Here are 1-3 brief analogies for Vale:

• The ExxonMobil of industrial metals.

• The Saudi Aramco of iron ore.

• Iron Ore and Pellets: The primary raw materials used in steelmaking globally.
• Nickel: A key component in stainless steel, electric vehicle batteries, and various industrial alloys.
• Copper: Essential for electrical wiring, construction, and electronic manufacturing.
• Manganese Ore: Primarily used as an alloy in steel production to enhance strength and hardness.
• Platinum Group Metals (PGMs): Includes palladium and platinum, crucial for catalytic converters, jewelry, and chemical processes.

Major Customers of Vale (VALE)

Vale S.A. (VALE) is a global mining company that primarily produces and sells raw materials such as iron ore, nickel, and copper. As such, its business model is primarily Business-to-Business (B2B), selling its commodities to other industrial companies rather than directly to individuals.

Given the nature of commodity markets, Vale serves a vast number of customers globally, and specific individual "major customers" are not typically disclosed due to commercial confidentiality and the dynamic nature of commodity sales. However, its major customers belong to specific industrial sectors that consume large quantities of its primary products. Below are the primary categories of its customers, along with prominent examples of publicly traded companies within those categories that are representative of Vale's major clientele:

• Steel Manufacturers (for Iron Ore): This is by far Vale's largest customer segment. These companies use iron ore as the primary raw material for steel production. Major global players include:
  • ArcelorMittal (NYSE: MT)
  • Nippon Steel Corporation (TYO: 5401)
  • POSCO (NYSE: PKX)
  • JFE Holdings (TYO: 5411)
  • Tata Steel (NSE: TATASTEEL)

  (Note: Numerous large Chinese steel mills are also significant customers, but many operate under state-owned groups without a single, easily identifiable public stock symbol for the entire conglomerate as a direct customer.)

• Stainless Steel Producers (for Nickel): These companies consume nickel for the production of stainless steel. Prominent examples include:
  • Outokumpu (HEL: OUT1V)
  • Aperam (AMS: APAM)
• Other Industrial Manufacturers (for Nickel, Copper, and other base metals): This category includes companies involved in the production of electric vehicle components (especially batteries using nickel), electronics, wires and cables (using copper), and various other industrial goods. While specific direct customers from Vale might be intermediaries (e.g., refiners and processors), the ultimate consumers are within these manufacturing sectors.
  • For nickel, major customers include companies in the Electric Vehicle (EV) battery supply chain and specialized alloy manufacturers.
  • For copper, major customers are in the electrical, construction, and electronics industries.

Gustavo Pimenta, Chief Executive Officer

Gustavo Pimenta assumed the role of CEO of Vale in October 2024, transitioning from his previous position as Executive Vice-President of Finance and Investor Relations at Vale, which he held for three years. Before joining Vale, Mr. Pimenta accumulated 12 years of experience at AES, where he served as Global CFO, Director of Planning and Strategy, and Vice President of Performance and Services. He also held the position of Vice President of Strategy and M&A at Citigroup in New York.

Marcelo Bacci, Executive Vice-President - Finance and Investor Relations (CFO)

Marcelo Bacci is Vale's Executive Vice-president - Finance and Investor Relations. He brings over 20 years of executive experience in management and finance, including leadership roles in diverse companies and segments. Prior to his current role at Vale, Mr. Bacci served as the Executive Vice-president of Finance and Investor Relations at Suzano S.A. for 10 years, where he also held positions as Chairman and member of the Board of Directors for companies within the Suzano Group.

Deshnee Naidoo, Executive Vice President of Base Metals

Deshnee Naidoo has served as Vale's Executive Vice President of Base Metals since December 2021. She initially joined Vale in January 2021 as CFO of the Base Metals business. She is recognized as a "South Africa Mining Rainmaker" three times over and was included in the 2018 list of 100 Global Inspirational Women in Mining.

Rogério Nogueira, Executive Vice President - Commercial and Development

Rogério Nogueira is Vale's Executive Vice President - Commercial and Development. Before this role, he was Vale's Director of Business and Product Development. Mr. Nogueira joined Vale in 2013, having previously served as Marketing & Strategic Planning Director and Controller & Investor Relations Director. Prior to Vale, he worked for BHP Billiton as Vice-President Iron Ore Americas and Vice-President West-Africa Iron Ore.

Luciano Siani Pires, Executive Vice President of Strategy and Business Transformation

Luciano Siani Pires is the Executive Vice President of Strategy and Business Transformation, leading initiatives to position Vale for the future. He joined Vale in 2008 and previously held roles such as Global Strategy Director and Global Human Resources and Governance Director. From 2012 to 2021, he served as Executive Vice President of Finance and Investor Relations (CFO), also overseeing Shared Services, Procurement, Information Technology, Capital Projects, and Vale Fertilizantes for several years. Mr. Pires is currently the Chairman of VLI, a major logistics provider in Brazil.

The accelerating global transition to green steel production presents a clear emerging threat. Major steel producers are investing heavily in technologies like hydrogen-based direct reduced iron (DRI) processes, and large industrial buyers are committing to sourcing low-carbon steel. This shift could significantly alter demand for conventionally produced iron ore, putting pressure on Vale to decarbonize its own supply chain and operations, or risk losing market share to competitors better positioned to supply low-carbon raw materials for the evolving steel industry.

Vale's main products and services, for which addressable market sizes have been identified, include iron ore and pellets, nickel, copper, and manganese.

Iron Ore and Pellets:

• The global iron ore market size was valued at approximately USD 279.35 billion in 2023 and is projected to grow to about USD 397.98 billion by 2032. Other estimates place the global market at USD 297.82 billion in 2024, anticipated to reach USD 392.11 billion in 2032.
• The Asia Pacific region dominated the iron ore market, holding a 72.47% market share in 2023.
• The iron ore market in the U.S. is projected to significantly grow, reaching an estimated value of USD 18.36 billion by 2032.

Nickel:

• The global nickel market was valued between approximately USD 41.62 billion and USD 45.38 billion in 2024. It is projected to reach between USD 82.59 billion and USD 86.35 billion by 2033 or 2034.
• Asia-Pacific is the leading region in the global nickel market, contributing more than 52% of the market share in 2024, with some reports indicating over 72.0% in 2024.

Copper:

• The global copper market size was estimated at approximately USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030. Other reports indicate a market size of USD 236.09 billion in 2024, expected to reach USD 362.28 billion by 2032. Additionally, some estimates show the global copper market size at USD 333.15 billion in 2024, forecasted to reach around USD 548.20 billion by 2034.
• Asia Pacific dominated the copper market with the largest revenue share of 74.7% in 2024.

Manganese:

• The global manganese market was valued at approximately USD 28.9 billion in 2023 and is projected to grow from USD 31.15 billion in 2024 to USD 56.82 billion by 2032.
• The global manganese mining market was valued at USD 33.41 billion in 2024 and is forecasted to reach USD 66.84 billion by 2030.
• Asia Pacific accounts for the largest market share in the manganese market.

Here are 3-5 expected drivers of future revenue growth for Vale (VALE) over the next 2-3 years:

1. Increased Production Volumes: Vale anticipates significant growth in the output of its key commodities. Iron ore production is projected to rise to 325-335 million metric tons (Mt) in 2025 and 340-360 Mt in 2026. This growth is supported by projects such as the Capanema complex, expected to add 15 Mt/year of iron ore, and the Serra Sul deposit expansion, set to increase capacity by 20 Mt/year by the second half of 2026. Furthermore, the "Novo Carajas" program aims to boost annual iron ore capacity by an additional 20 Mt, with operations commencing in late 2026. Copper production is forecast to increase to 340-370 kilotons (kt) in 2025 and 350-380 kt in 2026, with a long-term goal of doubling output by 2035. Nickel production is also expected to grow, reaching 160-175 kt in 2025 and 175-210 kt in 2026, partially driven by the new furnace at Onça Puma, which adds 15,000 tons per year of nickel capacity.
2. Favorable Commodity Prices and Quality Premiums: Sustained or increasing prices for iron ore, copper, and nickel are expected to be a major revenue driver. Vale's Q3 2025 results demonstrated that higher prices across these commodities contributed to a 17% year-over-year increase in pro forma EBITDA. The company has also benefited from increased iron ore fines quality premiums, which enhanced EBITDA in Q3 2025.
3. Growing Demand from Emerging Markets: Vale is strategically positioning itself to capitalize on increasing demand from markets outside of China. The company is preparing to meet rising iron ore demand from India, where steel production is projected to double by the end of the decade. Increased sales to other Asian markets, such as Vietnam, are also anticipated to contribute to revenue growth, helping to offset stagnant demand from China.
4. Operational Efficiencies and Enhanced Product Portfolio: Efforts to improve cost efficiency and optimize the product mix are set to positively impact revenue. Vale reported lower all-in costs for iron ore, copper, and nickel in Q3 2025, attributed to operational efficiencies, higher production volumes, and increased by-product revenues. The company is also actively refining its iron ore product portfolio, including the introduction of a new medium-grade product from Carajás, which is expected to create significant value and contribute to higher premiums.

Share Repurchases

• In October 2023, Vale approved a new share buyback program for up to 150 million common shares, representing approximately 3.5% of its outstanding shares, over an 18-month period, following a previous program that acquired around 360 million shares.
• A new share buyback program authorizing the acquisition of up to 120 million common shares, approximately 3.0% of outstanding shares, was approved in February 2025 for an 18-month duration, succeeding a program that repurchased approximately 34 million shares.
• In May 2022, Vale completed a share buyback program, repurchasing 200 million shares at an average price of US$17.56 per share, totaling US$3,513 million, and concurrently launched a new program to acquire up to 500 million common shares over the subsequent 18 months.

Inbound Investments

• In Q3 2024, Vale sold 50% of its Vale Oman Distribution Centre, generating $0.6 billion.
• An equity investment in Vale Base Metals (VBM) resulted in the dilution of Vale's interest to 90%.
• In February 2025, Vale was in advanced discussions to sell a majority stake in its renewable energy unit and a solar plant to Global Infrastructure Partners, with a potential deal value between $870 million and $1.04 billion.

Outbound Investments

• In January 2020, Vale acquired a 100% stake in Alianca, a wind energy producing company. Separately, in Q3 2024, Vale also completed a $0.5 billion acquisition of Alianca Energia.
• In February 2025, Vale acquired the remaining 50% interest in the Baovale iron ore project from its Chinese partner Baosteel, gaining full control of the Agua Limpa mine. This 50% stake was valued at approximately $23.4 million USD in Vale's Q3 2024 report.
• In April 2023, Vale acquired the remaining 30% non-controlling interest in Vale Oman Pelletizing Company LLC (VOPC) for US$130 million, increasing its ownership to 100%.

Capital Expenditures

• Vale's capital expenditures for 2024 were US$6.0 billion.
• For 2025, Vale's capital expenditure guidance was initially around $6.5 billion, subsequently reduced to approximately $5.9 billion due to optimization, and further narrowed to $5.4-$5.7 billion.
• A significant portion of capital allocation is directed towards the "New Carajás Program," a five-year plan with a substantial commitment of 70 billion reais (approximately $12.78 billion) aimed at expanding iron ore and copper production capabilities in the Carajás region. Other key projects include the Vargem Grande and Capanema startups, which are expected to add 30 million tons of low-cost production capacity.