v3.25.2
Information by business segment and geographic area
 6 Months Ended
Jun. 30, 2025
Notes and other explanatory information [abstract]  
Information by business segment and geographic area

4. Information by business segment and geographic area

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 gains (losses) on disposal of non-current assets, net and other.

Segment Main activities
Iron 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, and other metals), and copper, as well as its by-products (gold and silver).

In addition, unallocated items to the operating segment includes corporate expenses, 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

         
    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.

 

b) Net operating revenue by business segment and geographic area

 

                 
  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).

 

No customer individually represented 10% or more of the Company’s revenues in the periods presented above.

c) Costs of goods and services rendered by business segment

       
    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

  

 

d) 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