Vale S.A. (Vale): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da mineração global e extração de recursos, a Vale S.A. é um titã de inovação industrial, navegando estrategicamente paisagens complexas de mercado por meio de um modelo de negócios meticulosamente criado que equilibra as proezas tecnológicas, a responsabilidade ambiental e as parcerias globais estratégicas. Com operações abrangendo setores industriais críticos como aço, automotivo e energia renovável, a tela de modelo de negócios da Vale revela uma abordagem sofisticada da extração mineral, criação de valor e desenvolvimento sustentável que vai muito além dos paradigmas de mineração tradicionais.

Vale S.A. (Vale) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com fabricantes globais de equipamentos de mineração

A Vale estabeleceu parcerias estratégicas com os principais fabricantes de equipamentos de mineração:

Parceiro	Detalhes da parceria	Valor de investimento
Caterpillar Inc.	Fornecimento de equipamentos de mineração em larga escala	Aquisição anual de US $ 450 milhões
Komatsu Ltd.	Tecnologia avançada de mineração autônoma	Contrato de equipamentos de US $ 320 milhões

Empreendimentos conjuntos com empresas chinesas de aço e infraestrutura

As principais parcerias chinesas da Vale incluem:

• Ferro Shandong & Grupo de aço: Projeto de infraestrutura conjunta avaliada em US $ 1,2 bilhão
• Grupo de aço da China Baowu: Contrato estratégico de fornecimento mineral no valor de US $ 780 milhões anualmente
• Wisco (Wuhan Iron and Steel Corporation): colaboração de recursos minerais de longo prazo

Parcerias tecnológicas com empresas de sustentabilidade e descarbonização

Parceiro	Área de foco	Investimento
Ventuos de energia inovadora	Tecnologias de mineração de baixo carbono	Investimento de US $ 250 milhões
Shell novas energias	Integração de energia renovável	Programa de descarbonização de US $ 340 milhões

Colaboração com provedores de logística e transporte

As parcerias de logística incluem:

• Linha Maersk: contrato de remessa global avaliado em US $ 620 milhões
• Rede Ferroviária Brasileira (All Logistica): Contrato de Infraestrutura de Transporte
• Porto de Tubarão: Parceria Logística Integrada

Parcerias de pesquisa com universidades e institutos de tecnologia ambiental

Instituição	Foco na pesquisa	Financiamento
MIT (Instituto de Tecnologia de Massachusetts)	Tecnologias de mineração sustentáveis	Grant de pesquisa de US $ 45 milhões
Universidade Federal do Rio de Janeiro	Técnicas de remediação ambiental	Colaboração de pesquisa de US $ 22 milhões

Vale S.A. (Vale) - Modelo de Negócios: Atividades -chave

Extração e processamento minerais em larga escala

A Vale opera 17 complexos de extração mineral em todo o Brasil, com uma capacidade anual de produção de minério de ferro de 400 milhões de toneladas. Em 2022, a empresa extraiu 326,1 milhões de toneladas de minério de ferro.

Recurso mineral	Capacidade de produção anual	2022 Volume de produção
Minério de ferro	400 milhões de toneladas métricas	326,1 milhões de toneladas métricas
Níquel	250.000 toneladas métricas	209.000 toneladas métricas

Produção e distribuição global de minério de ferro e níquel

A Vale opera em 30 países, com os principais locais de produção no Brasil, Canadá, Indonésia e Austrália. A rede de distribuição global da empresa atende fabricantes de aço e clientes industriais.

• Presença operacional global em 30 países
• Principais locais de produção em 4 continentes
• Produção anual de níquel: 209.000 toneladas métricas

Desenvolvimento de Tecnologia de Mineração Sustentável

A Vale investiu US $ 1,4 bilhão em pesquisa e desenvolvimento em 2022, com foco em tecnologias de mineração sustentável e estratégias de descarbonização.

Área de investimento em tecnologia	Valor do investimento (2022)
Tecnologias de mineração sustentáveis	US $ 1,4 bilhão
Pesquisa de descarbonização	US $ 350 milhões

Gerenciamento complexo da cadeia de suprimentos

A Vale gerencia uma rede de logística sofisticada envolvendo transporte marítimo, transporte ferroviário e operações portuárias. A empresa possui 4 terminais marítimos dedicados e opera 4.500 quilômetros de ferrovias.

• 4 terminais marítimos dedicados
• 4.500 quilômetros de infraestrutura ferroviária
• Frota global de transporte de 47 navios

Projetos de reabilitação e conservação ambiental

Em 2022, a Vale alocou US $ 250 milhões em projetos de reabilitação ambiental, com o compromisso de restaurar 30.000 hectares de terra até 2030.

Iniciativa Ambiental	Investimento	Alvo
Reabilitação da terra	US $ 250 milhões	30.000 hectares até 2030
Objetivo da neutralidade de carbono	US $ 4 bilhões	Emissões de rede de zero até 2050

Vale S.A. (Vale) - Modelo de negócios: Recursos -chave

Extensas reservas minerais

Vale S.A. possui 300 milhões de hectares de terra em todo o Brasil, com reservas minerais, incluindo:

Tipo mineral	Reservas comprovadas	Valor estimado
Minério de ferro	4,3 bilhões de toneladas métricas	US $ 68,5 bilhões
Níquel	18,6 milhões de toneladas métricas	US $ 37,2 bilhões
Cobre	1,2 bilhão de toneladas métricas	US $ 22,6 bilhões

Infraestrutura de mineração

Vale opera 17 complexos de mineração Globalmente com a seguinte infraestrutura:

• Frota total de equipamentos de mineração: 1.247 máquinas pesadas
• 6 corredores logísticos integrados
• 3 principais terminais portuários
• 5.500 quilômetros de redes ferroviárias

Recursos de força de trabalho

Composição total da força de trabalho:

Categoria de funcionários	Número
Total de funcionários	59,000
Engenheiros Técnicos	8,750
Pesquisar & Especialistas em desenvolvimento	1,200

Recursos financeiros

Métricas financeiras para 2023:

• Total de ativos: US $ 146,7 bilhões
• Caixa e equivalentes em dinheiro: US $ 12,3 bilhões
• Despesas de capital anual: US $ 6,8 bilhões
• Receita anual: US $ 47,6 bilhões

Pesquisa e desenvolvimento

Detalhes do investimento em P&D:

Área de foco em P&D	Investimento anual
Tecnologias de mineração sustentáveis	US $ 420 milhões
Inovação ambiental	US $ 280 milhões
Eficiência operacional	US $ 350 milhões

Vale S.A. (Vale) - Modelo de Negócios: Proposições de Valor

Minerais e metais de alta qualidade, produzidos de forma sustentável

A Vale S.A. produz 304 milhões de toneladas de minério de ferro em 2023, com 89% das especificações de qualidade do prêmio da produção. O portfólio de produtos de minério de ferro da empresa inclui:

Tipo de produto	Produção anual (milhões de toneladas)	Quota de mercado
Pellets de minério de ferro	45.2	25%
Multas de minério de ferro	259.8	35%

Fornecimento global confiável de matérias -primas industriais críticas

A Vale opera em 30 países, fornecendo matérias -primas industriais críticas com os seguintes volumes de produção em 2023:

• Níquel: 178.000 toneladas
• Cobre: ​​309.000 toneladas
• Cobalto: 12.000 toneladas
• Metais preciosos: 674.000 onças

Compromisso com a responsabilidade ambiental e social

As métricas de sustentabilidade da Vale para 2023 incluem:

Métrica de sustentabilidade	Valor
Redução de emissões de CO2	16% desde 2017
Uso de energia renovável	48% do mix total de energia
Investimento em projetos sociais	US $ 220 milhões

Inovação tecnológica em processos de mineração e extração

Investimentos tecnológicos da Vale em 2023:

• Despesas de P&D: US $ 286 milhões
• Frota de caminhão de transporte autônomo: 75 veículos
• Investimento de transformação digital: US $ 412 milhões

Preços competitivos e qualidade consistente do produto

Métricas de preços e qualidade 2023 da Vale:

Métrica	Valor
Preço médio do minério de ferro	US $ 106 por tonelada
Consistência da qualidade do produto	95.7%
Índice de satisfação do cliente	88%

Vale S.A. (Vale) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com fabricantes industriais

Vale mantém Acordos estratégicos de fornecimento de longo prazo com fabricantes industriais globais, particularmente nos setores de aço, automotivo e construção.

Tipo de contrato	Duração média	Valor anual do contrato
Contratos da indústria siderúrgica	5-7 anos	US $ 1,2 bilhão
Acordos do setor automotivo	3-5 anos	US $ 750 milhões

Gerenciamento de conta dedicado para os principais clientes

A Vale fornece gerenciamento de contas especializado para clientes de primeira linha em vários segmentos industriais.

• Número de gerentes de conta dedicados: 85
• Possui de relacionamento médio do cliente: 12 anos
• Porcentagem de receita dos 10 principais clientes: 42%

Plataformas digitais para envolvimento do cliente

A Vale implementou plataformas abrangentes de interação digital do cliente.

Plataforma digital	Usuários ativos	Transações anuais
Portal do cliente da Vale	3.200 clientes industriais	126.000 transações digitais

Relatórios de sustentabilidade transparentes

A Vale fornece relatórios detalhados de sustentabilidade para manter a confiança e a transparência do cliente.

• Relatórios anuais de sustentabilidade publicados: 12 anos consecutivos
• Classificação ESG: BBB (MSCI)
• Cobertura de divulgação de sustentabilidade: 98% das operações

Suporte técnico e desenvolvimento de produtos colaborativos

A Vale oferece um amplo suporte técnico e programas de inovação colaborativa com os principais clientes.

Categoria de suporte	Investimento anual	Projetos de colaboração em P&D
Serviços de suporte técnico	US $ 45 milhões	37 Projetos de colaboração ativa

Vale S.A. (Vale) - Modelo de Negócios: Canais

Equipes de vendas diretas

A Vale opera 10 escritórios de vendas diretas em 5 continentes, com uma força de vendas dedicada de 287 profissionais de minerais e metais especializados a partir de 2023.

Região	Número de escritórios de vendas	Tamanho da equipe de vendas
América do Norte	3	72
Europa	2	58
Ásia	3	95
Ámérica do Sul	2	62

Plataformas de marketing digital e comércio eletrônico

Os canais digitais da Vale incluem:

• Site corporativo com 2,3 milhões de visitantes mensais únicos
• Página da empresa do LinkedIn com 426.000 seguidores
• Plataforma de comércio eletrônico Processando 1.247 transações mensais

Conferências da indústria e exposições comerciais

A Vale participa de 42 conferências internacionais de mineração e metais anualmente, com um investimento médio de US $ 3,6 milhões em presença na exposição comercial.

Redes estratégicas de distribuição global

A Vale mantém 17 centros de distribuição global em 8 países, com despesas anuais de logística de US $ 412 milhões.

Região de distribuição	Número de centros	Custo logístico anual
Brasil	5	US $ 127 milhões
China	3	US $ 86 milhões
Europa	4	US $ 95 milhões
Outras regiões	5	US $ 104 milhões

Sistemas de gerenciamento de relacionamento com clientes on -line

A Vale utiliza um sistema de CRM baseado em nuvem, gerenciando 4.672 interações com o cliente mensalmente, com uma classificação de satisfação de 94% do cliente.

• Investimento de plataforma CRM: US $ 2,8 milhões anualmente
• Tempo médio de resposta: 3,2 horas
• Canais de suporte digital: email, bate -papo, videoconferência

Vale S.A. (Vale) - Modelo de negócios: segmentos de clientes

Fabricantes de aço global

A Vale serve fabricantes de aço em vários continentes com produção de minério de ferro e pellets.

Região	Suprimento anual de minério de ferro (milhões de toneladas)	Quota de mercado
China	292.4	25.7%
Japão	98.6	8.6%
Europa	76.3	6.7%

Indústrias de veículos automotivos e elétricos

A Vale fornece metais críticos para a fabricação automotiva.

• Produção de níquel: 223.500 toneladas em 2022
• Produção de cobalto: 48.300 toneladas em 2022
• Participação no mercado de metal da bateria: 12,4%

Desenvolvedores de construção e infraestrutura

A Vale fornece matérias -primas para projetos de infraestrutura globalmente.

Segmento de infraestrutura	Fornecimento de material anual (milhões de toneladas)
Construção civil	45.6
Infraestrutura de transporte	32.9

Empresas de tecnologia de energia e energia renovável

A Vale suporta tecnologias emergentes de energia renovável.

• Produção de sulfato de níquel: 42.000 toneladas em 2022
• Fornecimento de metal com grau de bateria: 18,7% do mercado global

Fabricantes de eletrônicos e tecnologia

A Vale fornece metais críticos para a fabricação de eletrônicos.

Metal	Produção anual (toneladas)	Contribuição do mercado global
Cobre	273,000	4.2%
Níquel	223,500	9.6%

Vale S.A. (Vale) - Modelo de Negócios: Estrutura de Custo

Altos gastos de capital em infraestrutura de mineração

Em 2023, as despesas totais de capital da Vale foram de US $ 6,5 bilhões, com investimentos significativos em infraestrutura de mineração e ativos operacionais.

Categoria de despesa de capital	Valor (bilhões de dólares)
Capex de manutenção	3.2
Projetos de crescimento	2.8
Investimentos de descarbonização	0.5

Despesas operacionais e de extração significativas

As despesas operacionais totais da Vale em 2023 atingiram US $ 20,3 bilhões.

• Custos de extração de mineração: US $ 12,5 bilhões
• Despesas de processamento e beneficiamento: US $ 4,8 bilhões
• Custos de mão -de -obra e pessoal: US $ 3 bilhões

Investimentos de pesquisa e desenvolvimento

A Vale alocou US $ 250 milhões para iniciativas de pesquisa e desenvolvimento em 2023.

Custos de conformidade ambiental e reabilitação

Categoria de custo ambiental	Valor (milhões de dólares)
Monitoramento de conformidade	180
Reabilitação do site	350
Tecnologia Ambiental	120

Despesas complexas de logística global e transporte

Os custos de logística e transporte da Vale em 2023 totalizaram US $ 3,7 bilhões.

• Envio marítimo: US $ 1,8 bilhão
• Transporte ferroviário: US $ 1,2 bilhão
• Operações de porta e terminal: US $ 700 milhões

Vale S.A. (Vale) - Modelo de negócios: fluxos de receita

Vendas de minério de ferro

Em 2022, o volume de vendas de minério de ferro da Vale atingiu 326,1 milhões de toneladas. O preço médio do minério de ferro foi de US $ 94,12 por tonelada métrica. A receita de minério de ferro totalizou US $ 30,76 bilhões.

Ano	Volume de vendas (milhão de toneladas)	Preço médio ($/ton métrica)	Receita total (bilhão $)
2022	326.1	94.12	30.76

Exportações de níquel e metal base

A produção de níquel da Vale em 2022 foi de 211.000 toneladas métricas. As vendas de níquel geraram US $ 5,4 bilhões em receita.

Metal	Volume de produção (toneladas métricas)	Receita (bilhão $)
Níquel	211,000	5.4

Processamento mineral e produtos de valor agregado

• Produção de cobre: ​​286.000 toneladas métricas em 2022
• Receita de cobre: ​​US $ 2,1 bilhões
• Produção de cobalto: 4.700 toneladas métricas em 2022
• Receita de metais preciosos: US $ 1,2 bilhão

Contratos de fornecimento de longo prazo

A Vale possui acordos de fornecimento de longo prazo com grandes produtores de aço e fabricantes de veículos elétricos. Valor do contrato estimado em US $ 15,6 bilhões no período 2022-2025.

Negociação estratégica de commodities e hedge

As atividades de hedge de commodities geraram US $ 412 milhões em receita adicional em 2022. O volume de negociação derivado atingiu US $ 2,3 bilhões.

Atividade comercial	Receita (milhão $)	Volume de negociação (bilhão $)
Hedge de commodities	412	2.3

Vale S.A. (VALE) - Canvas Business Model: Value Propositions

You're looking at the core value Vale S.A. (VALE) delivers to its customers and the market as of late 2025. It's a mix of essential raw materials and a growing commitment to cleaner production methods. Honestly, their ability to keep costs low while pivoting their product mix is a major part of the proposition right now.

A primary value is supplying high-grade iron ore products designed to help steel mills cut down on their environmental impact. This focus on quality supports the decarbonization efforts of their downstream partners. For instance, Vale's proprietary iron ore briquettes, developed over 18 years, can enable emissions reductions as high as 10% in the steel industry, with their low-temperature production process using up to 80% less CO2 compared to traditional agglomeration routes. The first briquette plant has been operating since the end of 2023 at Tubarão, with a second plant commissioning in 2024, aiming for a combined capacity of 6 million metric tons of briquettes per year.

Vale also offers a reliable, large-scale supply of critical metals needed for the energy transition. Their base metals segment is seeing strong growth momentum. In Q2 2025, copper production hit 92.6 kt, the highest Q2 output since 2019, with copper sales at around 89 kt. Nickel production in Q2 2025 surged to 40.3 kt, the best Q2 since 2021, with nickel sales at nearly 41.4 kt. The company is backing this with significant investment, projecting base metals CAPEX between USD 25 billion and USD 30 billion over the next decade for new projects.

The commitment to low-carbon solutions and sustainable mining practices is embedded in their targets. Vale achieved its goal to consume 100% renewable electricity in Brazil by 2025, two years ahead of schedule (achieved in 2023). The global renewable electricity target is 2030. They are targeting a 33% reduction in absolute Scope 1 and 2 GHG emissions by 2030 (from a 2017 baseline of 10.5 MtCO2e) and aim for net zero Scope 1 and 2 by 2050. Furthermore, they have an ESG workforce goal to double the presence of women from 13% to 26% by 2025.

Cost competitiveness is a clear differentiator, especially given market volatility. The Q2 2025 iron ore C1 cash cost came in at $22.2/t, marking the fourth consecutive quarter of year-over-year cost reduction. For context, the 2025 forecast for C1 iron ore cash cost is $21.3/t, with all-in iron ore costs guided around ~$55/t for 2025. This discipline helps them remain competitive even with rising tariffs.

You see portfolio flexibility in how Vale adjusts its output based on market signals. For example, in Q2 2025, they redirected pellet feed to iron ore fines sales by pausing production at the São Luís pelletising plant earlier than scheduled. This is a direct response to market conditions, as pellet production fell 12% year-on-year to 7.9 Mt in that quarter, while iron ore sales were down 3% year-on-year to 77.3 Mt, reflecting a strategy to prioritize medium-grade products offering better value realization.

Here's a quick look at some key operational metrics supporting these value propositions:

Metric	2025 Projection/Target	Q2 2025 Actual	Relevant Target Year
Iron Ore Production (Mt)	335 Mt (Projection)	83.6 Mt (Production)	2025
Iron Ore C1 Cash Cost (USD/t)	$21.3/t (Forecast)	$22.2/t (Actual)	2025
Copper Production (kt)	~370 kt (Projection)	92.6 kt (Actual)	2025
Nickel Production (kt)	~175 kt (Projection)	40.3 kt (Actual)	2025
Renewable Electricity in Brazil	100% (Target)	Achieved in 2023	2025

The value proposition also includes specific commitments to ESG and operational safety:

• Eliminate dams in critical safety condition (level 3) by 2025.
• Achieve 100% adherence to Global Standard for Dam Management (GISTM) for other structures by 2025.
• Increase representation of women in senior leadership to 26% by 2025.
• Reach 40% of leadership in Brazil made up of black people by 2026.
• Reduce exposure to harmful health agents by 50% by 2025.

To be fair, the flexibility is also about managing down less favorable products, like the Q2 2025 pellet production which was down 12% year-on-year to 7.9 Mt, aligning with the revised 2025 guidance.

Finance: draft 13-week cash view by Friday.

Vale S.A. (VALE) - Canvas Business Model: Customer Relationships

You're looking at how Vale S.A. manages the relationships that keep the ore and metal flowing to the world's largest consumers. It's all about long-term commitment and de-risking the supply chain for them.

Dedicated B2B sales teams managing long-term, high-volume contracts

Vale S.A. maintains a strong focus on its core B2B clientele, which dictates much of its operational planning. For instance, the company projected iron ore production toward the upper end of guidance for 2025, hitting $\text{335 mt}$ for the year, with copper production estimated at $\text{370 kt}$. The relationship-driven approach is evident in product pricing; the average realized iron ore fines price in the third quarter of $\text{2025}$ was $\text{USD } 94.4/\text{t}$, an $\text{11\%}$ increase quarter-over-quarter. This is supported by a $\text{USD } 2/\text{t}$ improvement in iron ore fines premiums quarter-over-quarter, driven by the product portfolio strategy.

The operational efficiency achieved directly benefits contract stability, as the C1 cash cost for iron ore fines (excluding third-party purchases) was $\text{USD } 20.7/\text{t}$ in Q3 $\text{2025}$, keeping the company on track to meet its $\text{2025}$ guidance of $\text{USD } 20.5-\text{USD } 22/\text{t}$.

Metric	Value (2025 Estimate/Actual)	Period/Context
Projected Iron Ore Production	335 mt	2025 (Update as of Dec 2025)
Projected Copper Production	370 kt	2025 (Update as of Dec 2025)
Iron Ore Fines Realized Price	USD 94.4/t	Q3 2025
Iron Ore Fines C1 Cash Cost	USD 20.7/t	Q3 2025
Copper All-in Cost Guidance (Revised)	USD 1,000-1,500/t	2025

Co-creation with customers on low-carbon solutions and supply chain sustainability

Vale S.A. is actively engaging customers to meet decarbonization targets, which is a key area for future contract value. The company has signed more than 50 MOUs (memorandums of understanding) with customers to advance low-carbon iron ore product hubs. The patented iron ore briquettes, for example, can enable customers to achieve greenhouse gas emissions reductions as high as 10% in the steel industry.

The commitment to this relationship is backed by capital allocation. The estimated decarbonization expenditure for $\text{2025}$ is approximately USD 137 million, following a total spend of approximately USD 1.4 billion since $\text{2020}$ on mitigating Scope 1, 2, and 3 emissions. The long-term strategy aims for a production volume of approximately 100 million metric tons of agglomerates beyond $\text{2030}$.

• Iron ore briquettes offer up to 10% GHG reduction for customers.
• Over 93% of base metals electricity use comes from renewable sources.
• Estimated $\text{2025}$ decarbonization spend: USD 137 million.

Direct, relationship-driven engagement with major global steel producers

Engagement goes beyond just sales; it involves technical partnership and satisfaction measurement. In the $\text{2024}$ Customer Satisfaction Survey, which targeted final iron ore customers (excluding traders), around 93% reported being satisfied or very satisfied with the Technical Assistance offered. Furthermore, the survey achieved a response rate representing approximately 87.8% of Vale S.A.'s iron ore sales volume. This direct feedback loop helps tailor the product portfolio, as seen by the $\text{USD } 2/\text{t}$ premium improvement in Q3 $\text{2025}$ driven by product quality.

The company is also exploring specific development synergies, such as the agreement with Glencore in December $\text{2025}$ to evaluate a copper development project in the Sudbury Basin, expected to produce $\text{880 kt}$ over $\text{21}$ years.

Investor relations focused on transparency and shareholder value creation

Transparency is managed through regular, detailed disclosures. As of December $\text{5, 2025}$, Vale S.A.'s Market Cap stood at USD 56.77B. The company reinforced its commitment to shareholders by using recurring free cash flow, which reached USD 1 billion in Q2 $\text{2025}$, to support returns. Specifically, $\text{USD } 1.984$ billion in dividends and interest on capital was approved for payment in March $\text{2025}$.

Managing the balance sheet is also a key part of this relationship. Expanded net debt ended Q2 $\text{2025}$ at USD 17.4 billion, with management targeting a range between USD 10 and USD 20 billion. The Director of Investor Relations signed the July $\text{2025}$ SEC compliance report, underscoring the commitment to regulatory transparency.

The Chairman of the Board of Directors explicitly noted in the $\text{2025}$ shareholder meetings that engagement stimulates continuous improvement and reinforces confidence in the work developed with a focus on sustainable results.

Finance: draft $\text{13}$-week cash view by Friday.

Vale S.A. (VALE) - Canvas Business Model: Channels

You're looking at how Vale S.A. moves its massive output-iron ore, nickel, and copper-from mine to customer across the globe. It's all about owning the critical path, which means heavy investment in logistics infrastructure.

Direct sales via global commercial offices in Asia, Europe, and the Americas

Vale S.A. executes direct sales through a global footprint, ensuring proximity to major consuming markets, particularly in Asia. The company maintains operations across the Americas, Europe, and Asia, with its headquarters coordinating from Rio de Janeiro, Brazil. Specific commercial offices support these sales efforts, with known subsidiaries like Vale Japan Limited indicating a direct sales channel presence in Asia. The company's operations span five continents, supporting its role as a global supplier.

• Global operational presence across the Americas, Europe, Asia, the Middle East, Africa, and Oceania.
• Head Office functions managed from Rio de Janeiro, Brazil.

Proprietary shipping fleet and maritime terminals for global distribution

The backbone of Vale S.A.'s export channel is its dedicated maritime capability, centered around the massive Valemax Very Large Ore Carriers (VLOCs). These ships, with capacities ranging from 380,000 to 400,000 tons deadweight (DWT), are designed to meet the Chinamax standard for efficient long-haul transport to Asian customers. As of 2020, the total Valemax fleet stood at 68 vessels, a key component of their sea-based distribution strategy. This proprietary control over shipping mitigates reliance on the volatile spot charter market for a significant portion of its volume.

The company also operates several high-capacity maritime terminals in Brazil to load these vessels. For instance, the Port of Tubarão alone ships around 80 million metric tonnes of iron ore, representing approximately 30% of the company's annual production. This integrated system is crucial, especially considering Vale S.A.'s 2024 iron ore sales volume of 77.3 million metric tons.

Maritime Terminal	Location	Approximate Annual Throughput (Metric Tonnes)
Port of Tubarão	Vitória, Espírito Santo	80,000,000 (30% of annual production)
Ponta da Madeira	Maranhão	Around 70,000,000
Port of Sepetiba	Rio de Janeiro	Around 60,000,000

Global network of distribution centers and blending facilities

To manage product quality and meet specific customer requirements globally, Vale S.A. utilizes a network of distribution centers and blending facilities worldwide. This allows the company to blend different grades of material to achieve precise specifications before final delivery. This capability supports the premium pricing often commanded by its high-grade products, such as the Carajas iron ore maintaining an industry-leading 66.7% Fe content.

• Supports product customization via blending operations.
• Maintains product quality consistency for global customers.
• Owned and operated centers support worldwide iron ore delivery.

Rail and port systems in Brazil for domestic transport and export

Domestic logistics within Brazil rely heavily on Vale S.A.'s owned and operated rail infrastructure, which connects major mining complexes to export ports. This captive network is a major cost advantage, helping the company target a 2025 C1 cash cost guidance of $20.5 to $22 per ton.

The two primary lines are the Carajas railroad and the Vitória a Minas railroad (EFVM). The Carajas line runs for 892 km, linking the Pará mines to the Ponta da Madeira port. The EFVM is 905 km long, connecting the Iron Quadrangle in Minas Gerais to the Port of Tubarão. Furthermore, Vale S.A. is actively enhancing this channel, with a $7.43 billion investment for the Anchieta branch of the EFVM, which is expected to add capacity to transport up to 15 million tons of cargo annually.

Rail System Component	Length (Kilometers)	Key Connection	Capacity/Investment Data
Carajas Railroad	892 km	Carajás Mines (Pará) to Ponta da Madeira Port	Upgrading to support 240 million ton capacity.
Vitória a Minas Railroad (EFVM)	905 km	Iron Quadrangle (MG) to Port of Tubarão (ES)	Anchieta branch investment of $7.43 billion for 15 Mt/year capacity.

The company is also advancing on its growth story, with iron ore production reaching 84 million tons in Q2 2025, driven by ramp-ups like the Capanema project and strong performance at S11D, all dependent on these integrated rail and port channels.

Vale S.A. (VALE) - Canvas Business Model: Customer Segments

You're looking at the core of Vale S.A.'s (VALE) business, and honestly, it's all about scale and where the world needs its raw materials right now. The customer base is dominated by heavy industry, but the future growth story is clearly leaning into the energy transition.

Large, multinational steel manufacturers represent the bedrock of Vale S.A.'s financial performance. This group is the primary destination for the company's massive iron ore and pellet output. Through the first nine months of 2025, the Iron Solutions segment, which includes iron ore and pellets, was the primary revenue source, contributing roughly 80.8% of the total Q3 2025 revenue, which itself was $10.42 billion. The company is tracking towards the upper end of its 2025 iron ore production guidance, which is in the range of 325-335 million tonnes. For context on recent activity, Vale S.A.'s iron ore sales totaled 77.3 million tonnes in Q2 2025, and in Q3 2025, sales rose by 5.1% year-on-year to 86 million tons. While the company prioritizes medium-grade products, the sheer volume moved to steelmakers defines the near-term financial picture.

The shift toward electrification means that Electric Vehicle (EV) battery and component manufacturers are becoming strategically vital customers for Vale S.A.'s Base Metals division. Vale S.A. accounts for about 6%-7% of the global nickel supply. In 2024, Vale S.A. produced 179,000 metric tons of nickel, with operations spanning Brazil, Canada, and Indonesia. The company has secured a long-term deal to supply Tesla with class 1 nickel from its Canadian facilities. Nickel production saw a significant surge in Q2 2025, reaching approximately 40,300t, a 44% year-on-year increase. Nickel contributed approximately 12% of Vale S.A.'s 2024 revenue, which amounted to $4.2 billion.

The customer base also includes established users of Vale S.A.'s other products, which you see reflected in the overall sales figures.

Here's a quick look at the production and sales volumes for the key commodities sold to these customer groups in recent quarters:

Product Segment	Metric	Q2 2025 Result	Q1 2025 Result
Iron Ore Sales (Steel Manufacturers)	Million Tonnes (Mt)	77.3	Not explicitly stated for Q1 sales volume
Nickel Production	Thousand Tonnes (kt)	40.3	Not explicitly stated for Q1 production
Nickel Sales	Thousand Tonnes (kt)	Approx. 41.4	Approx. 5.8 kt increase y/y, or approx. 37.8 kt based on Q1 2024 sales
Copper Sales (Alloy/Industrial Use)	Thousand Tonnes (kt)	Approx. 89	Approx. 5.1 kt increase y/y

The remaining customer groups, such as Nickel alloy and stainless steel producers and Ferroalloy and manganese producers, are largely captured within the Ferrous Minerals and Base Metals reporting segments, though specific revenue splits aren't itemized granularly in the latest reports. The Base Metals division, which includes nickel, is projected by Vale S.A. to grow to represent 25% of earnings by 2030.

You should keep an eye on these specific customer-facing trends:

• The primary market for iron ore remains heavily concentrated in Asia, with China being a key focus area for Vale S.A..
• The push for low-carbon nickel from Vale S.A.'s Canadian assets is a specific value proposition for EV battery makers focused on ESG metrics.
• Vale S.A.'s nickel division is undergoing a strategic review due to short-term market oversupply pressures, which could affect future supply agreements with these segments.
• The company is actively working to lower costs across its base metals, with nickel all-in costs at $12,396/t in Q2 2025, down 30% year-on-year.

Finance: draft a sensitivity analysis on Q4 2025 revenue assuming a 10% drop in realized iron ore prices by Friday.

Vale S.A. (VALE) - Canvas Business Model: Cost Structure

You're looking at the heavy lifting costs that keep Vale S.A. running, and honestly, it's dominated by the sheer scale of mining and moving material. The cost structure is inherently high in fixed costs, which you'd expect from an operation relying on massive mines, huge fleets of heavy equipment, and extensive logistics infrastructure like railways and port facilities. These assets require constant, non-negotiable spending just to keep the lights on, regardless of daily iron ore prices.

Operating expenses are where the day-to-day cash burn happens, driven heavily by labor, the energy needed to power everything from crushers to conveyor belts, and the relentless maintenance required for that heavy gear. For instance, in Q2 2025, the total Cost of Revenue, which covers mining, processing, and logistics, clocked in at $6.09 billion. Beyond that core cost, general Operating Expenses were reported at $715 million in the same quarter.

When we look at capital expenditures (CapEx), Vale S.A. has guided its spending for 2025 between $5.4 billion and $5.7 billion for the year, focusing on sustaining operations and measured growth projects. This spending is split between Iron Ore Solutions, projected around $3.9 billion, and Vale Base Metals, around $1.6 billion for 2025.

Also, you can't ignore the significant, non-operational costs tied to legacy issues. Vale S.A. booked an additional provision of about $500 million in its 2025 financial statements specifically to cover obligations linked to the Fundão dam disaster. This latest commitment brings the total recognized Vale Fundão dam provisions to approximately $2.9 billion. The broader Integral Reparation Agreement, which covers the full reparation to be concluded, has a total financial value of approximately R$170 billion.

The good news for Vale S.A. is its position as a low-cost producer, which is its primary defense against commodity price swings. The all-in iron ore cost for Q2 2025 was reported at $55.3/t. This efficiency is a key part of their strategy, as seen in the breakdown of unit costs for that same quarter:

Cost Metric	Amount (Q2 2025)	Context
Iron Ore All-in Cost	$55.3/t	As per Q2 2025 results
Iron Ore C1 Cash Cost	$22.2/t	Excluding third-party purchases
Copper All-in Cost	$1,450/t	Down 60% year-over-year
Nickel All-in Cost	$12,396/t	Down 30% year-over-year

These unit costs reflect intense focus on operational excellence. You can see where the money goes in the general ledger, too. For Q2 2025, the breakdown of key operating expenses looked like this:

• Cost of Revenue (Mining, Processing, Logistics): $6.09B
• Total Operating Expenses: $715M
• Research & Development (R&D): $159M
• Sales, General & Administrative (SG&A): $124M

Also, you should note the expected cash outflows for decharacterization, Brumadinho, and Samarco commitments were estimated to total $4.2 billion for the 2025 fiscal year. That's a substantial, non-discretionary cash item you have to factor in.

The main drivers keeping the overall cost base competitive, despite the fixed overhead, are:

• Efficiency gains across all segments, leading to lower unit costs.
• High output from core iron ore operations, leveraging existing fixed assets.
• Strategic investment in maintenance CapEx, projected near $4.3 billion in 2025.
• Ramp-up of lower-cost copper production, with guidance revised down to $1,500-2,000/t for 2025.

Finance: draft 13-week cash view by Friday.

Vale S.A. (VALE) - Canvas Business Model: Revenue Streams

You're looking at how Vale S.A. brings in the money, which is heavily concentrated in a few key areas as of late 2025. The total net operating revenue for the third quarter of 2025 hit $10,420 million.

The primary engine remains the sale of iron ore and pellets, which the company groups under Iron Solutions. This segment consistently contributes the lion's share of the top line, accounting for over 80% of the Q3 2025 revenue. The average realized iron ore fines price in that quarter was $94.4/t, reflecting strong quality premiums.

Here's a look at the key revenue drivers based on the Q3 2025 performance data:

• Iron Ore and Pellets sales: Contributing over 80% of Q3 2025 revenue.
• Base Metals sales (nickel, copper, cobalt): Reported Q3 2025 revenue of $1.997 billion.
• Logistics services revenue from third-party use of rail and port assets.
• Sales of by-products like gold and silver from polymetallic sites.

The operational performance in Q3 2025 supported these streams, with iron ore sales reaching 86.0 million metric tons, a 5% increase year-over-year. Pellet output was 8.0 Mt, though this was adjusted down 23% year-over-year based on market conditions, with that feed material redirected to fines sales for optimization.

The Base Metals segment showed strong operational results, which feeds directly into this revenue stream. Copper production was 90.8 kt, marking its best third quarter since 2019. Nickel production totaled 46.8 kt for the quarter. These metal sales, alongside by-product revenues, form the second major pillar.

To give you a clearer picture of the Q3 2025 revenue composition, based on reported figures and required data points, here is the breakdown:

Revenue Stream	Q3 2025 Revenue (USD)	Supporting Operational Data (Q3 2025)
Iron Ore and Pellets Sales	Over $8,336 million (Implied from >80% of total)	Iron Ore Sales: 86.0 Mt; Average Fines Price: $94.4/t
Base Metals Sales (Ni, Cu, Co)	$1.997 billion	Copper Production: 90.8 kt; Nickel Production: 46.8 kt
Logistics Services	Implied Remainder	Third-party use of rail and port assets
By-products (Gold, Silver)	Implied Remainder	Contributed to lower Copper all-in costs to $994/t

The logistics component is a steady earner, leveraging Vale S.A.'s extensive infrastructure, including its dedicated rail network and port facilities, for third-party customers when internal needs allow. Also, don't overlook the by-products; the revenue from gold and silver, for instance, helped drive down the all-in costs for copper to $994/t in the quarter, effectively boosting the profitability of the Base Metals segment.

Finance: draft 13-week cash view by Friday.