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v3.24.3

Information by business segment and geographic area | 6 Months Ended
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Jun. 30, 2024
Notes and other explanatory information [abstract] |
Information by business segment and geographic area | 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.
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. 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
| 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

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