33. Related parties
The Company’s related parties are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company.
Related party transactions were made by the Company on terms equivalent to those that prevail in arm´s-length transactions, with respect to price and market conditions that are no less favorable to the Company than those arranged with third parties.
Net operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relate to the variable lease payments of the pelletizing plants.
Purchases, accounts receivable and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related to the pelletizing plants operational lease and railway transportation services.
a) Transactions with related parties
| Year ended December 31, | 2025 | 2024 | 2023 | ||||||
| Net operating revenue | Cost and operating expenses | Financial result | Net operating revenue | Cost and operating expenses | Financial result | Net operating revenue | Cost and operating expenses | Financial result | |
| Associates and Joint Ventures | |||||||||
| Companhia Siderúrgica do Pecém | – | – | – | – | – | – | 93 | – | – |
| Aliança Geração de Energia S.A. | – | – | – | – | (63) | – | – | (126) | – |
| Pelletizing companies (i) | – | (36) | (36) | – | (308) | (26) | – | (227) | (38) |
| MRS Logística S.A. | – | (459) | – | – | (429) | – | – | (453) | – |
| Norte Energia S.A. | – | (70) | – | – | (66) | – | – | (107) | – |
| Vale Oman Distribution Center (ii) | – | (277) | – | – | (63) | – | – | – | – |
| VLI | 320 | (49) | (5) | 359 | (26) | (2) | 321 | (29) | (3) |
| PTVI | – | (641) | – | – | (397) | – | – | – | – |
| Anglo American | – | (235) | 13 | – | – | – | – | – | – |
| Aliança Geração de Energia S.A. | – | (63) | – | – | – | – | – | – | – |
| Other | 26 | (1) | – | 29 | (11) | – | 32 | (11) | 1 |
| 346 | (1,831) | (28) | 388 | (1,363) | (28) | 446 | (953) | (40) | |
| Shareholders | |||||||||
| Bradesco | – | – | 213 | – | – | (416) | – | – | 201 |
| Mitsui | 147 | – | – | 247 | – | – | 280 | – | – |
| Cosan | 8 | (16) | – | 3 | (4) | – | 10 | (11) | – |
| Banco do Brasil | – | – | 9 | – | – | 1 | – | – | – |
| 155 | (16) | 222 | 250 | (4) | (415) | 290 | (11) | 201 | |
| Total | 501 | (1,847) | 194 | 638 | (1,367) | (443) | 736 | (964) | 161 |
(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.
(ii) In 2023, Vale Oman Distribution Center was an indirect subsidiary of Vale S.A.
b) Outstanding balances with related parties
| Assets | ||||||
| December 31, | 2025 | 2024 | ||||
| Cash and cash equivalents | Accounts receivable | Dividends receivable and other assets | Cash and cash equivalents | Accounts receivable | Dividends receivable and other assets | |
| Associates and Joint Ventures | ||||||
| Pelletizing companies (i) | – | – | 7 | – | – | 34 |
| MRS Logística S.A. | – | – | 9 | – | 13 | 32 |
| VLI | – | 41 | – | – | 19 | – |
| PTVI | – | 1 | – | – | – | – |
| Anglo American | – | – | 254 | – | – | 149 |
| Other | – | 6 | 9 | – | 5 | 1 |
| – | 48 | 279 | – | 37 | 216 | |
| Shareholders | ||||||
| Cosan | – | – | – | – | 3 | – |
| Bradesco | 1,003 | – | 82 | 261 | – | 16 |
| Banco do Brasil | 186 | – | 9 | 22 | – | – |
| Mitsui | – | 49 | – | – | 7 | – |
| 1,189 | 49 | 91 | 283 | 10 | 16 | |
| Pension plan | – | 18 | – | – | 16 | – |
| Total | 1,189 | 115 | 370 | 283 | 63 | 232 |
| Liabilities | ||||
| December 31, | 2025 | 2024 | ||
| Supplier and contractors | Financial instruments and other liabilities | Supplier and contractors | Financial instruments and other liabilities | |
| Associates and Joint Ventures | ||||
| Pelletizing companies (i) | 28 | 235 | 49 | 291 |
| MRS Logística S.A. | 25 | – | 32 | – |
| Vale Oman Distribution Center | 49 | – | 44 | – |
| VLI | 3 | 81 | 2 | 47 |
| PTVI | 58 | – | 67 | – |
| Anglo American | 28 | – | – | – |
| Other | 43 | – | 24 | – |
| 234 | 316 | 218 | 338 | |
| Shareholders | ||||
| Cosan | – | – | 1 | – |
| Bradesco | – | 24 | – | 163 |
| – | 24 | 1 | 163 | |
| Pension plan | – | – | 11 | – |
| Total | 234 | 340 | 230 | 501 |
(i) Aggregated entities: Companhia Coreano-Brasileira de Pelotização, Companhia Hispano-Brasileira de Pelotização, Companhia Ítalo-Brasileira de Pelotização and Companhia Nipo-Brasileira de Pelotização.
c) Key management personnel compensation
| Year ended December 31, | 2025 | 2024 | 2023 |
| Short-term benefits: | |||
| Wages | 8 | 10 | 11 |
| Direct and indirect benefits | 1 | 1 | 1 |
| Profit sharing program (“PLR”) | 6 | 11 | 11 |
| Total short-term benefits | 15 | 22 | 23 |
| Long-term benefits: | |||
| Shares based | 9 | 10 | 14 |
| Severance | 8 | 3 | 2 |
| Total short and long-term benefits | 32 | 35 | 39 |
