Vale (VALE) trims 2025 CAPEX and sets Mid-Grade Carajás, PFC sales goals

Rhea-AI Filing Summary

Vale S.A. updated its 2025 capital investment guidance, signaling a slightly leaner spending plan while keeping overall iron ore investments steady. Total 2025 CAPEX is now projected at US$5.4–5.7 billion, down from a previous estimate of about US$5.9 billion, based on an exchange rate of BRL/USD 5.60.

Investment for growth is now around US$1.5 billion versus US$1.6 billion previously, and maintenance investment is guided to about US$4.1 billion versus US$4.3 billion. By business, Iron Ore Solutions is expected to receive roughly US$3.9 billion, unchanged, while Energy Transition Metals CAPEX is reduced to about US$1.7 billion from US$2.0 billion.

Vale also introduced 2025 sales estimates for new and concentrated iron ore products, targeting about 25 million tons of Mid-Grade Carajás and roughly 24 million tons of PFC. The company discontinued its estimates for the percentage share of products sold within the Iron Ore Solutions portfolio to allow greater flexibility and value maximization, and emphasized that all estimates are hypothetical and may change with market conditions.

Insights

Metals & Mining Equity Analyst

Vale trims 2025 CAPEX and shifts spending toward core iron ore while moderating Energy Transition Metals growth.

Vale now plans total 2025 CAPEX of US$5.4–5.7 billion, slightly below the prior ~US$5.9 billion. The cut is concentrated in maintenance and in the Energy Transition Metals segment, whose budget falls from about US$2.0 billion to US$1.7 billion. Iron Ore Solutions CAPEX stays around US$3.9 billion, underscoring iron ore as the main capital focus.

The new guidance suggests ongoing portfolio optimization rather than a broad retrenchment. Lower maintenance and Energy Transition Metals spending may reflect project sequencing choices under the company’s value-over-volume strategy, based on an exchange rate assumption of BRL/USD 5.60.

Vale also introduces 2025 sales estimates for higher-value products, targeting roughly 25 million tons of Mid-Grade Carajás and 24 million tons of PFC. Discontinuing product mix share estimates in Iron Ore Solutions aligns with a strategy to keep more flexibility in product specifications across different market scenarios.

Form 6-K: How Foreign Companies Report to the SEC →

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

For the month of

September 2025

Vale S.A.

Praia de Botafogo nº 186, 18º andar, Botafogo
22250-145 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F x Form 40-F ¨

   Vale updates estimates Rio de Janeiro, September 10th, 2025 – Vale S.A. (“Vale”) informs that it has updated its capital investment guidance by type and by business for the year 2025, reflecting initiatives toward project portfolio optimization performed throughout the year. Capital investments by type (US$ billion)(1): 2025 new 2025 previous Investment for growth ~1.5 ~1.6 Maintenance investment ~4.1 ~4.3 total CAPEX 5.4-5.7 ~5.9 (1) Considers an exchange rate of BRL/USD 5.60. Capital investments by business (US$ billion)(1): 2025 new 2025 previous Iron Ore Solutions (2) ~3.9 ~3.9 Energy Transition Metals ~1.7 ~2.0 total CAPEX 5.4-5.7 ~5.9 (1) Considers an exchange rate of BRL/USD 5.60. (2) Including Energy and other businesses. Additionally, the Company is now disclosing its 2025 sales estimates for the new product “Mid-Grade Carajás” and for the concentrated product “PFC”. Iron Ore Product Sales – Mid-Grade Carajás and PFC (million tons): 2025 new 2025 previous Mid-Grade Carajás ~25 Not applicable PFC ~24 Not applicable Finally, the Company announces that its estimates for the share of products sold within the Iron Ore Solutions portfolio (%) have been discontinued, considering the implementation of a strategy for greater portfolio flexibility and value maximization under any market scenario, including the introduction of new product specifications. All other estimates previously disclosed by the Company remain unchanged. The Company reiterates that the estimates disclosed today, in line with others previously disclosed, refer to hypothetical data, which in no way constitute a performance promise by Vale and/or its management, and which also involves market factors beyond Vale’s control and, therefore, may be subject to further changes. In due course, the Company will refile item 3 of its Reference Form, within the timeframe established by CVM Resolution No. 80/2022. Marcelo Feriozzi Bacci Executive Vice President, Finance and Investor Relations For further information, please contact: Vale.RI@vale.com Thiago Lofiego: thiago.lofiego@vale.com Mariana Rocha: mariana.rocha@vale.com Luciana Oliveti: luciana.oliveti@vale.com Pedro Terra: pedro.terra@vale.com Patricia Tinoco: patricia.tinoco@vale.com This press release may include statements that present Vale’s expectations about future events or results. All statements, when based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F. Press Release

 

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Vale S.A. (Registrant)
	By:	/s/ Thiago Lofiego
Date: September 10, 2025		Director of Investor Relations

FAQ

How did Vale (VALE) change its total 2025 CAPEX guidance?

Vale now expects total 2025 CAPEX of US$5.4–5.7 billion, compared with a previous estimate of about US$5.9 billion. The revision reflects project portfolio optimization and is based on an exchange rate assumption of BRL/USD 5.60.

How are Vale’s 2025 growth and maintenance investments expected to change?

For 2025, Vale guides investment for growth at around US$1.5 billion, slightly below the prior US$1.6 billion. Maintenance investment is now about US$4.1 billion, down from US$4.3 billion, indicating modest CAPEX rationalization rather than a broad pullback.

What are Vale’s 2025 CAPEX plans by business segment?

Vale’s 2025 CAPEX by business allocates roughly US$3.9 billion to Iron Ore Solutions, unchanged from before, and about US$1.7 billion to Energy Transition Metals, reduced from approximately US$2.0 billion. Total CAPEX now ranges from US$5.4–5.7 billion.

What 2025 sales does Vale expect for Mid-Grade Carajás and PFC products?

Vale estimates 2025 sales of about 25 million tons for its new Mid-Grade Carajás iron ore product and roughly 24 million tons for the concentrated product PFC. These products expand Vale’s higher-specification iron ore offering within its broader portfolio.

Why did Vale discontinue its Iron Ore Solutions product mix share estimates?

Vale discontinued estimates for the percentage share of products sold within the Iron Ore Solutions portfolio to support a strategy of greater portfolio flexibility and value maximization in any market scenario, including the introduction of new product specifications over time.

Do Vale’s updated 2025 estimates represent guaranteed performance?

No. Vale states that the updated 2025 estimates are hypothetical data and do not constitute a performance promise by the company or management. They depend on market factors beyond Vale’s control and may be revised as conditions evolve.