Amended Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k/a)

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Table of Contents

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 

6-K/A

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

For the month of

July 2021

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   Form 40-F

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1))

 

(Check One) Yes   No

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7))

 

(Check One) Yes   No

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

 

(Check One) Yes   No

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82-   .)

Table of Contents

Explanatory Note

Vale is amending its report on Form 6-K furnished to the Securities and Exchange Commission on July 29, 2021 (File/Film Number: 001-15030 / 211124302) (the “Original 6-K”) solely for the purpose of adding Exhibit 101, which contains Interactive Data File disclosure in accordance with Rule 405 of Regulation S-T. Except as described above, this amendment does not amend any information set forth in the Original 6-K.

Table of Contents

GRAPHIC

Interim Financial Statements

June 30, 2021

GRAPHIC

IFRS in US$

Table of Contents

GRAPHIC

Vale S.A. Interim Financial Statements

Contents

Page

Report of Independent Registered Public Accounting Firm

2

Consolidated Income Statement

3

Consolidated Statement of Comprehensive Income

4

Consolidated Statement of Cash Flows  

5

Consolidated Statement of Financial Position

6

Consolidated Statement of Changes in Equity

7

Notes to the Interim Financial Statements

8

1.Corporate information

8

2.Basis of preparation of the interim financial statements

8

3.Significant events in the current period

9

4.Information by business segment and by geographic area

9

5.Costs and expenses by nature

14

6.Financial results

15

7.Income taxes

16

8.Basic and diluted earnings per share

17

9.Accounts receivable

18

18

18

19

21

22

23

24

32

33

34

37

41

43

44

46

48

49

1

Table of Contents

GRAPHIC

GRAPHIC

Report of Independent registered Public Accounting Firm

To the Stockholders and Board of Directors of

Vale S.A.

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated statement of financial position of Vale S.A. and its subsidiaries (the “Company”) as of June 30, 2021, and the related consolidated income statement, consolidated statement of comprehensive income and consolidated statement of cash flows for the three and six-month periods ended June 30, 2021 and June 30, 2020, and the consolidated statement of changes in equity for the six-month periods ended June 30, 2021 and June 30, 2020, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statement of financial position of the Company as of December 31, 2020, and the related consolidated income statement and consolidated statements of comprehensive income, changes in equity and of cash flows for the year then ended (not presented herein), and in our report dated February 25, 2021, which included a paragraph describing a change in the manner of accounting for leases on January 1, 2019, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial position as of December 31, 2020, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ PricewaterhouseCoopers

Auditores Independentes

Rio de Janeiro, RJ, Brazil

July 28, 2021

PricewaterhouseCoopers Auditores Independentes, Rua do Russel 804, Edifício Manchete, 6º e 7º andares, Rio de Janeiro, RJ, Brasil 22210-907, T: (21) 3232-6112, F: (21) 3232-6113, www.pwc.com/br

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GRAPHIC

Consolidated Income Statement

In millions of United States dollars, except earnings per share data

Three-month period ended June 30, 

Six-month period ended June 30, 

    

Notes

    

2021

    

2020

    

2021

    

2020

Net operating revenue

 

4(c)

 

16,675

7,518

29,320

14,487

Cost of goods sold and services rendered

 

5(a)

 

(5,805)

(4,212)

(10,432)

(8,490)

Gross profit

 

 

10,870

3,306

18,888

5,997

Operating expenses

 

 

Selling and administrative expenses

 

5(b)

 

(133)

(124)

(238)

(239)

Research and evaluation expenses

 

 

(141)

(90)

(241)

(185)

Pre-operating and operational stoppage

 

20

 

(191)

(238)

(336)

(506)

Brumadinho event

20

(185)

(130)

(300)

(289)

Other operating expenses, net

 

5(c)

 

(74)

(237)

(86)

(299)

 

 

(724)

(819)

(1,201)

(1,518)

Impairment and disposals of non-current assets

 

12 and 15

 

(432)

(403)

(593)

(432)

Operating income

 

 

9,714

2,084

17,094

4,047

Financial income

 

6

 

86

135

160

242

Financial expenses

 

6

 

(177)

(585)

(1,563)

(1,110)

Other financial items, net

6

441

(35)

1,676

(1,902)

Equity results and other results in associates and joint ventures

 

13 and 21

 

(454)

(535)

(470)

(701)

Income before income taxes

 

 

9,610

1,064

16,897

576

Income taxes

 

7(b)

 

Current tax

 

 

(1,201)

(326)

(2,716)

(673)

Deferred tax

 

 

(872)

181

(1,167)

1,177

 

 

(2,073)

(145)

(3,883)

504

Net income

 

7,537

919

13,014

1,080

Loss attributable to non-controlling interests

(49)

(76)

(118)

(154)

Net income attributable to Vale's stockholders

 

 

7,586

995

13,132

1,234

Earnings per share attributable to Vale's stockholders:

 

 

 

 

Basic and diluted earnings per share:

 

8

 

 

 

Common share (US$)

 

 

1.49

 

0.19

2.57

 

0.24

The accompanying notes are an integral part of these interim financial statements.

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GRAPHIC

Consolidated Statement of Comprehensive Income

In millions of United States dollars

Three-month period ended June 30, 

Six-month period ended June 30, 

    

2021

    

2020

    

2021

    

2020

Net income

7,537

919

13,014

1,080

Other comprehensive income (loss):

 

 

 

Items that will not be reclassified to the income statement

 

 

 

Translation adjustments

 

5,233

 

(1,786)

1,885

 

(11,249)

Retirement benefit obligations (note 24)

 

25

 

(209)

316

 

(200)

Fair value adjustment to investment in equity securities

(82)

39

193

(209)

Total items that will not be reclassified to the income statement, net of tax

 

5,176

 

(1,956)

2,394

 

(11,658)

Items that may be reclassified to the income statement

 

 

 

Translation adjustments

 

(2,762)

 

885

(756)

 

5,128

Net investments hedge (note 16)

202

(119)

42

(639)

Net cash flow hedge (note 16)

(35)

(49)

(26)

15

Reclassification of cumulative translation adjustment to net income (note 12)

(424)

(1,542)

Total items that may be reclassified to the income statement, net of tax

 

(3,019)

 

717

(2,282)

 

4,504

Total comprehensive income (loss)

 

9,694

 

(320)

13,126

 

(6,074)

Comprehensive loss attributable to non-controlling interests

 

(47)

 

(53)

(116)

 

(129)

Comprehensive income (loss) attributable to Vale's stockholders

 

9,741

 

(267)

13,242

 

(5,945)

Items above are stated net of tax and the related taxes are disclosed in note 7.

The accompanying notes are an integral part of these interim financial statements.

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GRAPHIC

Consolidated Statement of Cash Flows

In millions of United States dollars

Three-month period ended June 30, 

Six-month period ended June 30, 

    

2021

    

2020

    

2021

    

2020

Cash flow from operations (a)

 

9,277

 

2,111

17,950

 

4,116

Interest on loans and borrowings paid (note 19)

 

(138)

 

(168)

(426)

 

(412)

Cash received (paid) on settlement of Derivatives, net (note 16)

 

60

 

(114)

(139)

 

159

Interest on participative stockholders' debentures paid (note 18)

 

(193)

 

(95)

(193)

 

(95)

Income taxes (including the settlement program)

 

(1,280)

 

(398)

(2,444)

 

(747)

Net cash provided by operating activities

 

7,726

 

1,336

14,748

 

3,021

Cash flow from investing activities:

 

  

 

 

Capital expenditures (notes 14 and 15)

(1,139)

(967)

(2,148)

(2,091)

Additions to investments (note 13)

(42)

(75)

Acquisition of NLC, net of cash (note 12)

(2,345)

(2,345)

Cash paid on the disposal of VNC (note 12)

(555)

Dividends received from associates and joint ventures (note 13)

 

43

 

77

43

 

77

Short-term investment

 

543

 

449

(173)

 

630

Investment fund applications

(96)

(96)

Other investments activities, net

 

(189)

 

(133)

(213)

 

(186)

Net cash used in investing activities

 

(3,087)

 

(670)

(5,433)

 

(1,741)

Cash flow from financing activities:

 

  

 

 

Loans and borrowings from third-parties (note 19)

 

10

 

300

 

5,000

Payments of loans and borrowings from third-parties (note 19)

 

(179)

 

(116)

(1,412)

 

(491)

Lease payments (note 19)

 

(49)

 

(49)

(104)

 

(99)

Dividends and interest on capital paid to stockholders (note 25)

 

(2,208)

(6,092)

Dividends and interest on capital paid to non-controlling interest

(3)

(5)

(6)

(8)

Share buyback program (note 25)

(2,004)

(2,004)

Net cash used in financing activities

 

(4,433)

 

(170)

(9,318)

 

4,402

Increase (decrease) in cash and cash equivalents

 

206

 

496

(3)

 

5,682

Cash and cash equivalents at the beginning of the period

 

12,883

 

11,788

13,487

 

7,350

Effects of exchange rate changes on cash and cash equivalents

 

560

 

(171)

165

 

(919)

Cash and cash equivalents at end of the period

 

13,649

 

12,113

13,649

 

12,113

Non-cash transactions:

 

 

 

Additions to property, plant and equipment - capitalized loans and borrowing costs

 

14

 

12

30

 

44

Cash flow from operating activities:

 

  

 

  

Income before income taxes

 

9,610

 

1,064

16,897

 

576

Adjusted for:

 

 

 

Provisions related to Brumadinho event (note 20)

21

21

Equity results and other results in associates and joint ventures (note 13)

 

454

 

535

470

 

701

Impairment and disposal of non-current assets

 

432

 

403

593

 

432

Depreciation, depletion and amortization

 

849

 

807

1,580

 

1,622

Financial results, net (note 6)

 

(350)

 

485

(273)

 

2,770

Changes in assets and liabilities:

 

 

 

Accounts receivable

 

(1,105)

 

(922)

296

 

(301)

Inventories

 

(188)

 

(125)

(362)

 

(352)

Suppliers and contractors (i)

 

291

 

108

35

 

(566)

Provision — Payroll, related charges and other remunerations

 

82

 

115

(207)

 

(93)

Payments related to Brumadinho event (note 20) (ii)

(303)

(155)

(452)

(371)

Other assets and liabilities, net

 

(495)

 

(225)

(627)

 

(323)

Cash flow from operations (a)

9,277

2,111

17,950

4,116

(i) Includes variable lease payments.

(ii) In addition, the Company has incurred in expenses in the amount of US$185 and US$300 for the three and six-month periods ended June 30, 2021, respectively (US$109 and US$268 for the three and six-month periods ended June 30, 2020).

The accompanying notes are an integral part of these interim financial statements.

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GRAPHIC

Consolidated Statement of Financial Position

In millions of United States dollars

    

Notes

    

June 30, 2021

    

December 31, 2020

Assets

 

  

 

  

Current assets

 

  

 

  

Cash and cash equivalents

 

19

 

13,649

 

13,487

Short-term investments

19

951

771

Accounts receivable

 

9

 

4,954

 

4,993

Other financial assets

 

11

 

214

 

329

Inventories

 

10

 

4,701

 

4,061

Recoverable taxes

 

 

668

 

509

Others

 

266

 

253

 

25,403

 

24,403

 

 

Non-current assets

 

 

  

Judicial deposits

 

23(c)

 

1,326

 

1,268

Other financial assets

 

11

 

1,430

 

1,784

Recoverable taxes

 

 

1,440

 

1,091

Deferred income taxes

 

7(a)

 

9,338

 

10,335

Others

 

701

 

651

 

14,235

 

15,129

Investments in associates and joint ventures

 

13

 

2,197

 

2,031

Intangibles

 

14

 

10,997

 

9,296

Property, plant and equipment

 

15

 

43,884

 

41,148

 

71,313

 

67,604

Total assets

 

96,716

 

92,007

Liabilities

 

  

 

  

Current liabilities

 

  

 

  

Suppliers and contractors

 

3,777

 

3,367

Loans, borrowings and leases

 

19

 

992

 

1,136

Other financial liabilities

11

1,547

1,906

Taxes payable

 

1,678

 

952

Settlement program ("REFIS")

7(c)

 

356

 

340

Liabilities related to associates and joint ventures

 

21

 

1,467

 

876

Provisions

 

22

 

1,156

 

1,826

Liabilities related to Brumadinho

20

 

2,223

 

1,910

De-characterization of dams

20

454

381

Dividends payable

27

1,220

Others

 

658

 

680

 

14,335

 

14,594

 

 

Non-current liabilities

 

 

  

Loans, borrowings and leases

 

19

 

12,870

 

13,891

Participative stockholders' debentures

18

4,687

3,413

Other financial liabilities

 

11

 

3,027

 

4,564

Settlement program ("REFIS")

7(c)

 

2,336

 

2,404

Deferred income taxes

 

7(a)

 

1,985

 

1,770

Provisions

 

22

 

8,003

 

8,434

Liabilities related to Brumadinho

20

2,268

2,665

De-characterization of dams

20

1,701

1,908

Liabilities related to associates and joint ventures

 

21

 

1,024

 

1,198

Streaming transactions

 

 

1,961

 

2,005

Others

 

160

 

340

 

40,022

 

42,592

Total liabilities

 

54,357

 

57,186

Stockholders' equity

 

25

 

  

 

  

Equity attributable to Vale's stockholders

 

41,661

 

35,744

Equity attributable to non-controlling interests

 

698

 

(923)

Total stockholders' equity

 

42,359

 

34,821

Total liabilities and stockholders' equity

 

96,716

 

92,007

The accompanying notes are an integral part of these interim financial statements.

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GRAPHIC

Consolidated Statement of Changes in Equity

In millions of United States dollars

    

    

    

    

    

    

Equity

    

    

Cumulative

attributable

Equity

Total

Treasury

Other

translation

Retained

to Vale’s

attributable to non-

stockholders’

Share capital

Capital reserve

Profit reserves

shares

    

reserves

adjustments

    

earnings

stockholders

controlling interests

equity

Balance at December 31, 2020

 

61,614

1,139

7,042

(2,441)

(2,056)

(29,554)

35,744

(923)

34,821

Net income (loss)

 

13,132

13,132

(118)

13,014

Other comprehensive income

 

9

518

(417)

110

2

112

Dividends and interest on capital of Vale's stockholders (note 25)

 

(4,319)

(724)

(5,043)

(5,043)

Dividends of non-controlling interest

 

(24)

(24)

Acquisition and disposal of non-controlling interest (note 12)

 

(331)

(331)

1,761

1,430

Share buyback program (note 25)

 

(2,004)

(2,004)

(2,004)

Share-based payment (note 24)

 

46

46

46

Treasury shares utilized in the period (note 25)

 

7

7

7

Balance at June 30, 2021

 

61,614

1,139

2,732

(4,438)

(1,823)

(29,971)

12,408

41,661

698

42,359

    

    

    

    

    

    

Equity

    

    

Cumulative

attributable

Equity

Total

Treasury

Other

translation

Retained

to Vale’s

attributable to non-

stockholders’

Share capital

Capital reserve

Profit reserves

shares

reserves

adjustments

earnings

stockholders

controlling interests

equity

Balance at December 31, 2019

 

61,614

1,139

 

7,090

 

(2,455)

(2,110)

 

(25,211)

 

40,067

 

(1,074)

 

38,993

Net income (loss)

 

1,234

1,234

(154)

1,080

Other comprehensive income

 

(1,871)

(409)

(4,899)

(7,179)

25

(7,154)

Dividends of non-controlling interest

(5)

(5)

Capitalization of non-controlling interest advances

6

6

Treasury shares utilized in the period (note 25)

14

14

14

Balance at June 30, 2020

 

61,614

1,139

 

5,219

 

(2,441)

(2,519)

 

(30,110)

1,234

 

34,136

 

(1,202)

 

32,934

The accompanying notes are an integral part of these interim financial statements.

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Selected Notes to the Interim Financial Statements

Expressed in millions of United States dollar, unless otherwise stated

GRAPHIC

1.

Corporate information

Vale S.A. and its subsidiaries (“Vale” or the “Company”) are iron ore and iron ore pellets producers, which are key raw materials for steelmaking, and nickel producers, which is used to produce stainless steel and metal alloys employed in the production process of several products. The Company also produces copper, metallurgical and thermal coal, manganese ore and, platinum group metals, gold, silver and cobalt. The information by segment is presented in note 4.

Vale S.A. (the “Parent Company”) is a public company headquartered in the city of Rio de Janeiro, Brazil with securities traded on the stock exchanges of São Paulo – B3 S.A. (VALE3), New York - NYSE (VALE) and Madrid – LATIBEX (XVALO).

2.

Basis of preparation of the interim financial statements

a) Statement of compliance

The consolidated interim financial statements of the Company (“interim financial statements”) have been prepared and are being presented in accordance with IAS 34 Interim Financial Reporting of the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

b) Basis of presentation

The interim financial statements have been prepared to update users about relevant events and transactions that occurred in the period and should be read in conjunction with the financial statements for the year ended December 31, 2020. The accounting policies, accounting estimates and judgements, risk management and measurement methods are the same as those applied when preparing the last annual financial statements, except for the change in the accounting practice for the share-based payment plans as disclosed in note 24.

These interim financial statements were authorized for issue by the Executive Board on July 28, 2021.

The interim financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (“functional currency”), which in the case of the Parent Company is the Brazilian real (“R$”). For presentation purposes, these interim financial statements are presented in United States dollar (“US$”) as the Company believes that this is how international investors analyze the interim financial statements.

The exchange rates used by the Company to translate its foreign operations are as follows:

Average rate

Closing rate

Three-month period ended

Six-month period ended

June 30, 2021

December 31, 2020

June 30, 2021

June 30, 2020

June 30, 2021

June 30, 2020

United States dollar

5.0022

5.1967

5.2907

5.3854

5.3862

4.9218

Canadian dollar ("CAD")

4.0334

4.0771

4.3096

3.8882

4.3209

3.5992

Euro ("EUR")

5.9276

6.3779

6.3789

5.9279

6.4902

5.4211

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Selected Notes to the Interim Financial Statements

Expressed in millions of United States dollar, unless otherwise stated

GRAPHIC

3. Significant events in the current period

The financial position, cash flows and performance of the Company were particularly affected by the following events and transactions during the three-month period ended June 30, 2021:

In April 2021, the Company approved a share buyback program for its common shares, limited to a maximum of 270,000,000 common shares and their respective ADRs. Until June 30, 2021, the Company acquired 93,088,200 shares, in the total amount of US$ 2,004 (note 25).
In June 2021, the Company approved and paid dividends to its shareholders in the amount of US$2,200 (note 25).
In June 2021, the Company paid US$2,517 in relation to the Project Finance and concluded all precedent conditions to acquire the interests held by Mitsui & Co., Ltd (“Mitsui”) in both Moatize coal mine and Nacala Logistics Corridor (“NLC”). Following the conclusion of the transaction, the Company has started consolidating NLC on its balance sheet and recognized a loss in the amount of US$771 as “Impairment and disposals of non-current assets” (note 12).
In June 2021, Fundação Renova reviewed the expected cash outflows to comply with the mitigation and compensation programs, which resulted in an addition of US$560 to the provision. This amount was recognized in the income statement as “Equity results and other results in associates and joint ventures” for the three-month period ended June 30, 2021 (note 21).
In June 2021, production and maintenance employees of Sudbury, Canada, represented by United Steelworkers (“USW”) voted to reject the Company’s offer of a new five-year collective bargaining agreement. As a result, the Company stopped its operation at that location and recognized a loss in the amount of US$59 as “Pre-operating and operational stoppage”. However, if the strike continues for an extended period of time, the results of that operations may be materially impacted. The Company will continue discussions with USW to reach an agreement as soon as possible in order to resume its operation.

4. Information by business segment and by geographic area

The Company operates the following reportable segments: Ferrous Minerals, Base Metals and Coal. The segments are aligned with products and reflect the structure used by Management to evaluate Company’s performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance ("chief operating decision maker" under IFRS 8 - Operating Segments) are the Executive Boards and the Board of Directors. Accordingly, the performance of the operating segments is assessed based on a measure of adjusted EBITDA.

The Company allocates to “Others” the revenues and cost of other products, services, research and development, investments in joint ventures and associates of other business and unallocated corporate expenses. Additionally, the costs related to the Brumadinho event are not directly linked to the Company's operating activities and, therefore, are allocated to "Other" as well.

In the current period, the Company has allocated the financial information of Vale Nouvelle-Calédonie SAS (“VNC”) operation to “Others” as this operation is no longer analyzed by the chief operating decision maker as part of to the performance of the Base Metals business segment due to the sale of this operation. The comparative periods were restated to reflect this change in the allocation criteria.

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Selected Notes to the Interim Financial Statements

Expressed in millions of United States dollar, unless otherwise stated

GRAPHIC

a) Adjusted EBITDA

The definition of Adjusted EBITDA for the Company is the operating income or loss plus dividends received and interest from associates and joint ventures, and excluding the amounts charged as (i) depreciation, depletion and amortization and (ii) impairment and disposal of non-current assets.

Three-month period ended June 30,2021

    

    

    

Sales,

    

    

    

Dividends

    

Cost of goods

administrative

received and

sold and

and other

Pre operating

interest from

Net operating

services

operating

Research and

and operational

associates and

Adjusted

revenue

rendered

expenses

evaluation

stoppage

joint ventures

EBITDA

Ferrous minerals

 

  

  

  

  

 

  

 

  

  

Iron ore

 

12,200

(2,816)

(61)

(43)

(74)

9,206

Iron ore pellets

 

1,947

(520)

2

(13)

22

1,438

Ferroalloys and manganese

 

52

(39)

(1)

(4)

8

Other ferrous products and services

 

98

(71)

1

(1)

27

 

14,297

(3,446)

(59)

(44)

(91)

22

10,679

Base metals

 

Nickel and other products

 

1,492

(959)

(25)

(18)

(60)

430

Copper

 

688

(229)

(1)

(21)

(1)

436

 

2,180

(1,188)

(26)

(39)

(61)

866

Coal

 

161

(323)

(2)

(164)

Others

37

(48)

(96)

(56)

21

(142)

16,675

(5,005)

(181)

(141)

(152)

43

11,239

Brumadinho event

 

(185)

(185)

COVID-19

 

(16)

(16)

Total

 

16,675

(5,005)

(382)

(141)

(152)

43

11,038

Three-month period ended June 30,2020

    

    

    

Sales,

    

    

    

Dividends

    

Cost of goods

administrative

received and

sold and

and other

Pre operating

interest from

Net operating

services

operating

Research and

and operational

associates and

Adjusted

revenue

rendered

expenses

evaluation

stoppage

joint ventures

EBITDA

Ferrous minerals

Iron ore

 

4,852

(1,739)

(59)

(25)

(122)

2,907

Iron ore pellets

 

900

(377)

2

(1)

(17)

53

560

Ferroalloys and manganese

 

68

(42)

(1)

(10)

15

Other ferrous products and services

 

75

(56)

1

20

 

5,895

(2,214)

(56)

(27)

(149)

53

3,502

Base metals

 

Nickel and other products

 

891

(546)

(16)

(9)

(29)

291

Copper

 

523

(185)

(3)

(15)

320