2024 | December 31, 2023 | Bought / Sold | Average strike (US$) | June 30, 2024 | December 31, 2023 | June 30, 2024 | June 30, 2024 | 2024
Brent crude oil (bbl) |  |  |  |  |  |  |  |  |
Call options | 12,763,500 | 19,907,250 | B | 91 | 12 | 45 | 1 | 7 | 12
Put options | 12,763,500 | 19,907,250 | S | 59 | - | (22) | - | - | -
Forward Freight Agreement (days) |  |  |  |  |  |  |  |  |
Freight forwards | 330 | 1,210 | B | 15,636 | 4 | 7 | 11 | 1 | 4
|  |  |  |  | 16 | 30 | 12 | 8 | 16

The sensitivity analysis of these derivative financial instruments is presented as follows:

Schedule of sensitivity analysis financial instruments |  |  |  |
Instrument | Instrument's main risk events | Fair value | Scenario I (∆ of 25%) | Scenario II (∆ of 50%)
Brent crude oil (bbl) |  |  |  |
Options | Price input decrease | 12 | (14) | (214)
Protected item: Part of costs linked to fuel oil prices | Price input decrease | n.a. | 14 | 214
Forward Freight Agreement (days) |  |  |  |
Forwards | Freight price decrease | 4 | 2 | (1)
Protected item: Part of costs linked to maritime freight prices | Freight price decrease | n.a. | (2) | 1

31

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

g) Other derivatives, including embedded derivatives in contracts

Schedule of other derivatives |  |  |  |  |  |  |
| Notional |  |  | Fair value | Financial settlement Inflows (Outflows) | Value at Risk | Fair value by year
Flow | June 30, 2024 | December 31, 2023 | Bought / Sold | Average strike (US$/ton) | June 30, 2024 | December 31, 2023 | June 30, 2024 | June 30, 2024 | 2024 | 2025+
Fixed price nickel sales protection (ton) |  |  |  |  |  |  |  |  |  |
Nickel forwards | 3,402 | 3,322 | B | 18,579 | (4) | (8) | (3) | 2 | (3) | (1)
|  |  |  |  | (4) | (8) | (3) | 2 | (3) | (1)
Embedded derivative (pellet price) in natural gas purchase (volume/month) |  |  |  |  |  |  |  |  |  |
Call options | 746,667 | 746,667 | S | 233 | (1) | (2) | - | 1 | (1) | -
|  |  |  |  | (1) | (2) | - | 1 | (1) | -

The sensitivity analysis of these derivative financial instruments is presented as follows:

Schedule of Sensitivity analysis of other derivatives financial instruments |  |  |  |
Instrument | Instrument's main risk events | Fair value | Scenario I (∆ of 25%) | Scenario II (∆ of 50%)
Fixed price sales protection (ton) |  |  |  |
Forwards | Nickel price decrease | (4) | (19) | (33)
Protected item: Part of nickel revenues with fixed prices | Nickel price decrease | n.a. | 19 | 33
Embedded derivative (pellet price) in natural gas purchase agreement (volume/month) |  |  |  |
Embedded derivatives - Gas purchase | Pellet price increase | (1) | (4) | (10)

h) Hedge accounting

Schedule of effects of derivatives on other comprehensive income |
| Gain (loss) recognized in the other comprehensive income
| Three-month period ended June 30, | Six-month period ended June 30,
| 2024 | 2023 | 2024 | 2023
Net investments hedge | (202) | 95 | (258) | 144
Cash flow hedge (i) | - | (4) | - | 15

(i) In 2023, the Company had a nickel revenue hedge program contracted, which expired on December 31, 2023. In 2024, there was no revenue hedge programs in place.

32

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

i) Financial counterparties’ ratings

The transactions of derivative instruments, cash and cash equivalents, as well as short-term investments are held with financial institutions whose exposure limits are periodically reviewed and approved by the delegated authority. The financial institutions credit risk is performed through a methodology that considers, among other information, ratings provided by international rating agencies.

The table below presents the ratings in foreign currency as published by Moody’s regarding the main financial institutions used by the Company to contract financial instruments, including derivative financial instruments.

Summary of ratings published by Moody's regarding the main financial institutions |  |
| June 30, 2024 | December 31, 2023
| Cash and cash equivalents and investment | Derivatives | Cash and cash equivalents and investment | Derivatives
Aa2 | 706 | 1 | 338 | -
Aa3 | - | 1 | 42 | -
A1 | 2,587 | 26 | 2,022 | 50
A2 | 608 | 104 | 309 | 293
A3 | 1,146 | 3 | 186 | 22
Baa1 | - | - | 2 | -
Baa2 | 20 | - | 16 | -
Ba1 (i) | 100 | - | 85 | -
Ba2 (i) | 782 | 99 | 287 | 314
Ba3 (i) | 591 | 43 | 373 | 136
| 6,540 | 277 | 3,660 | 815

(i) A substantial part of the balances is held with financial institutions in Brazil which are deemed investment grade in local currency.

33

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

19. Financial assets and liabilities

a) Classification

The Company classifies its financial instruments in accordance with the purpose for which they were acquired, and determines the classification and initial recognition according to the following categories:

Schedule of financial instruments classification based on its recognition |  |  |
|  | June 30, 2024 | December 31, 2023
Financial assets | Notes | Amortized cost | At fair value through OCI | At fair value through profit or loss | Total | Amortized cost | At fair value through OCI | At fair value through profit or loss | Total
Current |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 21 | 6,479 | - | - | 6,479 | 3,609 | - | - | 3,609
Short-term investments | 21 | - | - | 61 | 61 | - | - | 51 | 51
Derivative financial instruments | 18 | - | - | 168 | 168 | - | - | 271 | 271
Accounts receivable | 10 | 409 | - | 1,923 | 2,332 | 362 | - | 3,835 | 4,197
Judicial deposits | 26(c) | - | - | - | - | 611 | - | - | 611
|  | 6,888 | - | 2,152 | 9,040 | 4,582 | - | 4,157 | 8,739
Non-current |  |  |  |  |  |  |  |  |
Judicial deposits | 26(c) | 585 | - | - | 585 | 798 | - | - | 798
Restricted cash | 13 | 4 | - | - | 4 | 4 | - | - | 4
Derivative financial instruments | 18 | - | - | 109 | 109 | - | - | 544 | 544
Investments in equity securities | 13 | - | 47 | - | 47 | - | 45 | - | 45
|  | 589 | 47 | 109 | 745 | 802 | 45 | 544 | 1,391
Total of financial assets |  | 7,477 | 47 | 2,261 | 9,785 | 5,384 | 45 | 4,701 | 10,130
Financial liabilities |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |
Suppliers and contractors | 12 | 4,769 | - | - | 4,769 | 5,272 | - | - | 5,272
Derivative financial instruments | 18 | - | - | 135 | 135 | - | - | 36 | 36
Loans and borrowings | 21 | 910 | - | - | 910 | 824 | - | - | 824
Leases | 22 | 177 | - | - | 177 | 197 | - | - | 197
Liabilities related to the concession grant | 13(a) | 745 | - | - | 745 | 591 | - | - | 591
Other financial liabilities - Related parties | 29 | 144 | - | - | 144 | 290 | - | - | 290
Advances and other financial obligations | 13 | 508 | - | - | 508 | 759 | - | - | 759
|  | 7,253 | - | 135 | 7,388 | 7,933 | - | 36 | 7,969
Non-current |  |  |  |  |  |  |  |  |
Derivative financial instruments | 18 | - | - | 105 | 105 | - | - | 95 | 95
Loans and borrowings | 21 | 12,860 | - | - | 12,860 | 11,647 | - | - | 11,647
Leases | 22 | 1,183 | - | - | 1,183 | 1,255 | - | - | 1,255
Participative shareholders' debentures | 20 | - | - | 2,451 | 2,451 | - | - | 2,874 | 2,874
Liabilities related to the concession grant | 13(a) | 2,979 | - | - | 2,979 | 3,278 | - | - | 3,278
|  | 17,022 | - | 2,556 | 19,578 | 16,180 | - | 2,969 | 19,149
Total of financial liabilities |  | 24,275 | - | 2,691 | 26,966 | 24,113 | - | 3,005 | 27,118

b) Hierarchy of fair value

Schedule of assets and liabilities measured and recognized at fair value |  |  |
|  | June 30, 2024 | December 31, 2023
| Notes | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total
Financial assets |  |  |  |  |  |  |  |  |
Short-term investments | 21 | 61 | - | - | 61 | 51 | - | - | 51
Derivative financial instruments | 18 | - | 277 | - | 277 | - | 815 | - | 815
Accounts receivable | 10 | - | 1,923 | - | 1,923 | - | 3,835 | - | 3,835
Investments in equity securities | 13 | - | 47 | - | 47 | - | 45 | - | 45
|  | 61 | 2,247 | - | 2,308 | 51 | 4,695 | - | 4,746
Financial liabilities |  |  |  |  |  |  |  |  |
Derivative financial instruments | 18 | - | 240 | - | 240 | - | 131 | - | 131
Participative shareholders' debentures | 20 | - | 2,451 | - | 2,451 | - | 2,874 | - | 2,874
|  | - | 2,691 | - | 2,691 | - | 3,005 | - | 3,005

There were no transfers between levels 1, 2 and 3 of the fair value hierarchy during the period presented.

34

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

c) Fair value of loans and borrowings

Schedule of fair value and carrying amounts of loans and financing |  |
| June 30, 2024 | December 31, 2023
| Carrying amount | Fair value | Carrying amount | Fair value
Quoted in the secondary market: |  |  |  |
Bonds | 8,253 | 8,227 | 7,253 | 7,404
Debentures | 117 | 117 | 221 | 213
Debt contracts in Brazil in: |  |  |  |
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI | 196 | 196 | 250 | 250
Basket of currencies and bonds in US$ indexed to SOFR | 153 | 163 | 153 | 168
Debt contracts in the international market in: |  |  |  |
US$, with variable and fixed interest | 4,976 | 5,296 | 4,504 | 4,950
Other currencies, with variable interest | 9 | 8 | 9 | 9
Other currencies, with fixed interest | 66 | 69 | 81 | 85
Total | 13,770 | 14,076 | 12,471 | 13,079

20. Participative shareholders’ debentures

Schedule of participative shareholders debentures |  |  |
| Financial result |  |
| Average price (R$) | Three-month period ended June 30, | Six-month period ended June 30, | Liabilities
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | June 30, 2024 | December 31, 2023
Participative shareholders’ debentures | 35.06 | 31.35 | (241) | 321 | (77) | 274 | 2,451 | 2,874

On April 1st, 2024, the Company made available for withdrawal as remuneration the amount of US$149 for the second semester of 2023 (2023: US$127 for the second semester of 2022).

35

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

21. Loans, borrowings, cash and cash equivalents and short-term investments

a) Net debt

The Company monitors the net debt with the objective of ensuring the continuity of its business in the long term.

Schedule of net debt |  |  |
| Note | June 30, 2024 | December 31, 2023
Loans and borrowings |  | 13,770 | 12,471
Leases | 22(b) | 1,360 | 1,452
Gross debt |  | 15,130 | 13,923
(-) Cash and cash equivalents |  | 6,479 | 3,609
(-) Short-term investments (i) |  | 61 | 51
(-) Cash and cash equivalents of PTVI | 15(a) | - | 703
Net debt |  | 8,590 | 9,560

(i) Substantially comprises investments in an exclusive investment fund, which portfolio is made by committed transactions and Selic Treasury Notes (“LFTs”), which are floating-rate securities issued by the Brazilian government.

b) Cash and cash equivalents

Schedule of cash and cash equivalents |  |
| June 30, 2024 | December 31, 2023
R$ | 1,625 | 953
US$ | 4,620 | 2,516
Other currencies | 234 | 140
Total | 6,479 | 3,609

| c) | Loans and borrowings

| i) | Outstanding balance of loans and borrowings by type and currency

Schedule of outstanding balance of loans and borrowings by type and currency |  |  |
|  | Current liabilities | Non-current liabilities
| Average interest rate (i) | June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023
Quoted in the secondary market: |  |  |  |  |
US$ Bonds (ii) | 6.08% | - | - | 8,157 | 7,157
R$ Debentures | 8.74% | 33 | 96 | 82 | 119
Debt contracts in Brazil in (iii): |  |  |  |  |
R$, indexed to TJLP, TR, IPCA, IGP-M and CDI | 10.18% | 43 | 49 | 153 | 200
Basket of currencies and bonds in US$ indexed to SOFR | 6.89% | - | - | 150 | 150
Debt contracts in the international market in: |  |  |  |  |
US$, with variable and fixed interest | 6.04% | 645 | 500 | 4,255 | 3,945
Other currencies, with variable interest | 4.23% | - | - | 9 | 9
Other currencies, with fixed interest | 4.11% | 12 | 12 | 54 | 67
Accrued charges |  | 177 | 167 | - | -
|  | 910 | 824 | 12,860 | 11,647

(i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable as of June 30, 2024.

(ii) In June 2024, the Company issued bonds of US$1 billion with a coupon of 6.45% per year, payable semi-annually, and maturing in 2054.

(iii) The Company entered into derivatives to mitigate the exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 3.22% per year in US$.

The reconciliation of loans and financing with cash flows arising from financing activities is presented in note 9(C).

36

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

| ii) | Future flows of principal and interest of loans and borrowings payments

Schedule of reconciliation of debt to cash flows arising from financing activities |  |
| Principal | Estimated future interest payments (i)
2024 | 176 | 423
2025 | 892 | 865
2026 | 560 | 811
2027 | 1,689 | 714
Between 2028 and 2030 | 3,326 | 1,805
2031 onwards | 6,950 | 3,744
Total | 13,593 | 8,362

(i) Based on interest rate curves and foreign exchange rates applicable as of June 30, 2024 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the annual financial statements.

Covenants

Some of the Company’s loans and borrowings agreements with lenders contain financial covenants. The primary financial covenants in those agreements require maintaining certain ratios, such as leverage ratio and interest coverage. The Company did not identify any instances of noncompliance as of June 30, 2024.

22. Leases

a) Right of use

Schedule of right of use |  |  |  |  |
| December 31, 2023 | Additions and contract modifications | Depreciation | Translation adjustment | June 30, 2024
Ports | 628 | - | (27) | (7) | 594
Vessels | 415 | - | (23) | - | 392
Pelletizing plants | 193 | - | (26) | (22) | 145
Properties | 80 | (1) | (12) | (6) | 61
Energy plants | 34 | - | (3) | (1) | 30
Mining equipment | 9 | (3) | (2) | (1) | 3
Total | 1,359 | (4) | (93) | (37) | 1,225

b) Leases liabilities

Schedule of lease liabilities |  |  |  |  |  |
| December 31, 2023 | Additions and contract modifications | Payments (i) | Interest | Translation adjustment | June 30, 2024
Ports | 682 | - | (34) | 12 | (2) | 658
Vessels | 397 | - | (34) | 8 | - | 371
Pelletizing plants | 207 | - | (5) | 4 | (25) | 181
Properties | 102 | (1) | (9) | 2 | (1) | 93
Energy plants | 49 | - | (2) | 1 | (1) | 47
Mining equipment | 15 | (3) | (1) | 1 | (2) | 10
Total | 1,452 | (4) | (85) | 28 | (31) | 1,360
Current liabilities | 197 |  |  |  |  | 177
Non-current liabilities | 1,255 |  |  |  |  | 1,183
Total | 1,452 |  |  |  |  | 1,360

(i) The total amount of the variable lease payments not included in the measurement of lease liabilities was US$117 recorded in the income statement in the six-month period ended June 30, 2024 (2023: US$74).

37

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

Annual minimum payments and remaining lease term

The following table presents the undiscounted lease obligation by maturity date. The lease liability recognized in the statement of financial position is measured at the present value of such obligations.

Schedule of summary of annual minimum payments related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 onwards |  | Total |  | Remaining term (years) |  | Discount rate
Ports |  | 33 |  | 66 |  | 54 |  | 43 |  | 694 |  | 890 |  | 2 to 19 |  | 4% to 5%
Vessels |  | 30 |  | 59 |  | 54 |  | 53 |  | 239 |  | 435 |  | 1 to 9 |  | 3% to 4%
Pelletizing plants |  | 50 |  | 44 |  | 15 |  | 15 |  | 85 |  | 209 |  | 1 to 9 |  | 2% to 6%
Properties |  | 15 |  | 17 |  | 15 |  | 13 |  | 36 |  | 96 |  | 1 to 10 |  | 2% to 7%
Energy plants |  | 4 |  | 9 |  | 6 |  | 5 |  | 39 |  | 63 |  | 2 to 6 |  | 5% to 6%
Mining equipment |  | 4 |  | 5 |  | 4 |  | 1 |  | - |  | 14 |  | 1 to 4 |  | 3% to 6%
Total |  | 136 |  | 200 |  | 148 |  | 130 |  | 1,093 |  | 1,707 |  |  |  |

23. Brumadinho dam failure

In January 2019, a tailings dam (“Dam I”) experienced a failure at the Córrego do Feijão mine, in the city of Brumadinho, state of Minas Gerais, Brazil. The failure released a flow of tailings debris, destroying some of Vale’s facilities, affecting local communities and disturbing the environment. The tailings released have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam failure in Brumadinho (“event”) resulted in 270 fatalities or presumed fatalities and caused extensive property and environmental damage in the region.

As a result of the dam failure, the Company recognized provisions to meet its assumed obligations, including indemnification to those affected by the event, remediation of the impacted areas and compensation to the society. Changes in the provisions are shown below:

Schedule of changes in provisions to meet its assumed obligations, including de-characterization of the dams |  |  |  |  |  |
| December 31, 2023 | Revision to estimates | Monetary and present value adjustments | Disbursements | Translation adjustment | June 30, 2024
Integral Reparation Agreement |  |  |  |  |  |
Payment obligations | 562 | (8) | 28 | (100) | (66) | 416
Provision for socio-economic reparation and others | 592 | (11) | 37 | (92) | (70) | 456
Provision for social and environmental reparation | 843 | (32) | 26 | (55) | (103) | 679
| 1,997 | (51) | 91 | (247) | (239) | 1,551
Other obligations |  |  |  |  |  |
Tailings containment, geotechnical safety and environmental reparation | 684 | (12) | 28 | (69) | (84) | 547
Individual indemnification | 83 | - | 6 | (44) | (7) | 38
Other | 296 | 43 | 18 | (40) | (41) | 276
| 1,063 | 31 | 52 | (153) | (132) | 861
Liability | 3,060 | (20) | 143 | (400) | (371) | 2,412

The cash flow for obligations are estimated for an average period ranging from 5 to 7 years and were discounted to the present value at an annual rate in real terms, which increased from 5.31% on December 31, 2023, to 6.50% on June 30, 2024.

In addition, the Company has incurred expenses, which have been recognized straight to the income statement as “Other operating revenues (expenses), net” (note 5c), in relation to tailings management, communication, humanitarian assistance, payroll, legal services, water supply, among others. The Company incurred expenses in the amount of US$89 and US$199 for the three and six-month period ended June 30, 2024, respectively (2023: US$131 and US$242, respectively).

38

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

Judicial Settlement for Integral Reparation

The Settlement for Integral Reparation includes: (i) payment obligations, of which the funds will be used directly by the State of Minas Gerais and Institutions of Justice for socio-economic and socio-environmental compensation projects; (ii) socioeconomic projects in Brumadinho and other municipalities; and (iii) compensation of the environmental damage caused by the dam failure. These obligations are projected for an average period of 6 years.

For the obligations of (i) and (ii), the agreement specifies an amount for each project and changes in the original budget and deadlines may have an impact in the provision. In addition, the execution of the environmental recovery actions has no cap limit despite having been estimated in the Settlement for Integral Reparation due to the Company's legal obligation to fully repair the environmental damage caused by the dam failure. The expenses related to these obligations are deducted from the income tax calculation, in accordance with the Brazilian tax regulation, which is subject to periodic inspection by the competent authorities. Therefore, although Vale is monitoring this provision, the amount recorded could materially change depending on several factors that are not under the Company’s control.

Other obligations

The Company is also working to ensure geotechnical safety of the remaining structures at the Córrego do Feijão mine, in Brumadinho, and the removal and proper disposal of the tailings of Dam I, including dredging part of the released material and de-sanding from the channel of the river Paraopeba.

For the individual indemnification, Vale and the Public Defendants of the State of Minas Gerais formalized an agreement on April 5, 2019, under which those affected by the Brumadinho’s dam failure may join an individual or family group out-of Court settlement agreements for the indemnification of material, economic and moral damages. This agreement establishes the basis for a wide range of indemnification payments, which were defined according to the best practices and case law of Brazilian Courts, following rules and principles of the United Nations.

a) Contingent liabilities

Public civil actions brought by the State of Minas Gerais and state public prosecutors for damages resulting from the failure of Dam I

The Company is party to public civil actions brought by the State of Minas Gerais and justice institutions, claiming compensation for socioeconomic and socio-environmental damages resulting from the dam failure and seeking a broad range of decisions ordering Vale to execute specific remediation and reparation actions. As a result of the Judicial Settlement for Integral Reparation, settled in February 2021, the requests for the reparation of socio-environmental and socioeconomic damages caused by the dam failure were substantially resolved. The individual damages were excluded from the Judicial Settlement for Integral Reparation, and the Term of Commitment signed with the Public Defendants of the State of Minas Gerais was ratified, whose parameters are utilized as a basis for the settlement of individual agreements. The phase of sentence liquidation was instituted in the aforementioned public civil actions for the quantification of the alleged remaining individual damages, with Vale having filed an instrument appeal against this decision, still pending judgment. The likelihood of a financial loss to the Company is classified as possible and it is not yet possible to reliably estimate the amount of a potential loss to Vale.

Public civil action and investigation under the Brazilian Anticorruption Law

In October 2020, the Brazilian Office of the Comptroller General (“CGU”) notified the Company about an administrative proceeding prosecution based on the same allegations mentioned above under the Brazilian Law 12,846/2013 in connection with inspection and monitoring activities related to the Brumadinho dam. In August 2022, the CGU understood that Vale has failed to present reliable information to the Brazilian National Mining Agency (“ANM”), as once a positive stability condition statement (“DCE”) was issued for the Dam I, where it should be negative in the view of the CGU. Thus, even recognizing the non-existence of corruption acts or practices, the CGU fined Vale US$15 (R$86 million), which is the minimum amount established by law, i.e., the CGU recognizes the non-involvement or tolerance of the Company’s top management.

In September 2023, CGU denied the request for reconsideration filed by the Company and, therefore, Vale paid the fine of US$15 (R$86 million) in 2023. Vale disagrees with the decision and is adopting the appropriate legal measures.

39

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

Class action in the United States

Vale is defending itself against a class action brought before a Federal Court in New York and filed by holders of securities - American Depositary Receipts ("ADRs") - issued by Vale. In May 2020, the Court issued a decision that denied the Motion to Dismiss presented by the Company. The Discovery phase was concluded in November 2023. Upon the filing of a pre-motion letter for the Motion for Summary Judgment presented in January 2024 by the parties, the Court should decide whether the Parties may file their motion for summary judgment.

On November 24, 2021, a new complaint was filed before the same Court by eight Plaintiffs, all investment funds, as an “opt-out” litigation from the class action already pending in the Eastern District of New York court, asserting virtually the same allegations in the main class action. A decision from the Court is pending on the Motion to Dismiss presented by the Company.

The likelihood of loss of these proceedings is considered possible. However, considering the current phase of these lawsuits, it is not yet possible to reliably estimate the amount of a potential loss. The amount of damages sought in these claims is unspecified.

Criminal proceedings and investigations

In January 2020, the State Prosecutors of Minas Gerais (“MPMG”) filed criminal charges against 16 individuals (including former executive officers of Vale and former employees) for a number of potential crimes, including homicide, and against Vale S.A. for alleged environmental crimes.

In November 2021, the Brazilian Federal Police concluded the investigation on potential criminal responsibility related with the Brumadinho dam failure and the final report sent to the Federal Public Prosecutors (“MPF”).

In January 2023, after the Federal Supreme Court recognized the competence of the Federal Court to judge the cause, the MPF ratified the complaint authored by the MPMG, previously offered in 2020 to the Justice of Brumadinho, and the rectification was received by the Federal Court. Parallel to the criminal action, the MPF and the Brazilian Federal Police continue to conduct a separate investigation into the causes of the dam failure in Brumadinho, which may result in new criminal proceedings. Currently, the process is suspended, due to a judicial decision. It is not possible to estimate when a final decision will be issued by the Federal Court. The likelihood of a financial loss to the Company is classified as possible and it is not yet possible to reliably estimate the amount of a potential loss to Vale.

Public civil actions brought by labor unions

In 2021, public civil actions were filed with Labor Court of Betim in the State of Minas Gerais, by a workers' unions claiming the compensation for death damages to own and outsourced employees, who died as a result of the failure of Dam I. Initial decisions sentenced Vale to pay US$180 thousand (R$1 million) per fatality. In June 2023, the Superior Labor Court ruled on the lawsuit filed by workers’ union, sustaining the initial decision that condemned Vale. The Company is defending itself in the lawsuits and considers that the likelihood of loss is possible.

Securities and Exchange Commission (“SEC”) and investigations conducted by the CVM

On April 28, 2022, the SEC filed a lawsuit against Vale in the U.S. District Court for the Eastern District of New York, alleging that certain Vale’s disclosures related to dam safety management prior to the dam failure in Brumadinho violated U.S. securities laws. On March 28, 2023, Vale reached a settlement with the SEC to fully resolve this litigation. Under the agreement, without admitting or denying the settled claims, Vale paid US$56 during the year ended December 31, 2023. The settlement resolves the litigation without judgment on the claims based upon intentional or reckless fraud. In April 2023, the settlement was approved and granted by the Court.

CVM is also conducting investigations relating to Vale's disclosure of relevant information to shareholders, investors and the market in general, especially regarding the conditions and management of Vale's dams. The likelihood of loss of this proceeding is classified as possible and it is not yet possible to reliably estimate the amount of a potential loss to the Company.

40

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

Arbitration proceedings in Brazil filed by shareholders, a class association and foreign investment funds

In Brazil, Vale is named as a defendant in (i) one arbitration filed by 385 minority shareholders, (ii) two arbitrations filed by a class association allegedly representing all Vale’s noncontrolling shareholders, and (iii) three arbitrations filed by foreign investment funds.

In the six proceedings, the claimants argue that Vale was aware of the risks associated with the dam and failed to disclose it to its shareholders. Based on such argument, they claim compensation for losses caused by the decrease in share price.

The expectation of loss is classified as possible for the six procedures and, considering the initial phase, it is not possible at this time to reliably estimate the amount of a possible loss.

In one of the proceedings filed by foreign funds, the Claimants initially estimated the amount of the alleged losses would be approximately US$324 (R$1,800 million). In another proceeding filed by foreign funds, the Claimants initially estimated the amount of the alleged losses would be approximately US$702 (R$3,900 million). In the procedure presented by minority shareholders, the applicants estimated the alleged losses at approximately US$540 (R$3,000 million), which could be increased later, as alleged by the applicants.

The Company disagrees with the ongoing proceedings and understands that, in this case and at the current stage of the proceedings, the probability of loss in the amount claimed by the foreign funds is remote.

Other proceedings

Vale is defendant in a number of investigations and proceedings brought by individuals, business entities, investors, associations, unions, legislative bodies, non-governmental organizations and other entities seeking remediation and compensation for environmental, property and personal damages resulting from the Brumadinho dam failure, including alleged violations of securities laws. The potential loss was US$109 as of June 30, 2024 (December 31, 2023: US$94) and the likelihood of a potential loss to the Company is classified as possible.

d) Insurance

The Company is negotiating with insurance companies the payment of indemnification under its civil liability and Directors and Officers Liability Insurance. In six-month period ended June 30, 2024, the Company received US$8 (2023: US$11) from insurers which was recorded in income statement as “Other operating revenues (expenses), net” (note 5c).

24. Liabilities related to associates and joint ventures

In November 2015, the Fundão tailings dam owned by Samarco Mineração S.A. (“Samarco”) experienced a failure, flooding certain communities and impacting communities and the environment along the Doce River. The dam failure resulted in 19 fatalities and caused property and environmental damage to the affected areas. Samarco is a joint venture equally owned by Vale S.A. and BHP Billiton Brasil Ltda. (‘‘BHPB’’).

In 2016, Vale, Samarco and BHPB, entered into a Framework Agreement with the Federal Government of Brazil, the states of Espírito Santo and Minas Gerais and certain other public authorities to establish the Renova Foundation that is developing and executing environmental and socio-economic programs to remediate and provide compensation for damage caused by the Samarco dam failure.

In June 2018, Samarco, Vale and BHPB entered into a comprehensive agreement with the offices of the federal and state (Minas Gerais and Espírito Santo) prosecutors, public defenders and attorney general, among other parties (“TacGov Agreement”), improving the governance mechanism of Renova Foundation and establishing, among other things, a process for potential revisions to the remediation programs under the Framework Agreement.

These agreements aim to remediate and provide compensation for damage caused, of which Samarco has primary responsibility for funding the obligations, and Vale and BHPB have secondary funding obligations under the Framework Agreement in proportion to their 50 per cent shareholding in Samarco.

41

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

a) Provision related to the Samarco dam failure

The changes on the provision are presented below:

Schedule of changes in provision related to dam failure |
| Total
Balance as of December 31, 2023 | 4,427
Revision to estimates | (58)
Monetary and present value adjustments | 85
Disbursements | (191)
Translation adjustments | (556)
Balance as of June 30, 2024 | 3,707

The cash outflows to meet the obligations are discounted to present value at an annual rate in real terms, which increased from 5.22% on December 31, 2023, to 6.44% on June 30, 2024.

b) Contingent liabilities

Public Civil Action filed by the Federal Government and others and public civil action filed by the Federal Public Ministry ("MPF")

Vale is a defendant in several legal proceedings brought by governmental authorities and civil associations claiming recover socioenvironmental and socioeconomic damages and a number of specific remediation measures as a result of the Samarco’s Fundão dam failure, including a claim brought by the Federal Public Prosecution Office in 2016 seeking several measures that amount to US$28 billion (R$155 billion), subject to interest and monetary adjustments, which the effect for Vale would be 50% of this amount.

This Public Civil Action was suspended as a result of the ratification of TacGov agreement. However, as pre-requisites established in the TacGov Agreement, for renegotiation of the Framework Agreement were not implemented during the established period, in 2020, the Brazilian Federal and State prosecutors and public defenders filed a request for the immediate resumption of this claim.

Therefore, Vale, Samarco, BHPB and Federal and State prosecutors have been engaging in negotiations to seek a definitive settlement of the obligations under the Framework Agreement and the US$28 billion (R$155 billion) Federal Public Prosecution Office claim.

The goal in signing a potential settlement agreement is to provide a stable framework for the execution of reparation and compensation measures related to the Samarco dam rupture, it also aims to settle all lawsuits brought by the public authorities involved.

Judicial decision requesting cash deposits and increase on the territories affected by the collapse

In March 2023, as part of a proceeding related to a potential increase on the number of territories recognized as affected by the collapse of Samarco’s Fundão dam and covered by the TTAC, a Federal Court issued a decision ordering Vale and BHP Brasil to make judicial deposits in the total amount of US$1.9 billion (R$10.3 billion), in ten installments, which the effect for Vale would be 50% of this amount. On April 28, 2023, the Federal Court granted the companies' request for a suspensive effect on the decision that determined this deposit.

In August 2023, the judge issued a judicial decision recognizing the existence of new territories impacted by the collapse of the Fundão dam. The Company is adopting the appropriate legal measures and believes its provisions are sufficient to comply with the TTAC obligations.

Judicial decision on collective moral damages

In January 2024, the 4th Federal Lower Civil Court of Belo Horizonte issued a judicial decision requiring the payment of collective moral damages in the amount of US$8.6 billion (R$47.6 billion) (the effect for Vale would be 50% of this amount), subject to monetary adjustments from the date of the decision and interests from November 2015.

In May 2024, the Court partially accepted Vale’s appeal, rectifying the value of the conviction to US$8.4 billion (R$46.7 billion) (the effect for Vale would be 50% of this amount), subject to monetary adjustments. Vale appealed for a review of the merits of the decision. In May 2024, a provisional sentence compliance was instituted by the Federal Union and the 4th Federal Court rejected the Union’s request. Subsequently, against the decision that rejected the provisional sentence compliance, the Union appealed, the judgment of which is pending.

42

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

The Company is defending itself and believes the likelihood of loss in relation of the merits of these proceedings is possible, however, the likelihood of loss in the alleged amount is assessed as remote.

Claims in the United Kingdom and the Netherlands

London Contribution claim - As a result of the rupture of Samarco’s Fundão dam failure, BHP Group Ltd (“BHP”) was named as defendant in group action claims for damages filed in the courts of England and Wales for various plaintiffs, between individuals, companies and municipalities from Brazil that were supposedly affected by the Samarco dam failure (the “UK Claim”).

In December 2022, BHP filed a “Contribution Claim” against Vale, requesting the Company to share the indemnification established in the UK Claim. Both the Contribution Claim and the UK Claim are still ongoing, and there has not been any decision on their merits.

The proceedings against BHP are still progressing in London and the first phase of the trial is expected to begin of the last quarter of 2024. It is not yet possible to reliably estimate the amount of a potential loss to Vale.

Netherlands proceeding - In March 2024, a court in Amsterdam granted a preliminary injunction freezing the shares in Vale Holdings B.V., a wholly owned subsidiary incorporated in the Netherlands, and the economic rights attached to those shares, in guarantee of an amount of approximately US$986 (EUR920 million). The freezing orders were issued in anticipation of a legal action to be brought against Vale by certain Brazilian municipalities and an organization that represents individuals and small businesses that claim to have been affected by the collapse of Samarco’s Fundão dam in 2015.

In addition, in May and June 2024, three rogatory letters were fulfilled in Brazil, sent by the Amsterdam court, so that Vale could be notified about the filing of the lawsuit and the seizure orders. In the records of these rogatory letters, Vale has already anticipated its understanding about the lack of jurisdiction of the Dutch Justice to analyze the claims of the initial petition.

The first court event for Vale in the Dutch court is expected to take place in the first quarter of 2025. The Company is adopting the appropriate legal measures and believes its provisions are sufficient to comply with its obligations.

Agreement on claims in the United Kingdom and the Netherlands - In July 2024 (subsequent event), Vale and BHP have entered into a confidential agreement without any admission of liability pursuant to Vale and BHP will share equally any potential payment obligations arising from the UK and Dutch Claims, described above. As part of the agreement, the contribution claim brought by BHP against Vale in connection with the UK Claims will be withdrawn.

Criminal proceedings

In September 2019, the court has dismissed part of the criminal charges but accepted charges of environmental crimes against Vale and one of its employees relating to an alleged omission in the provision of relevant information of environmental interest for public authorities. The Company cannot estimate when a final decision on the case will be issued. The likelihood of a financial loss to the Company is classified as possible and it is not yet possible to reliably estimate the amount of a potential loss to Vale.

Tax proceeding

In September 2018, the federal tax authorities filed a request before a federal court in Belo Horizonte for an order to Vale’s assets to secure the payment of Samarco’s federal tax and social security debts, in the amount of approximately US$2.0 billion (R$11 billion) (as of June 2018). In May 2019, a favorable decision was issued dismissing the claim without prejudice, due to lack of procedural interest. The General Attorney for the National Treasury (Procuradoria Geral da Fazenda Nacional - “PGFN”) filed an appeal to the local court, and a decision is pending. The likelihood of a financial loss to the Company is classified as possible and it is not yet possible to reliably estimate the amount of a potential loss to Vale.

43

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

Other proceedings

Vale is defendant in several private actions, before different state and federal courts in the states of Minas Gerais and Espírito Santo, brought by individuals and other entities seeking remediation and compensation for environmental, property and personal damages resulting from the Samarco dam failure. The potential loss was US$6 as of June 30, 2024 (2023: US$11) and the likelihood of a potential loss to the Company is classified as possible.

c) Judicial reorganization of Samarco

In April 2021, Samarco filed for Judicial Reorganization (“JR”) with the Courts of Minas Gerais to renegotiate its debt, which was held by bondholders abroad. The purpose of JR is to restructure Samarco’s debts and establish an independent and sustainable financial position, allowing Samarco to keep working to resume its operations safely and to fulfill its obligations related to the Renova Foundation.

In May 2023, Vale S.A. entered into a binding agreement jointly with BHPB, Samarco and certain creditors which hold together more than 50% of Samarco's debt, setting the parameters of Samarco’s debt restructuring to be implemented through a consensual restructuring plan, which was approved by the creditors, submitted to the JR Court in July 2023, and confirmed by the judge in September 2023.

In December 2023, Samarco’s existing US$4.8 billion of financial debt held by creditors was exchanged for approximately US$3.9 billion of long-term unsecured debt, bearing interest from 2023 to 2031.

After the execution of the plan, Samarco has a lean capital structure, in line with its operational ramp-up and cash flow generation. The plan considers the fund of the reparation and compensation programs capped at US$1 billion from 2024 to 2030 and additional contributions after that period due to the Samarco’s projected cash flows generation.

d) Tax consequences for Vale arising from the consensual restructuring plan of Samarco

The plan provides that additional cash demands from Renova Foundation will be made through capital contributions to Samarco. The contributions have been carried out directly by Vale and BHPB to the Renova Foundation on behalf of Samarco and, therefore, they were deemed tax deductible as incurred, according to the Brazilian tax regulation. Therefore, due to the change in the mechanism to fund Renova, Vale will no longer be allowed to deduct future payments from its income tax computation as they are not tax deductible in Brazil. Thus, the deferred income tax asset over the provision in the amount of US$1,078 was reversed in full, with the corresponding impact in the income statement for the six-month period ended June 30, 2023, recorded as “Income taxes” (note 7a).

25. Provision for de-characterization of dam structures and asset retirement obligations

The Company is subject to local laws and regulations, that requires the decommissioning of the assets that Vale operates at the end of their useful lives, therefore, expenses for demobilization occur predominantly after the end of operational activities. These obligations are regulated in Brazil by the ANM at the federal level and by environmental agencies at the state level. Among the requirements, the decommissioning plans must consider the physical, chemical and biological stability of the areas and post-closure actions for the period necessary to verify the effectiveness of the decommissioning. These obligations are accrued and are subject to critical estimates and assumptions applied to the measurement of costs by the Company. Depending on the geotechnical characteristics of the structures, the Company is required to de-characterize the structures, as shown in item a) below.

Laws and regulations related to dam safety

In December 2023, the government of Minas Gerais published decree No. 48,747, which regulates the measurement and execution of environmental guarantees individually for each dam, based on the reservoir area, classification and purpose of the dam, and estimated de-characterization costs and should be kept throughout the useful life of the dam, from its startup phase until the de-characterization and socio-environmental recovery. The guarantee may be a cash deposit, bank deposit certificate, bank guarantee or insurance.

44

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

In June 2024, the government of Minas Gerais published decree No. 48,848, which amended Decree No. 48.747 and included property mortgage and property fiduciary lien as new modalities for environmental guarantees. The guarantees shall be presented up to 3 years, with half of the amount in 2024 and the remaining amount split between 2025 and 2026.

The value of the guarantees is estimated at US$324 (R$1.8 billion), for which the Company intends to meet by providing property mortgage and property fiduciary lien, financial guarantees or insurance. Vale expects that the financial costs to be incurred will be immaterial.

a) De-characterization of upstream geotechnical structures

As a result of the Brumadinho dam failure (note 23) and, in compliance with laws and regulations, the Company has decided to speed up the plan to “de-characterize” of all its dams and dikes, located in Brazil. The Company also operates tailings dams in Canada, including upstream compacted dams. However, the Company decided that these dams will be decommissioned using other methods, thus, the provision to carry out the decommissioning of dams in Canada is recognized as “Obligations for decommissioning assets and environmental obligations”, as presented in item (b) below.

These structures are in different stages of maturity, some of them still in the conceptual engineering phase, for which the estimate of expenditures includes in its methodology a high degree of uncertainty in the definition of the total cost of the project in accordance with best market practices.

45

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

Changes in the provisions are as follows:

Schedule of changes in the provisions, de-characterization of dam structures located in Brazil |
| Total
Balance as of December 31, 2023 | 3,451
Revision to estimates | (131)
Disbursements | (251)
Monetary and present value adjustments | 91
Translation adjustment | (422)
Balance as of June 30, 2024 | 2,738

The cash flow for de-characterization projects are estimated for a period up to 15 years and were discounted to present value at an annual rate in real terms, which increased from 5.41% to 6.45%.

Operational stoppage and idle capacity

The Company has suspended some operations due to judicial decisions or technical analysis performed by Vale on its geotechnical structures located in Brazil. The Company has been recording losses in relation to the operational stoppage and idle capacity of the Iron Ore Solutions segment in the amounts of US$36 and US$79 for the three and six-month period ended June 30, 2024, respectively (2023: US$50 and US$124, respectively). The Company is working on legal and technical measures to resume all operations.

b) Asset retirement obligations and environmental obligations

Schedule of changes in the provision of asset retirement obligations and environmental obligations |  |  |  |  |
| Liability |  | Discount rate |  | Cash flow maturity
| June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023
Liability by geographical area |  |  |  |  |  |
Brazil | 1,914 | 2,415 | 6.41% | 5.47% | 2132 | 2132
Canada | 1,529 | 1,592 | 1.47% | 1.30% | 2150 | 2150
Oman | 159 | 158 | 3.46% | 3.19% | 2035 | 2035
Other regions | 100 | 114 | 2.43% | 2.04% | - | -
| 3,702 | 4,279 |  |  |  |
Operating plants | 2,869 | 3,155 |  |  |  |
Closed plants | 833 | 1,124 |  |  |  |
| 3,702 | 4,279 |  |  |  |

Provision changes during the period

Schedule of provision changes during the year |  |  |
| Asset retirement obligations | Environmental obligations | Total
Balance as of December 31, 2023 | 3,779 | 500 | 4,279
Disbursements | (85) | (36) | (121)
Revision to estimates | (201) | 17 | (184)
Monetary and present value adjustments | 65 | 12 | 77
Translation adjustment | (294) | (55) | (349)
Balance as of June 30, 2024 | 3,264 | 438 | 3,702

Financial guarantees

The Company has guarantees issued by financial institutions in the amount of US$821 as of June 30, 2024 (December 31, 2023: US$910), in connection with the asset retirement obligations for its Energy Transition Metals operations.

46

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

26. Legal proceedings

The Company is a defendant in numerous legal actions in the ordinary course of business, including civil, tax, environmental and labor proceedings.

The Company makes use of estimates to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments and on management’s assessment. Provisions are recognized for probable losses of which a reliable estimate can be made.

Arbitral, legal and administrative decisions against the Company, new jurisprudence and changes of existing evidence can result in changes regarding the probability of outflow of resources and on the estimated amounts, according to the assessment of the legal basis.

The lawsuits related to Brumadinho event (note 23) and the Samarco dam failure (note 24) are presented in its specific notes to these financial statements and, therefore, are not disclosed below.

a) Provision for legal proceedings

Schedule of changes in provision for litigations |  |  |  |  |
| Tax litigation | Civil litigation | Labor litigation | Environmental litigation | Total of litigation provision
Balance as of December 31, 2023 | 90 | 380 | 514 | 15 | 999
Additions and reversals, net | 5 | 18 | 78 | 3 | 104
Payments | (2) | (58) | (53) | - | (113)
Indexation and interest | 9 | 15 | 1 | 1 | 26
Translation adjustment | (13) | (52) | (68) | (3) | (136)
Balance as of June 30, 2024 | 89 | 303 | 472 | 16 | 880
Balance as of December 31, 2022 | 576 | 291 | 411 | 14 | 1,292
Additions and reversals, net | 3 | 27 | 51 | 2 | 83
Payments | (3) | (23) | (39) | (3) | (68)
Indexation and interest | 18 | 20 | 11 | 2 | 51
Translation adjustment | 49 | 23 | 37 | 1 | 110
Balance as of June 30, 2023 | 643 | 338 | 471 | 16 | 1,468

The Company has considered all information available to assess the likelihood of an outflow of resources and in the preparation on the estimate of the costs that may be required to settle the obligations.

Tax litigations – The Company is party to several administrative and legal proceedings related mainly to the incidence of Brazilian federal contributions ("PIS" and "COFINS"), Value-added tax ("ICMS") and other taxes.

Civil litigations - Refers to lawsuits for: (i) indemnities for losses, payments and contractual fines due to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to real estate Vale's operational activities.

Labor litigations - Refers to lawsuits for individual claims by in-house employees and service providers, primarily involving demands for additional compensation for overtime work, moral damages or health and safety conditions.

Environmental litigations - Refers mainly to proceedings for environmental damages and issues related to environmental licensing.

47

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

b) Contingent liabilities

Schedule of contingent liabilities |  |
| June 30, 2024 | December 31, 2023
Tax litigations | 6,347 | 7,235
Civil litigations | 1,343 | 1,366
Labor litigations | 294 | 378
Environmental litigations | 1,265 | 1,320
Total | 9,249 | 10,299

c) Judicial deposits

Schedule of judicial deposits |  |
| June 30, 2024 | December 31, 2023
Tax litigations | 372 | 1,127
Civil litigations | 82 | 122
Labor litigations | 122 | 148
Environmental litigations | 9 | 12
Total | 585 | 1,409

Tax litigations – In December 2023, a judicial decision was issued to the lawsuit filed by Valepar (merged by Vale) in 2011 seeking the right to exclude the amount of dividends received in the form of interest on capital (“JCP”) from the PIS and COFINS tax base. This proceeding is fully guaranteed by a judicial deposit. This judicial decision determined the conversion of the judicial deposit to the Government, resulting in the reclassification of the amount to payable taxes and the judicial deposit to current assets in the financial statements for the year ended December 31, 2023. In April 2024, the proceeding was settled with the judicial deposit.

d) Guarantees contracted for legal proceedings

In addition to the above-mentioned tax, civil, labor and environmental judicial deposits, the Company contracted US$2.7 billion (December 31, 2023: US$2.7 billion) in guarantees for its lawsuits, as an alternative to judicial deposits.

27. Employee benefits

Schedule of employee related liabilities |  |  |
|  | Current liabilities | Non-current liabilities
| Notes | June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023
Payroll, related charges and other remunerations |  | 636 | 867 | - | -
Share-based payments | 27(a) | 18 | 27 | - | -
Employee post-retirement obligation | 27(b) | 70 | 70 | 1,221 | 1,381
|  | 724 | 964 | 1,221 | 1,381

a) Share-based payments

For the long-term incentive programs, the Company compensation plans include Matching Program and Performance Share Unit program (“PSU”), with three-year-vesting cycles, respectively, with the aim of encouraging employee’s retention and encouraging their performance. The fair value of the programs is recognized on a straight-line basis over the three-year required service period, net of estimated losses.

Matching Program

The fair value of the Matching program was estimated using the Company's share price and ADR and the number of shares granted on the grant date. The information by valid programs during the six-month period ended June 30, 2024 is shown below:

Schedule of fair value of the matching program |  |  |
| 2024 Program | 2023 Program | 2022 Program
Granted shares | 2,244,659 | 1,330,503 | 1,437,588
Share price | 12.02 | 15.94 | 20.03

48

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

Performance Shares Units (“PSU”)

The fair value of the PSU program was measured by estimating the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and safety and sustainability indicators. The assumptions used for the Monte Carlo simulations are shown in the table below by valid program during the six-month period ended June 30, 2024, as well as the result used to calculate the expected value of the total performance factor.

Schedule of assumptions used for the monte carlo simulation |  |  |
| 2024 Program | 2023 Program | 2022 Program
Granted shares | 1,873,175 | 1,177,755 | 1,709,955
Date shares were granted | April 29, 2024 | January 2, 2023 | January 3, 2022
Share price | 12.49 | 16.6 | 13.81
Expected volatility | 35.60% | 48.33% | 39.00%
Expected term (in years) | 3 | 3 | 3
Expected shareholder return indicator | 66.95% | 72.42% | 51.20%
Expected performance factor | 83.47% | 79.32% | 53.08%

b) Employee post-retirement obligation

Reconciliation of assets and liabilities recognized in the statement of financial position

Schedule of reconciliation of assets and liabilities recognized in the statement of financial position |
| June 30,2024 | December 31, 2023
| Overfunded pension plans | Underfunded pension plans and other benefits | Overfunded pension plans | Underfunded pension plans and other benefits
Movements of assets ceiling |  |  |  |
Balance at beginning of the period | 1,071 | - | 1,114 | -
Interest income | 38 | - | 103 | 1
Changes on asset ceiling | (125) | - | (192) | (28)
Translation adjustment | (109) | - | 73 | -
Transfer | - | - | (27) | 27
Balance at end of the period | 875 | - | 1,071 | -
Amount recognized in the statement of financial position |  |  |  |
Present value of actuarial liabilities | (4,308) | (1,613) | (4,517) | (2,266)
Fair value of assets | 5,243 | 322 | 5,656 | 815
Effect of the asset ceiling | (875) | - | (1,071) | -
Assets (liabilities) | 60 | (1,291) | 68 | (1,451)
Current liabilities | - | (70) | - | (70)
Non-current assets (liabilities) (i) | 60 | (1,221) | 68 | (1,381)
Assets (liabilities) | 60 | (1,291) | 68 | (1,451)

(i) Overfunded pension plans assets are recorded as “Other non-current assets” in the balance sheet.

49

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

28. Equity

a) Share capital

As of June 30, 2024, the share capital was US$61,614 corresponding to 4,539,007,580 shares issued and fully paid without par value. The Board of Directors may, regardless of changes to by-laws, approve the issue and cancelation of common shares, including the capitalization of profits and reserves to the extent authorized.

Schedule of share capital |  |
| June 30, 2024 |
Shareholders | Common shares | Golden shares | Total |
Previ (i) | 397,799,856 | - | 397,799,856 |
Mitsui&co (i) | 286,347,055 | - | 286,347,055 |
Blackrock, Inc (ii) | 289,063,618 | - | 289,063,618 |
Total shareholders with more than 5% of capital | 973,210,529 | - | 973,210,529 |
Free floating | 3,297,692,482 | - | 3,297,692,482 |
Golden shares | - | 12 | 12 |
Total outstanding (without shares in treasury) | 4,270,903,011 | 12 | 4,270,903,023 |
Shares in treasury | 268,104,557 | - | 268,104,557 |
Total capital | 4,539,007,568 | 12 | 4,539,007,580 |

(i) Number of shares owned by shareholders, as per statement provided by the custodian, based on shares listed at B3.

(ii) Number of shares as reported in BlackRock, Inc.’s Schedule 13G/A, filed with the SEC.

b) Cancelation of treasury shares

During the six-month period ended June 30, 2023, the Board of Directors approved cancelations of common shares issued by the Company, acquired and held in treasury, without reducing the value of its share capital. The effects were transferred to shareholders' equity as “Treasury shares canceled”, between “Profit reserves” and “Treasury shares”. There were no share cancellations during the six-month period ended June 30, 2024.

Schedule of cancelation of treasury shares |  |
| Number of canceled shares | Carrying amount
Cancellation approved on March 2, 2023 | 239,881,683 | 4,164
Six-month period ended June 30, 2023 | 239,881,683 | 4,164

| c) | Share buyback program

Schedule of share buyback program |  |  |
| Total of shares repurchased |  | Effect on cash flows
| Six-month period ended June 30
| 2024 |  | 2023 |  | 2024 |  | 2023
Shares buyback program up to 150,000,000 shares (i) |  |  |  |  |  |  |
Acquired by Parent | 17,413,659 |  | - |  | 231 |  | -
Acquired by wholly owned subsidiaries | 11,645,514 |  | - |  | 158 |  | -
Total | 29,059,173 |  | - |  | 389 |  | -
Shares buyback program up to 500,000,000 shares (ii) |  |  |  |  |  |  |
Acquired by Parent | - |  | 73,179,052 |  | - |  | 1,102
Acquired by wholly owned subsidiaries | - |  | 67,979,481 |  | - |  | 1,022
Total | - |  | 141,158,533 |  | - |  | 2,124
Shares buyback program | 29,059,173 |  | 141,158,533 |  | 389 |  | 2,124

(i) On October 26, 2023, a new share buyback program limited to a maximum of 150,000,000 common shares and their respective ADRs, over the next 18 months started from the end of the program previously on going.

(ii) On April 27, 2022, the Board of Directors approved the common shares buyback program, limited to a maximum of 500,000,000 common shares or their respective ADRs, with a term of 18 months. This program was concluded in 2023.

50

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

d) Remuneration approved

The Company's By-laws determines as its minimum mandatory remuneration to Vale shareholders an amount equal to 25% of the net income, after appropriations to legal and tax incentive reserves. The remuneration approved as interest on capital (“JCP”) is gross up with the income tax applicable to Vale’s shareholders. The remuneration to Vale’s shareholders was based on the following resolutions:

| · | On July 25, 2024 (subsequent event), the Board of Directors approved interest on capital to its shareholders in the total amount of US$1,608, which will be paid in September 2024 as an anticipation of the remuneration for the year ended December 31, 2024.

| · | On February 22, 2024, the Board of Directors approved dividends to its shareholders in the total amount of US$2,364. This remuneration was fully paid in March 2024.

| · | On February 16, 2023, the Board of Directors approved the shareholder’s remuneration of US$1,569, of which US$1,132 is part of the minimum mandatory remuneration for the year ended December 31, 2022 and US$437 as an additional remuneration. This remuneration was fully paid in March 2023.

29. Related parties

The Company’s related parties are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company.

Related party transactions were made by the Company on terms equivalent to those that prevail in arm´s-length transactions, with respect to price and market conditions that are no less favorable to the Company than those arranged with third parties.

Net operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the variable lease payments of the pelletizing plants.

Purchases, accounts receivable and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related to the pelletizing plants operational lease and railway transportation services.

| a) | Transactions with related parties

Schedule of transactions with related parties |
| Three-month period ended June 30,
| 2024 | 2023
| Net operating revenue | Cost and operating expenses | Financial result | Net operating revenue | Cost and operating expenses | Financial result
Joint Ventures |  |  |  |  |  |
Aliança Geração de Energia S.A. | - | (24) | - | - | (26) | -
Pelletizing companies (i) | - | (75) | (7) | - | (45) | (11)
MRS Logística S.A. | - | (126) | - | - | (114) | -
Norte Energia S.A. | - | (16) | - | - | (33) | -
Other | 8 | 14 | - | 11 | (2) | -
| 8 | (227) | (7) | 11 | (220) | (11)
Associates |  |  |  |  |  |
VLI | 109 | (4) | - | 76 | (5) | -
Other | - | - | - | - | - | -
| 109 | (4) | - | 76 | (5) | -
Shareholders |  |  |  |  |  |
Cosan | - | (2) | - | - | - | -
Bradesco | - | - | (191) | - | - | 197
Mitsui | 56 | - | - | 85 | - | -
Banco do Brasil | - | - | 1 | - | - | -
| 56 | (2) | (190) | 85 | - | 197
Total | 173 | (233) | (197) | 172 | (225) | 186

(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

51

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

| Six-month period ended June 30,
| 2024 | 2023
| Net operating revenue | Cost and operating expenses | Financial result | Net operating revenue | Cost and operating expenses | Financial result
Joint Ventures |  |  |  |  |  |
Companhia Siderúrgica do Pecém | - | - | - | 93 | - | -
Aliança Geração de Energia S.A. | - | (51) | - | - | (52) | -
Pelletizing companies (i) | - | (152) | (16) | - | (88) | (25)
MRS Logística S.A. | - | (216) | - | - | (178) | -
Norte Energia S.A. | - | (31) | - | - | (60) | -
Other | 17 | (7) | (3) | 16 | (5) | -
| 17 | (457) | (19) | 109 | (383) | (25)
Associates |  |  |  |  |  |
VLI | 191 | (10) | (1) | 145 | (11) | (1)
Other | - | (1) | 3 | - | - | -
| 191 | (11) | 2 | 145 | (11) | (1)
Shareholders |  |  |  |  |  |
Cosan | - | (3) | - | - | - | -
Bradesco | - | - | (230) | - | - | 269
Banco do Brasil | - | - | 1 | - | - | -
Mitsui | 117 | - | - | 130 | - | -
| 117 | (3) | (229) | 130 | - | 269
Total | 325 | (471) | (246) | 384 | (394) | 243

(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

b) Outstanding balances with related parties

Schedule of outstanding balances with related parties |  |  |  |  |  |
| Assets
| June 30, 2024 | December 31, 2023
| Cash and cash equivalents | Accounts receivable | Dividends receivable and other assets | Cash and cash equivalents | Accounts receivable | Dividends receivable and other assets
Joint Ventures |  |  |  |  |  |
Pelletizing companies (i) | - | - | - | - | - | 27
MRS Logística S.A. | - | 14 | 30 | - | 16 | 34
Other | - | 4 | 13 | - | 4 | 43
| - | 18 | 43 | - | 20 | 104
Associates |  |  |  |  |  |
VLI | - | 117 | - | - | 46 | -
PTVI | - | 1 | - | - | - | -
Other | - | 1 | 2 | - | 1 | 2
| - | 119 | 2 | - | 47 | 2
Shareholders |  |  |  |  |  |
Cosan | - | - | - | - | 1 | -
Bradesco | 406 | - | 96 | 176 | - | 313
Banco do Brasil | 35 | - | - | 58 | - | -
Mitsui | - | 2 | - | - | 5 | -
| 441 | 2 | 96 | 234 | 6 | 313
Pension plan | - | 17 | - | - | 16 | -
Total | 441 | 156 | 141 | 234 | 89 | 419

(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

52

Notes to the Consolidated Interim Financial Statements Expressed in millions of United States dollar, unless otherwise stated

| Liabilities
| June 30, 2024 | December 31, 2023
| Supplier and contractors | Financial instruments and other liabilities | Supplier and contractors | Financial instruments and other liabilities
Joint Ventures |  |  |  |
Pelletizing companies (i) | 110 | 144 | 51 | 290
MRS Logística S.A. | 15 | - | 48 | -
Other | 32 | - | 39 | -
| 157 | 144 | 138 | 290
Associates |  |  |  |
VLI | 2 | 143 | 1 | 59
PTVI | 92 | - | - | -
Other | - | - | 4 | -
| 94 | 143 | 5 | 59
Shareholders |  |  |  |
Cosan | 1 | - | 1 | -
Bradesco | - | 58 | - | 23
| 1 | 58 | 1 | 23
Pension plan | 10 | - | 14 | -
Total | 262 | 345 | 158 | 372

(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.

c) Key management personnel compensation

During the six-month period ended June 30, 2024, the compensation of the Company’s key management personnel was US$15 (2023: US$20).

53

Signatures

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

| Vale S.A. (Registrant)
| By: | /s/ Thiago Lofiego
Date: July 25, 2024 |  | Director of Investor Relations