[SMM Iron & Steel] Vale's 2025 Iron Ore Production Growth by 6% YOY

Vale Q4 2025 and Full Year 2025 Performance Brief:

In 2025, underpinned by the successful ramp-up of key projects and sustained operational stability, Vale recorded strong growth across all business segments. Overall output levels significantly exceeded the production guidance established at the beginning of the year. Notably, both iron ore and copper production reached their highest annual levels since 2018, totalling 336 million tonnes (Mt) and 382,000 tonnes (kt), respectively.

Focusing on the fourth quarter, the iron ore business demonstrated robust supply resilience, with quarterly production recorded at 90.4 Mt, a year-on-year increase of 5.1 Mt (+6%). This increment is primarily attributed to the exceptional performance of the Brucutu complex, alongside the smooth progression of capacity ramp-ups at the Capanema project and the Vargem Grande 1 (VGR1) plant.

Although pellet production retreated by 9% year-on-year to 8.3 Mt due to volatile market conditions, the overall alignment between iron ore production and sales remained healthy. Quarterly sales volumes reached 84.9 Mt, up 5% year-on-year, broadly matching the increase in production.

Production Summary:

Sales Volume Summary:

Price Realisation Summary:

Iron Ore Premium Summary: