Photo: Ricardo Teles.

XXIII Analyst & Investor Tour

Northern System operations

Marcello Spinelli, EVP Iron Ore Solutions

Carlos Medeiros, EVP Operations

Gustavo Pimenta, CFO

September 5th, 2023

Disclaimer

"This presentation may include statements that present Vale's expectations about future events or results, including without limitation estimates for steel production on slide 4, execution and production plan of the Mega Hubs initiative on slide 8, production plan and expected start-up of concentration plants on slide 9, iron ore agglomerates production plan and projects approval plan of on slide 11, iron ore production plan on slide 13, projects' expected capacity and start-up on slides 14, 15, 16, 17, 19, 33 and 34, iron ore and agglomerates production plan, average iron grade and average premium expected on slide 20, iron ore production plan in the Northern System on slide 24, iron ore projects expected start-up on slides 26 and 30, waste movement plan at Serra Norte site on slide 27, nickel and copper production plan on slide 39, Iron Solution business cost savings expected on slide 40, production costs of iron ore, nickel and copper on slide 41, investment expectation on slide 42. These risks and uncertainties include factors relating to our ability to perform our production plans and to obtain applicable environmental licenses. It include risks and uncertainties relating to the following: (a) the countries where we operate, especially Brazil, Canada and Indonesia; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; (e) global competition in the markets in which Vale operates; and (f) the estimation of mineral resources and reserves, the exploration of mineral reserves and resources and the development of mining facilities, our ability to obtain or renew licenses, the depletion and exhaustion of mines and mineral reserves and resources. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward-Looking Statements" and "Risk Factors" in Vale's annual report on Form 20-F."

Photo: Ricardo Teles.

XXIII Analyst & Investor Tour

Iron Ore Solutions

Marcello Spinelli, EVP Iron Ore Solutions

XXIII Analyst & Investor Tour

Steel demand long-term fundamentals remain intact

Megatrends for steel demand

Population and economic growth

Urbanization

Energy transition

Onshoring and reduced steel imports

Steel production by region (Mt)

Emerging regions1

China

Europe, America, Japan, Korea and others

~2,090

~2,300

1,887

~2,010

~620

~310

~410

252

~970

~940

1.018

~1,010

617 ~690 ~710 ~740

2022 2026 2030 2040

Short-term view

Strong micro fundamentals: high BF utilization

rates and low steel and iron ore inventories in China

Property market uncertainties: a more encouraging outlook, driven by higher social housing investments

Ex-China: a recovery in steel production is expected in 2024, offsetting the decline in 2023.

Long-term view

Emerging regions: SEA expected to double steelmaking capacity by 2030

Chinese urbanization: ~150 million people migrating to urban areas with greater steel usage

Developed regions: green steel incentives and investments in renewable energy infrastructure

4

1 Including India, Southeast Asia (SEA), Middle East and Africa.

XXIII Analyst & Investor Tour

The world cannot reach decarbonization targets without significant changes in steelmaking

More than 70 countries committed to net zero targets

Steelmaking represents 8% of global CO2 emissions

  • US$ 1 trillion investments are required to decarbonize the steel industry
    The steel industry will most likely decarbonize in steps

5

Source: UN

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Vale SA published this content on 05 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 September 2023 14:24:05 UTC.