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Vale
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Latest analysis
Updated Oct 30, 2026
Vale Q3 2026 6-K: Copper EBITDA surges 57% YoY to R$5.25B as Iron Ore Solutions contracts sharply on lower realized prices
Vale's copper segment is now carrying Base Metals — Q3 2026 copper adjusted EBITDA of R$5.25 billion dwarfs nickel's R$500 million and has more than offset a severe contraction in Iron Ore Solutions, where EBITDA fell from R$21.6 billion to R$13.5 billion QoQ on weaker iron ore pricing. Consolidated net operating revenue for Q3 2026 was R$54.5 billion, down from R$56.7 billion in Q3 2025, driven by lower iron ore prices; the nine-month 2026 figure of R$156.2 billion modestly exceeds the R$153.9 billion for the same period in 2025. Two new strategic transactions define the period: Vale agreed to acquire a 30% stake in Brazilian iron ore producer Ligga S.A. for R$979 million (US$189 million), and completed the divestiture of its Thompson, Manitoba nickel assets into a new company where Vale retains only 18.9%, crystalizing a decisive exit from high-cost, low-return nickel.
Tone: mixedRevenue
$38.4B
VALE 20-F · FY 2025
Revenue FY2024
$38.1B
Headquarters
Rio de Janeiro, RJ, Brazil
Profile
VALE 20-F Item 4.B · Mar 27, 2026Vale S.A. is a Brazilian multinational mining company and one of the world's largest producers of iron ore, iron ore pellets, nickel, and copper. The company operates two primary business segments — Iron Ore Solutions and Vale Base Metals — serving steel producers, battery materials customers, and industrial users globally. Vale is headquartered in Rio de Janeiro, Brazil, and is listed on the New York Stock Exchange.
Read filing description ↓ Collapse description ↑
Vale S.A. is a global mining and metals company incorporated in Brazil and listed on the New York Stock Exchange. The company's operations are organized around two principal segments: Iron Ore Solutions, which encompasses the mining and processing of iron ore and iron ore pellets as well as other ferrous products and logistics services; and Vale Base Metals, which covers the production of nickel, copper, and other base metals. Vale's iron ore and pellet operations are primarily located in Brazil, while its base metals operations span Canada, Indonesia, and other international jurisdictions. The company serves a broad range of customers across the steel, energy transition, and industrial sectors. Vale's revenue recognition reflects diverse shipping terms including CFR and CIF Incoterms, with performance obligations allocated across shipping services rendered over time. The company does not disclose individual customer names as material concentrations in 2025 or 2024, though in 2023 a single Iron Ore Solutions customer represented 10% of total revenue. Vale has ongoing financial obligations related to the 2019 Brumadinho dam disaster and other socio-environmental commitments, which continue to represent material operating expense items.
Primary products
- Iron Ore
- Iron Ore Pellets
- Other ferrous products and logistics services
- Nickel
- Copper
- Other base metals
Business segments
End markets
Geographies
Named competitors
Revenue commentary · FY 2025
Total consolidated revenue is not determinable from the provided filing excerpt, which contains only cost-of-goods-sold schedules, segment cost tables, and an income tax reconciliation rather than a top-line revenue statement.
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