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v3.25.2

Information by business segment and geographic area (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Notes and other explanatory information [abstract] |
Schedule of adjusted EBITDA |
Schedule of adjusted EBITDA |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2025 | 2024 | 2025 | 2024
Iron ore |  | 2,396 | 3,071 | 4,729 | 5,578
Iron ore pellets |  | 477 | 724 | 1,013 | 1,606
Other ferrous products and logistics services |  | 104 | 92 | 122 | 162
Iron Solutions |  | 2,977 | 3,887 | 5,864 | 7,346
Nickel |  | 201 | 108 | 242 | 125
Copper |  | 538 | 351 | 1,084 | 635
Other energy transition metals |  | (18) | (52) | (51) | (96)
Energy Transition Metals |  | 721 | 407 | 1,275 | 664
Unallocated items (i) |  | (312) | (301) | (638) | (579)
Adjusted EBITDA |  | 3,386 | 3,993 | 6,501 | 7,431
Depreciation, depletion and amortization |  | (780) | (793) | (1,484) | (1,507)
Impairment and gains (losses) on disposal of non-current assets, net and other (ii) |  | (300) | 928 | (720) | 855
EBITDA from associates and joint ventures |  | (302) | (253) | (494) | (456)
Operating income |  | 2,004 | 3,875 | 3,803 | 6,323
Equity results and other results in associates and joint ventures | 14 | (68) | 112 | (9) | 236
Financial results | 6 | 167 | (1,252) | 352 | (1,689)
Income before income taxes |  | 2,103 | 2,735 | 4,146 | 4,870
(i) Includes income (expenses) from Vale Base Metals Limited that were not allocated to the operating segment in the amount of US$(49) and US$(74) for the three and six-month period ended June 30, 2025, respectively. (2024: US$2 and US$ (45), respectively). (ii) Includes adjustments of US$168 and US$335 for the three and six-month period ended June 30, 2025, respectively, (2024: US$ 82 and US$ 149, respectively), to reflect the performance of the streaming transactions at market prices.
Schedule of net operating revenue by shipment destination |
Schedule of net operating revenue by shipment destination |  |  |  |  |  |  |  |  |
| Three-month period ended June 30, 2025
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and logistics services | Total Iron Solutions | Nickel and other products | Copper | Other energy transition metals | Total Energy Transition Metals | Net operating revenue
China (i) | 4,186 | — | — | 4,186 | 106 | 26 | 11 | 143 | 4,329
Japan | 555 | 40 | 1 | 596 | 52 | — | — | 52 | 648
Asia, except Japan and China | 533 | 84 | 2 | 619 | 97 | 186 | 3 | 286 | 905
Brazil | 233 | 326 | 193 | 752 | 16 | — | 6 | 22 | 774
United States of America | — | 67 | 1 | 68 | 198 | — | 7 | 205 | 273
Americas, except United States and Brazil | — | 45 | — | 45 | 154 | — | — | 154 | 199
Germany | 77 | 30 | — | 107 | 126 | 218 | 2 | 346 | 453
Europe, except Germany | 178 | 13 | — | 191 | 246 | 349 | 9 | 604 | 795
Middle East, Africa, and Oceania | — | 399 | — | 399 | 29 | — | — | 29 | 428
Net operating revenue | 5,762 | 1,004 | 197 | 6,963 | 1,024 | 779 | 38 | 1,841 | 8,804
| Three-month period ended June 30, 2024
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and logistics services | Total Iron Solutions | Nickel and other products | Copper | Other energy transition metals | Total Energy Transition Metals | Net operating revenue
China (i) | 4,883 | – | – | 4,883 | 103 | 189 | 29 | 321 | 5,204
Japan | 710 | 87 | 1 | 798 | 129 | – | – | 129 | 927
Asia, except Japan and China | 509 | 112 | 2 | 623 | 63 | 41 | – | 104 | 727
Brazil | 273 | 410 | 172 | 855 | 12 | – | 1 | 13 | 868
United States of America | – | 51 | – | 51 | 196 | – | 7 | 203 | 254
Americas, except United States and Brazil | – | 107 | – | 107 | 141 | 39 | – | 180 | 287
Germany | 89 | 49 | – | 138 | 81 | 67 | – | 148 | 286
Europe, except Germany | 265 | 11 | – | 276 | 141 | 366 | 10 | 517 | 793
Middle East, Africa, and Oceania | – | 567 | – | 567 | 7 | – | – | 7 | 574
Net operating revenue | 6,729 | 1,394 | 175 | 8,298 | 873 | 702 | 47 | 1,622 | 9,920
(i) Includes operating revenue of China Mainland in the amount of US$4,230 (2024: US$4,994) and Taiwan in the amount of US$99 (2024: US$210).
| Six-month period ended June 30, 2025
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and logistics services | Total Iron Solutions | Nickel and other products | Copper | Other energy transition metals | Total Energy Transition Metals | Net operating revenue
China (i) | 7,811 | – | – | 7,811 | 198 | 188 | 18 | 404 | 8,215
Japan | 999 | 59 | 1 | 1,059 | 106 | – | – | 106 | 1,165
Asia, except Japan and China | 1,068 | 122 | 8 | 1,198 | 195 | 215 | 7 | 417 | 1,615
Brazil | 482 | 703 | 353 | 1,538 | 39 | – | 11 | 50 | 1,588
United States of America | – | 121 | 1 | 122 | 421 | – | 27 | 448 | 570
Americas, except United States and Brazil | – | 94 | – | 94 | 274 | – | – | 274 | 368
Germany | 159 | 71 | – | 230 | 268 | 412 | 6 | 686 | 916
Europe, except Germany | 397 | 46 | – | 443 | 447 | 705 | 11 | 1,163 | 1,606
Middle East, Africa, and Oceania | – | 843 | – | 843 | 37 | – | – | 37 | 880
Net operating revenue | 10,916 | 2,059 | 363 | 13,338 | 1,985 | 1,520 | 80 | 3,585 | 16,923
| Six-month period ended June 30, 2024
| Iron Solutions | Energy Transition Metals |
| Iron ore | Iron ore pellets | Other ferrous products and logistics services | Total Iron Solutions | Nickel and other products | Copper | Other energy transition metals | Total Energy Transition Metals | Net operating revenue
China (i) | 8,545 | – | – | 8,545 | 174 | 349 | 29 | 552 | 9,097
Japan | 1,230 | 152 | 1 | 1,383 | 226 | – | – | 226 | 1,609
Asia, except Japan and China | 974 | 151 | 5 | 1,130 | 154 | 37 | – | 191 | 1,321
Brazil | 602 | 931 | 317 | 1,850 | 20 | – | 4 | 24 | 1,874
United States of America | – | 103 | – | 103 | 374 | – | 20 | 394 | 497
Americas, except United States and Brazil | – | 228 | – | 228 | 264 | 101 | – | 365 | 593
Germany | 157 | 84 | – | 241 | 177 | 194 | – | 371 | 612
Europe, except Germany | 506 | 52 | – | 558 | 299 | 598 | 21 | 918 | 1,476
Middle East, Africa, and Oceania | 7 | 1,278 | – | 1,285 | 15 | – | – | 15 | 1,300
Net operating revenue | 12,021 | 2,979 | 323 | 15,323 | 1,703 | 1,279 | 74 | 3,056 | 18,379
(i) Includes operating revenue of China Mainland in the amount of US$8,031 (2024: US$8,668) and Taiwan in the amount of US$184 (2024: US$429).
Schedule of cost of goods sold and services rendered |
Schedule of cost of goods sold and services rendered |  |  |  |
|  | Consolidated
| Three-month period ended June 30, | Six-month period ended June 30,
| 2025 | 2024 | 2025 | 2024
Iron Ore | 3,387 | 3,556 | 6,197 | 6,259
Iron Ore Pellets | 577 | 705 | 1,136 | 1,444
Other ferrous products and logistics services | 140 | 154 | 277 | 264
Iron Solutions | 4,104 | 4,415 | 7,610 | 7,967
Nickel | 781 | 731 | 1,688 | 1,504
Copper | 402 | 391 | 741 | 720
Other Energy Transition Metals | 37 | 49 | 75 | 84
Energy Transition Metals | 1,220 | 1,171 | 2,504 | 2,308
Depreciation, depletion and amortization | 761 | 763 | 1,422 | 1,441
Cost of goods sold and services rendered | 6,085 | 6,349 | 11,536 | 11,716
Schedule of assets by geographic area |
Schedule of assets by geographic area |  |  |  |  |  |  |  |
| June 30, 2025 | December 31, 2024
| 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 | 2,309 | 8,966 | 32,589 | 43,864 | 2,046 | 8,847 | 28,706 | 39,599
Canada | — | 1,753 | 9,886 | 11,639 | — | 1,666 | 9,452 | 11,118
Americas, except Brazil and Canada | — | — | 4 | 4 | — | — | 3 | 3
Indonesia | 1,866 | — | 64 | 1,930 | 1,885 | — | 61 | 1,946
China | — | 1 | 3 | 4 | — | 1 | 4 | 5
Asia, except Indonesia and China | — | — | 652 | 652 | — | — | 654 | 654
Europe | — | — | 595 | 595 | — | — | 589 | 589
Oman | 609 | — | 500 | 1,109 | 616 | — | 515 | 1,131
Total | 4,784 | 10,720 | 44,293 | 59,797 | 4,547 | 10,514 | 39,984 | 55,045

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