As filed with the Securities and Exchange Commission on March 28, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2024 Commission file number: 001-15030 VALE S.A. (Exact name of Registrant as specified in its charter) Federative Republic of Brazil (Jurisdiction of incorporation or organization) Marcelo Feriozzi Bacci, Executive Vice-President Fin ...

Company Performance - VALE S.A. ended the latest trading session at $9.94, reflecting a -1.29% adjustment from the previous day's close, underperforming the S&P 500's daily gain of 1.77% [1] - Over the last month, VALE's shares decreased by 0.4%, which is slightly worse than the Basic Materials sector's loss of 0.29% and significantly better than the S&P 500's loss of 5.73% [1] Upcoming Earnings - The upcoming earnings release is anticipated, with expected EPS of $0.43, representing a 10.26% increase from the prior-year quarter [2] - Revenue is projected to be $8.81 billion, indicating a 4.09% increase compared to the same quarter of the previous year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are estimated at $1.86 per share and revenue at $39.97 billion, reflecting changes of +2.2% and +5.02% respectively from the previous year [3] - Recent changes to analyst estimates indicate a favorable outlook on the company's business health and profitability [3] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks VALE S.A. at 3 (Hold) [5] - Over the past month, there has been a 0.65% rise in the Zacks Consensus EPS estimate [5] Valuation Metrics - VALE S.A. is trading with a Forward P/E ratio of 5.4, which is in line with the industry's average Forward P/E of 5.4 [6] - The company has a PEG ratio of 0.31, similar to the Mining - Iron industry's average PEG ratio of 0.31 [6] Industry Context - The Mining - Iron industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 82, placing it within the top 33% of over 250 industries [7] - The top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Financial Performance - Vale reported R$ 206.0 billion in net operating revenue and R$ 31.6 billion in net income attributable to shareholders for 2024, marking a significant financial performance[9]. - The company achieved 328 Mt of iron ore production, a 6.3% increase year-over-year, and 307 Mt of iron ore sales, reflecting a 1.9% increase[9][12]. - Vale's copper production reached 348 kt, exceeding the 2024 guidance with a 6.6% year-over-year increase, while nickel production decreased by 3.0% to 160 kt[10]. - The company allocated R$ 32.7 billion in investments, including R$ 24.8 billion in sustaining CAPEX, and approved R$ 4.76 per share in dividends for FY 2024[10]. - Vale closed 2024 with a market capitalization of approximately R$ 232.9 billion, down from R$ 331.9 billion in 2023, reflecting a year-over-year decrease of 29.3%[84]. - The average trading volume for VALE3 was R$ 1,449 million in 2024, compared to R$ 1,855 million in 2023[86]. Operational Achievements - Vale achieved all production guidance for 2024, with iron ore production at 328 Mt, pellets at 37 Mt, nickel at 160 kt, and copper at 348 kt[45]. - The commissioning of the Vargem Grande and Capanema projects is underway, expected to increase production capacity by 30 Mtpy upon completion[1]. - Vale's operational efficiency improvements led to the lowest C1 iron ore cost for a quarter since 2021 and the lowest All-in Copper cost since 2020[46]. Sustainability Initiatives - Vale's sustainability initiatives included a 68% reduction in the Total Recordable Injury Frequency Rate (TRIFR) compared to the baseline year 2019[13]. - The company has protected over 200,000 hectares cumulatively by 2024, focusing on environmental and social commitments, particularly in the Amazon[34]. - The company is committed to eliminating all level 3 emergency dams by 2025, having reduced the number of such structures by 60% compared to the historical peak in 2020[43]. - Vale aims for a 27% cumulative reduction in specific freshwater use by 2030, with ongoing sustainability projects[156]. - The company is committed to helping lift 500,000 people out of extreme poverty by 2030, with around 51,000 people currently involved in proof-of-concept projects[161]. - The company completed 75% of total obligations under the Judicial Settlement for Integral Reparation related to the Brumadinho dam collapse, including 39% of performance obligations and 91% of payment obligations[188]. Community Engagement and Social Responsibility - In 2024, the company engaged with 1,215 local communities, implementing 368 Local Community Engagement Plans, with 93.5% coverage of priority communities in Brazil[165]. - The company recorded 98 accidents involving community members in 2024, a 3% increase from 2023, resulting in 12 fatalities, and aims to reduce such incidents by 40% by 2027[169]. - The company achieved R$ 11.6 billion in social, environmental, and institutional expenditures in 2024, with R$ 4,956 million allocated for social initiatives and R$ 6,618 million for environmental initiatives[169]. - 434 local associations and small businesses supported, benefiting over 16,000 people[193]. - 550+ water supply facilities built, potentially benefiting over 5 million people[196]. Diversity and Employee Engagement - Vale reached a 26.5% representation of women in its workforce, doubling its goal set for 2024[108]. - Vale's employee engagement survey recorded an 83% approval rate, reflecting a 1 percentage point increase from 2023[99]. - The company achieved a 57% reduction in "very high" risk situations in 2024 compared to previous years[115]. - Vale's commitment to diversity led to a 37.7% representation of black individuals in leadership positions, progressing towards a goal of 40% by 2026[109]. Environmental Management - The company implemented the Global Industry Standard on Tailings Management (GISTM) for 48 of its 50 Tailings Storage Facilities by August 2023[142]. - The company has reduced the number of structures at any emergency level in Brazil by 60% since 2020, from a peak of 35 structures to 14[135]. - The maximum emergency level of the Sul Superior dam was reduced from level 3 to level 2 in 2024 due to new geotechnical surveys and monitoring[136]. - 48% of disturbed land under environmental rehabilitation, out of a total of 658 hectares[196]. - 228,000 native seedlings planted in Minas Gerais[199].

Core Insights - The article discusses the recent trends in the commodities market, particularly focusing on gold and silver prices, which have shown significant fluctuations due to various economic factors [1] Group 1: Market Trends - Gold prices have experienced a notable increase, reaching approximately $1,800 per ounce, reflecting a rise of about 5% over the past month [1] - Silver prices have also surged, currently trading around $24 per ounce, marking a 7% increase in the same timeframe [1] Group 2: Economic Influences - The fluctuations in commodity prices are largely attributed to changes in interest rates and inflation expectations, which have created a volatile environment for investors [1] - Geopolitical tensions and supply chain disruptions are further contributing to the uncertainty in the commodities market, impacting both gold and silver prices [1]

Core Viewpoint - Vale S.A. reported a significant decline in fourth-quarter revenues and earnings due to lower iron ore prices, despite revenues beating estimates [1][6][7]. Financial Performance - Fourth-quarter revenues decreased by 22% year-over-year to approximately $10.1 billion, with the Iron Solutions segment experiencing a 26% decline in revenues due to a 10% drop in sales volumes and a 21% decrease in prices [6][7]. - Adjusted earnings per share fell 64% to $0.20, while pro-forma adjusted EBITDA dropped 40% year-over-year to around $4.12 billion, reflecting lower iron ore prices and sales volumes [7]. - Vale's stock closed at $9.89, which is 28% below its 52-week high of $13.68 and 18% above its 52-week low of $8.38 [2]. Market Context - Vale's share price has been affected by the downtrend in iron ore prices, primarily due to weak demand in China [3]. - Over the past year, Vale shares have lost 27%, aligning with the industry's decline, while the broader Zacks Basic Materials sector decreased by 0.7% [2]. Earnings Estimates - The Zacks Consensus Estimate for Vale's earnings for fiscal 2025 has decreased, while estimates for fiscal 2026 have increased, indicating a projected year-over-year growth of 1.65% for 2025 and 13.8% for 2026 [8][9]. Long-Term Growth Prospects - Vale aims to increase iron ore production to 325-335 million tons in 2025 and 360 million tons by 2030, supported by key projects like Vargem Grande 1 and Capanema Maximization [11]. - The company is investing in the Energy Transition Metals business, with the Voisey's Bay Mine Expansion expected to enhance nickel production capacity significantly [12]. - Copper output is projected to reach 340-370 thousand tons in 2025, with plans to increase to 700 thousand tons by 2035 [13]. Dividend and Valuation - Vale offers a sector-leading dividend yield of 9.28%, significantly higher than the sector's 2.46% and the S&P 500's 1.23%, with a payout rate of 59.92% [16]. - The company is trading at a forward 12-month P/E ratio of 5.23X, which is a discount compared to the sector's average of 15.36X [17][18].

Core Viewpoint - Vale S.A. reported disappointing fourth-quarter 2024 results, with adjusted earnings per share of 20 cents, significantly missing the Zacks Consensus Estimate of 53 cents, and reflecting a 64% decline from the previous year's earnings of 56 cents per share due to lower iron ore sales volumes and prices [1][2]. Financial Performance - The company's net operating revenues decreased by 22% year over year to approximately $10.1 billion, although it slightly surpassed the Zacks Consensus Estimate of $10 billion [3]. - The Iron Solutions segment generated revenues of $8.15 billion, down 26% from the same quarter last year, driven by a 10% decline in sales volumes and prices [3]. - The Energy Transition Metals segment's revenues fell by 0.5% year over year to $1.97 billion, with nickel revenues down 9% to $1.07 billion, while copper revenues increased by 13% to $0.96 billion [4]. Profitability Metrics - Gross profit dropped 37% year over year to $3.86 billion, with a gross margin of 33.1%, compared to 29.9% in the previous year [5]. - Adjusted operating income was reported at $2.99 billion, a 47% decrease from the prior year, and adjusted EBITDA was around $3.8 billion, down 41% year over year [6]. Balance Sheet and Cash Flow - At the end of 2024, Vale had cash and cash equivalents of approximately $4.9 billion, an increase from $3.6 billion at the end of the previous year [8]. - Cash flow from operations was $9.4 billion, down from $13.2 billion in 2023, while gross debt and leases rose to $15.5 billion from $13.9 billion [8]. Yearly Overview - For the full year 2024, Vale reported adjusted earnings per share of $1.82, a 1% decline year over year, with net operating revenues down 9% to around $38 billion [9]. Stock Performance - Over the past year, Vale's shares have decreased by 24.7%, compared to a 22.9% decline in the industry [10].

Vale's 4Q24 Performance February 20th, 2025 1 Vale's 4Q24 Performance February 20th, 2025 1. Opening remarks 2. Financial Performance 2 Disclaimer "This presentation may include statements that present Vale's expectations about future events or results, including without limitation (i) our ability to deliver decharacterization projects as planned on slides 5; (ii) our ability to deliver growth projects as planned on slide 6; (iii) our revised expectations for capex on slide 9, and (v) cost guidance on slide ...

Financial Data and Key Metrics Changes - The pro forma EBITDA for Q4 2024 was over $4.1 billion, a 9% increase quarter-on-quarter [22] - Iron ore production reached 328 million tons, the highest level since 2018, exceeding original guidance [12] - C1 cash costs for iron ore were $18.8 per ton in Q4, nearly 10% lower year-on-year and the lowest since Q1 2022 [24] - Recurring free cash flow generation was approximately $800 million in Q4, $300 million higher than in Q3 [28] - Expanded net debt remained stable at $16.5 billion, within the target range of $10 billion to $20 billion [31] Business Line Data and Key Metrics Changes - In iron ore, the company shifted its portfolio mix, reducing high silica material sales and increasing high-quality products from Carajás, resulting in higher margins [12] - Base metals saw the highest copper production since 2020, driven by Salobo, which produced roughly 200 kilotons of copper in 2024 [13] - Nickel costs are trending downward, supported by the ramp-up of the VBME project [15] Market Data and Key Metrics Changes - The company achieved higher realized iron ore premiums due to the strategic shift in product mix [22] - The all-in cost for copper was the lowest since Q4 2020, driven by higher byproduct revenues from Salobo [26] - The all-in cost for nickel was approximately $13,900 per metric ton, the lowest since Q1 2022 [26] Company Strategy and Development Direction - The company is focused on evolving its asset portfolio to meet client needs with a competitive cost profile, aiming for operational excellence [6] - A new Carajás initiative was announced to enhance exploration and development of critical minerals [18] - The company is committed to a disciplined capital allocation approach, balancing CapEx optimization and shareholder returns [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting significant progress in operational performance and cost management [7][101] - The company is focused on maximizing cash flows and maintaining flexibility in its inventory strategy [104] - Management believes the settlement related to the Mariana accident is the best path forward for all parties involved [63] Other Important Information - The Board approved $2 billion in dividends and interest on capital, resulting in an annualized yield of 10% [16] - A buyback program for up to 3% of outstanding shares was also approved [17] Q&A Session Summary Question: Inventory levels and sales mix strategy - Management acknowledged an increase in inventories due to a focus on high-quality products and flexibility in sales strategy [38][42] Question: Base Metals progress and cost expectations - Management reported significant progress in Base Metals, with a focus on reducing overhead and improving productivity [53][56] Question: Strategy regarding municipalities affected by the Mariana accident - Management emphasized the importance of the settlement agreement and its benefits for all parties involved [63] Question: Strategic review of Thompson and potential asset divestments - Management confirmed that Thompson is under review due to its lower returns compared to other opportunities [74] Question: Cash returns and buyback strategy - Management reiterated a balanced approach between dividends and buybacks, depending on cash flow generation [121] Question: Q1 volume trends and cost measures - Management indicated that Q1 performance is expected to be similar to last year, with ongoing cost optimization efforts [134][136]

Company Performance - VALE S.A. closed at $9.74, reflecting a -0.71% change from the previous session, underperforming the S&P 500 which gained 0.24% [1] - Over the past month, VALE's shares increased by 9.24%, outperforming the Basic Materials sector's gain of 4.69% and the S&P 500's gain of 2.37% [1] Upcoming Earnings - The upcoming earnings release is expected to show an EPS of $0.53, a decrease of 5.36% compared to the same quarter last year [2] - Quarterly revenue is anticipated to be $10.08 billion, down 22.81% from the previous year [2] Analyst Estimates - Recent changes to analyst estimates for VALE S.A. reflect short-term business trends, with positive revisions indicating analyst optimism about the company's profitability [3] - The Zacks Rank system, which assesses these estimate changes, indicates that revisions correlate with stock price performance [4] Zacks Rank and Valuation - VALE S.A. currently holds a Zacks Rank of 3 (Hold), with a 0.33% rise in the Zacks Consensus EPS estimate over the past month [5] - The company is trading at a Forward P/E ratio of 5.3, slightly above the industry average of 5.27, and has a PEG ratio of 0.3, matching the industry average [6] Industry Context - The Mining - Iron industry, part of the Basic Materials sector, holds a Zacks Industry Rank of 90, placing it in the top 36% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Group 1 - The company has been viewed positively due to its high returns to shareholders [1] - The analysis focuses on foreign equities, particularly in emerging markets, to aid investment decisions [1] Group 2 - The analyst holds a beneficial long position in the shares of Vale through various financial instruments [2]