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

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

October 2022

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 ¨

(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 x

(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 x

(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 x

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

Interim Financial Statements

Contents

	Page
Independent auditor’s report on review of quarterly information	3
Consolidated and Parent Company Income Statement	5
Consolidated and Parent Company Statement of Comprehensive Income	7
Consolidated and Parent Company Statement of Cash Flows	8
Consolidated and Parent Company Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Consolidated and Parent Company Value Added Statement	12
Notes to the Interim Financial Statements	13
1. Corporate information	13
2. Basis of preparation of interim financial statements	13
3. Significant events of the current period	14
4. Information by business segment and geographic area	15
5. Costs and expenses by nature	20
6. Financial results	21
7. Taxes	21
8. Basic and diluted earnings (loss) per share	23
9. Accounts receivable	23
10. Inventories	23
11. Suppliers and contractors	24
12. Other financial assets and liabilities	24
13. Investments in subsidiaries, associates and joint ventures	25
14. Acquisitions and divestitures	26
15. Intangible	29
16. Property, plant and equipment	30
17. Financial and capital risk management	31
18. Financial assets and liabilities	36
19. Participative stockholders’ debentures	38
20. Loans, borrowings, leases, cash and cash equivalents and short-term investments	39
21. Brumadinho dam failure	41
22. Liabilities related to associates and joint ventures	44
23. Provision for de-characterization of dam structures and asset retirement obligations	46
24. Provisions	48
25. Litigations	48
26. Employee post-retirement obligations	50
27. Stockholders’ equity	51
28. Related parties	52
29. Parent Company information (individual interim information)	54

(A free translation of the original in Portuguese)

Report on review of quarterly information

To the Board of Directors and Stockholders

Vale S.A.

Introduction

We have reviewed the accompanying parent company and consolidated interim accounting information of Vale S.A. ("Company"), included in the Quarterly Information Form (ITR) for the quarter ended September 30, 2022, which comprises the balance sheet as of September 30, 2022 and the respective income statements and the statements of comprehensive income for the three and nine-month periods then ended, the statement of changes in equity for the nine-month period then ended, the parent company statement of cash flows for the nine-month period then ended and the consolidated statements of cash flows for the three and nine-month periods then ended, and explanatory notes.

Management is responsible for the preparation of the parent company and consolidated interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34, Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

(A free translation of the original in Portuguese)

Conclusion on the interim information

Other matters

Value added statements

The quarterly information referred to above includes the parent company and consolidated statements of value added for the nine-month period ended September 30, 2022. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the interim accounting information for the purpose of concluding whether they are reconciled with the interim accounting information and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated interim accounting information taken as a whole.

Rio de Janeiro, October 27, 2022

PricewaterhouseCoopers	Patricio Marques Roche
Auditores Independentes Ltda.	Contador CRC 1RJ081115/O-4
CRC 2SP000160/O-5

Income Statement

In millions of Brazilian reais, except earnings per share data

		Consolidated
		Three-month period ended September 30,		Nine-month period ended September 30,
	Notes	2022	2021	2022	2021
Continuing operations
Net operating revenue	4(d)	52,080	64,418	163,773	220,202
Cost of goods sold and services rendered	5(a)	(33,043)	(28,631)	(86,594)	(80,976)
Gross profit		19,037	35,787	77,179	139,226

Operating expenses
Selling and administrative	5(b)	(626)	(598)	(1,880)	(1,870)
Research and development		(888)	(700)	(2,264)	(1,974)
Pre-operating and operational stoppage	23	(474)	(858)	(1,810)	(2,648)
Brumadinho event and de-characterization of dams	21 and 23	(1,759)	(847)	(3,988)	(2,437)
Other operating expenses, net	5(c)	(223)	(139)	(1,642)	(638)
		(3,970)	(3,142)	(11,584)	(9,567)
Impairment reversal (impairment and disposals) of non-current assets, net	14 and 16	(226)	(336)	4,773	(1,196)
Operating income		14,841	32,309	70,368	128,463

Financial income	6	743	471	2,203	1,184
Financial expenses	6	(1,033)	(1,249)	(4,557)	(4,563)
Other financial items, net	6	12,457	(1,038)	17,172	3,437
Equity results and other results in associates and joint ventures	13, 14 and 22	401	670	1,238	(1,544)
Income before income taxes		27,409	31,163	86,424	126,977

Income taxes	7
Current tax		(2,760)	(12,867)	(9,885)	(27,409)
Deferred tax		(1,421)	10,446	(9,681)	4,020
		(4,181)	(2,421)	(19,566)	(23,389)

Net income from continuing operations		23,228	28,742	66,858	103,588
Net income (loss) attributable to noncontrolling interests		(58)	155	311	289
Net income from continuing operations attributable to Vale's stockholders		23,286	28,587	66,547	103,299

Discontinued operations	14
Net income (loss) from discontinued operations		-	(8,168)	9,818	(12,993)
Net income (loss) attributable to noncontrolling interests		-	216	-	(556)
Net income (loss) from discontinued operations attributable to Vale's stockholders		-	(8,384)	9,818	(12,437)

Net income		23,228	20,574	76,676	90,595
Net income (loss) attributable to noncontrolling interests		(58)	371	311	(267)
Net income attributable to Vale's stockholders		23,286	20,203	76,365	90,862

Basic and diluted earnings per share attributable to Vale's stockholders:	8
Common share (R$)		5.12	3.98	16.34	17.94

As described in note 14, the coal segment is presented in these interim financial statements as discontinued operation. Therefore, comparative financial information for the nine-month period ended September 30, 2021 has been restated to reflect the sale of the coal operation.

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

Income Statement

In millions of Brazilian reais, except earnings per share data

	Parent Company
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Continuing operations
Net operating revenue	39,200	72,587	110,749	178,123
Cost of goods sold and services rendered	(16,510)	(16,689)	(44,188)	(44,094)
Gross profit	22,690	55,898	66,561	134,029

Operating expenses
Selling and administrative	(334)	(281)	(943)	(986)
Research and development	(395)	(407)	(1,054)	(974)
Pre-operating and operational stoppage	(454)	(470)	(1,747)	(1,797)
Equity results and others results from subsidiaries	4,521	(25,999)	28,662	(2,944)
Brumadinho event and de-characterization of dams	(1,759)	(847)	(3,988)	(2,437)
Other operating expenses, net	(258)	(424)	(1,610)	(1,385)
	1,321	(28,428)	19,320	(10,523)
Impairment and disposals of non-current assets	(171)	(212)	(569)	(335)
Operating income	23,840	27,258	85,312	123,171

Financial income	462	292	1,579	608
Financial expenses	(1,706)	(1,269)	(4,563)	(4,559)
Other financial items, net	4,904	(1,191)	9,103	(3,418)
Equity results and other results in associates and joint ventures	401	670	1,238	(1,544)
Income before income taxes	27,901	25,760	92,669	114,258

Income taxes
Current tax	(2,324)	(12,388)	(8,726)	(25,654)
Deferred tax	(2,291)	6,831	(7,578)	2,258
	(4,615)	(5,557)	(16,304)	(23,396)

Net income from continuing operations attributable to Vale's stockholders	23,286	20,203	76,365	90,862

Basic and diluted earnings per share attributable to Vale's stockholders:
Common share (R$)	5.12	3.98	16.34	17.94

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

Statement of Comprehensive Income

In millions of Brazilian reais

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Net income	23,228	20,574	76,676	90,595
Other comprehensive income:
Items that will not be reclassified to income statement
Employee post-retirement obligations (note 26)	43	498	761	2,270
Fair value adjustment to investment in equity securities (i)	-	834	-	1,901
	43	1,332	761	4,171
Items that may be reclassified to income statement
Translation adjustments	(1,346)	7,310	(6,906)	3,009
Net investment hedge (note 17)	(246)	(662)	162	(441)
Cash flow hedge (note 17)	206	50	203	(56)
Reclassification of cumulative translation adjustment to income statement (notes 13 and 14)	(8,275)	(48)	(23,690)	(8,490)
	(9,661)	6,650	(30,231)	(5,978)
Total comprehensive income	13,610	28,556	47,206	88,788

Comprehensive income (loss) attributable to noncontrolling interests	193	688	543	(108)
Comprehensive income attributable to Vale's stockholders	13,417	27,868	46,663	88,896


	Parent Company
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Net income	23,286	20,203	76,365	90,862
Other comprehensive income:
Items that will not be reclassified to income statement
Employee post-retirement obligations	(8)	(7)	(21)	(17)
Fair value adjustment to investment in equity securities (i)	-	685	-	1,559
Equity results	51	654	782	2,629
	43	1,332	761	4,171
Items that may be reclassified to income statement
Translation adjustments	(1,596)	6,993	(7,137)	2,850
Net investment hedge	(247)	(662)	161	(441)
Cash flow hedge	(8)	31	(70)	56
Equity results	214	19	273	(112)
Reclassification of cumulative translation adjustment to income statement	(8,275)	(48)	(23,690)	(8,490)
	(9,912)	6,333	(30,463)	(6,137)
Total comprehensive income	13,417	27,868	46,663	88,896

(i) Fair value adjustment to shares received as part of the consideration for the sale of Vale’s fertilizer business to The Mosaic Company. In November 2021, the Company sold all shares for R$6,919 (US$1,259 million) in a block trade.

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.

Statement of Cash Flows

In millions of Brazilian reais

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Cash flows from operations (a)	23,038	53,928	80,581	155,138
Interest on loans and borrowings paid (note 20)	(1,027)	(904)	(3,356)	(3,204)
Cash received (paid) on settlement of derivatives, net (note 17)	511	114	(78)	(674)
Payments related to Brumadinho event (note 21)	(2,179)	(489)	(4,093)	(2,051)
Payments related to de-characterization of dams (note 23)	(502)	(484)	(1,271)	(1,359)
Interest on participative stockholders' debentures paid (note 19)	-	-	(1,120)	(1,073)
Income taxes (including settlement program) (note 7)	(3,013)	(5,163)	(22,662)	(18,292)
Net cash generated from operating activities from continuing operations	16,828	47,002	48,001	128,485
Net cash generated (used) in operating activities from discontinued operations (note 14)	-	297	213	(2,203)
Net cash generated from operating activities	16,828	47,299	48,214	126,282

Cash flow from investing activities:
Capital expenditures (note 4b)	(6,455)	(6,269)	(18,792)	(17,492)
Proceeds from sale of Midwestern System, net of cash (note 14)	745	-	745	-
Disbursement on VNC sale (note 14)	-	-	-	(3,134)
Proceeds from sale of CSI (note 14)	-	-	2,269	-
Dividends received from associates and joint ventures (note 13)	149	24	862	254
Short-term investment	618	2,193	1,104	834
Other investing activities, net	(372)	96	(103)	(1,576)
Net cash used in investing activities from continuing operations	(5,315)	(3,956)	(13,915)	(21,114)
Net cash used in investing activities from discontinued operations (note 14)	-	(255)	(534)	(12,027)
Net cash used in investing activities	(5,315)	(4,211)	(14,449)	(33,141)

Cash flow from financing activities:
Loans and borrowings from third parties (note 20)	805	-	4,133	1,633
Payments of loans and borrowings from third parties (note 20)	(2,275)	(573)	(11,637)	(8,506)
Payments of leasing (note 20)	(252)	(281)	(744)	(807)
Dividends and interest on capital paid to stockholders (note 27c)	(16,243)	(40,200)	(34,092)	(73,112)
Dividends and interest on capital paid to noncontrolling interest	(16)	(16)	(51)	(47)
Share buyback program (note 27d)	(3,636)	(14,854)	(25,564)	(25,261)
Net cash used in financing activities from continuing operations	(21,617)	(55,924)	(67,955)	(106,100)
Net cash used in financing activities from discontinued operations (note 14)	-	(16)	(54)	(53)
Net cash used in financing activities	(21,617)	(55,940)	(68,009)	(106,153)

Increase (reduction) in cash and cash equivalents	(10,104)	(12,852)	(34,244)	(13,012)
Cash and cash equivalents at the beginning of the period	37,633	68,275	65,409	70,086
Effect of exchange rate changes on cash and cash equivalents	486	3,634	(3,089)	1,983
Cash and cash equivalents from subsidiaries sold, net (note 14)	-	-	(61)	-
Cash and cash equivalents at end of the period	28,015	59,057	28,015	59,057

Cash flow from operating activities:
Income before taxation	27,409	31,163	86,424	126,977
Adjusted for:
Equity results and other results in associates and joint ventures (note 13)	(401)	(670)	(1,238)	1,544
Impairment and disposals (impairment reversal) of non-current assets, net (note 14)	226	336	(4,773)	1,196
Provisions for Brumadinho (note 21)	740	-	1,377	-
Provision for de-characterization of dams (note 23)	183	-	375	-
Depreciation, depletion and amortization	4,069	3,393	11,652	11,796
Financial results, net (note 6)	(12,167)	1,816	(14,818)	(58)
Changes in assets and liabilities:
Accounts receivable (note 9)	46	20,296	9,247	22,277
Inventories (note 10)	(1,798)	(3,057)	(4,493)	(4,900)
Suppliers and contractors (note 11) (i)	5,919	1,764	4,351	1,859
Payroll and other compensation	837	312	(429)	(859)
Other assets and liabilities, net	(2,025)	(1,425)	(7,094)	(4,694)
Cash flows generated from operations (a)	23,038	53,928	80,581	155,138
Non-cash transactions:
Additions to property, plant and equipment - capitalized loans and borrowing costs	49	75	205	235

(i) Includes variable lease payments.

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

Statement of Cash Flows

In millions of Brazilian reais

	Parent Company
	Nine-month period ended September 30,
	2022	2021
Cash flows from operations (a)	61,177	148,015
Interest on loans and borrowings paid	(3,570)	(3,993)
Cash received (paid) on settlement of derivatives, net	823	(896)
Payments related to Brumadinho event	(4,093)	(2,051)
Payments related to de-characterization of dams	(1,271)	(1,359)
Interest on participative stockholders' debentures paid	(1,120)	(1,073)
Income taxes (including settlement program)	(21,519)	(16,439)
Net cash generated from operating activities	30,427	122,204

Cash flow from investing activities:
Capital expenditures	(12,968)	(10,644)
Additions to investments	(939)	(598)
Dividends received from associates and joint ventures	8,388	254
Proceeds from sale of Midwestern System (note 14)	815	-
Short-term investment	723	542
Other investing activities, net (i)	(5,557)	(10,946)
Net cash used in investing activities	(9,538)	(21,392)

Cash flow from financing activities:
Loans and borrowings from third parties	967	1,633
Payments of loans and borrowings from third parties	(3,657)	(7,913)
Payments of leasing	(184)	(204)
Dividends and interest on capital paid to stockholders	(34,092)	(73,112)
Share buyback program	(11,849)	(15,574)
Net cash used in financing activities	(48,815)	(95,170)

Increase (reduction) in cash and cash equivalents	(27,926)	5,642
Cash and cash equivalents at the beginning of the period	34,266	14,609
Cash and cash equivalents from subsidiaries sold, net	85	1,195
Cash and cash equivalents at end of the period	6,425	21,446

Cash flow from operating activities:
Income before taxation	92,669	114,258
Adjusted for:
Equity results and others results from subsidiaries	(28,662)	2,944
Equity results and other results in associates and joint ventures	(1,238)	1,544
Impairment and disposals of non-current assets	569	335
Provisions for Brumadinho	1,377	-
Provision for de-characterization of dams	375	-
Depreciation, depletion and amortization	6,497	6,266
Financial results, net	(6,119)	7,369
Changes in assets and liabilities:
Accounts receivable	(4,444)	17,201
Inventories	(238)	(401)
Suppliers and contractors (ii)	3,688	1,400
Payroll and other compensation	(73)	(148)
Other assets and liabilities, net	(3,224)	(2,753)
Cash flows generated from operations (a)	61,177	148,015

Non-cash transactions:
Additions to property, plant and equipment - capitalized loans and borrowing costs	205	235

(i) Includes loans and advances with related parties.

(ii) Includes variable lease payments.

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

Statement of Financial Position

In millions of Brazilian reais

		Consolidated		Parent Company
	Notes	September 30, 2022	December 31, 2021	September 30, 2022	December 31, 2021
Assets
Current assets
Cash and cash equivalents	20	28,015	65,409	6,425	34,266
Short-term investments	20	225	1,028	17	906
Accounts receivable	9	11,624	21,840	51,299	47,912
Other financial assets	12	821	619	336	410
Inventories	10	28,480	24,429	7,962	7,246
Recoverable taxes	7(e)	4,639	4,809	3,093	3,519
Other		1,466	1,198	3,921	1,867
		75,270	119,332	73,053	96,126

Non-current assets held for sale		-	5,468	-	35
		75,270	124,800	73,053	96,161
Non-current assets
Judicial deposits	25(c)	6,968	6,808	6,735	6,543
Other financial assets	12	1,276	796	760	480
Recoverable taxes	7(e)	6,024	5,220	3,822	2,650
Deferred income taxes	7(a)	53,124	63,847	45,548	54,119
Other		4,810	3,604	2,389	894
		72,202	80,275	59,254	64,686

Investments	13	9,706	9,771	114,982	143,640
Intangible	15	50,520	50,287	33,541	29,440
Property, plant, and equipment	16	228,135	233,995	130,591	123,959
		360,563	374,328	338,368	361,725
Total assets		435,833	499,128	411,421	457,886

Liabilities
Current liabilities
Suppliers and contractors	11	25,600	19,393	14,292	10,603
Loans, borrowings and leases	20	2,412	6,720	958	3,415
Other financial liabilities	12	7,736	10,946	28,660	11,954
Taxes payable	7(e)	1,637	12,150	1,038	11,129
Settlement program ("REFIS")	7(c)	1,900	1,810	1,900	1,810
Liabilities related to associates and joint ventures	22	10,959	9,964	10,959	9,964
Provisions	24	5,025	5,830	3,817	4,019
Liabilities related to Brumadinho	21	7,127	6,449	7,127	6,449
De-characterization of dams and asset retirement obligations	23	3,787	3,468	3,363	3,126
Other		4,070	6,106	2,602	2,744
		70,253	82,836	74,716	65,213
Liabilities associated with non-current assets held for sale		-	1,978	-	-
		70,253	84,814	74,716	65,213
Non-current liabilities
Loans, borrowings, and leases	20	63,565	70,189	15,766	16,520
Participative stockholders' debentures	19	14,379	19,078	14,379	19,078
Other financial liabilities	12	10,533	14,344	65,665	95,636
Settlement program ("REFIS")	7(c)	10,064	10,962	10,064	10,962
Deferred income taxes	7(a)	8,696	10,494	-	-
Provisions	24	12,697	19,082	7,782	7,496
Liabilities related to Brumadinho	21	10,341	13,288	10,341	13,288
De-characterization of dams and asset retirement obligations	23	32,040	41,753	22,194	23,658
Liabilities related to associates and joint ventures	22	6,037	7,407	6,038	7,407
Streaming transactions		8,810	9,927	-	-
Other		932	732	4,938	6,225
		178,094	217,256	157,167	200,270
Total liabilities		248,347	302,070	231,883	265,483

Stockholders' equity	27
Equity attributable to Vale's stockholders		179,538	192,403	179,538	192,403
Equity attributable to noncontrolling interests		7,948	4,655	-	-
Total stockholders' equity		187,486	197,058	179,538	192,403
Total liabilities and stockholders' equity		435,833	499,128	411,421	457,886

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

Statement of Changes in Equity

In millions of Brazilian reais

	Share capital	Capital reserve	Profit reserves	Treasury stocks	Other reserves	Cumulative translation adjustments	Retained earnings	Equity attributable to Vale’s stockholders	Equity attributable to noncontrolling interests	Total stockholders' equity
Balance at December 31, 2021	77,300	3,634	87,621	(29,189)	(6,899)	59,936	-	192,403	4,655	197,058
Net income	-	-	-	-	-	-	76,365	76,365	311	76,676
Other comprehensive income	-	-	-	-	1,070	(30,772)	-	(29,702)	232	(29,470)
Dividends and interest on capital of Vale's stockholders (note 27c)	-	-	(17,849)	-	-	-	(16,243)	(34,092)	-	(34,092)
Dividends of noncontrolling interests	-	-	-	-	-	-	-	-	(30)	(30)
Derecognition of noncontrolling interests	-	-	-	-	-	-	-	-	2,780	2,780
Share buyback (note 27d)	-	-	-	(25,564)	-	-	-	(25,564)	-	(25,564)
Share-based payment	-	-	-	-	29	-	-	29	-	29
Treasury shares used and cancelled (note 27b)	-	-	(34,055)	34,154	-	-	-	99	-	99
Balance at September 30, 2022	77,300	3,634	35,717	(20,599)	(5,800)	29,164	60,122	179,538	7,948	187,486

	Share capital	Capital reserve	Profit reserves	Treasury stocks	Other reserves	Cumulative translation adjustments	Retained earnings	Equity attributable to Vale’s stockholders	Equity attributable to noncontrolling interests	Total stockholders' equity
Balance at December 31, 2020	77,300	3,634	36,598	(6,452)	(7,307)	82,012	-	185,785	(4,799)	180,986
Net income (loss)	-	-	-	-	-	-	90,862	90,862	(267)	90,595
Other comprehensive income	-	-	-	-	3,943	(5,909)	-	(1,966)	159	(1,807)
Dividends and interest on capital of Vale's stockholders (note 27c)	-	-	(22,935)	-	-	-	(43,834)	(66,769)	-	(66,769)
Dividends of noncontrolling interests	-	-	-	-	-	-	-	-	(141)	(141)
Acquisitions and derecognition of noncontrolling interests	-	-	-	-	(1,666)	-	-	(1,666)	9,219	7,553
Share buyback (note 27d)	-	-	-	(25,261)	-	-	-	(25,261)	-	(25,261)
Share-based payment	-	-	-	-	274	-	-	274	-	274
Treasury shares used and cancelled (note 27b)	-	-	(6,347)	6,384	-	-	-	37	-	37
Balance at September 30, 2021	77,300	3,634	7,316	(25,329)	(4,756)	76,103	47,028	181,296	4,171	185,467

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

Value Added Statement

In millions of Brazilian Reais

	Consolidated		Parent Company
	Nine-month period ended September 30,
	2022	2021	2022	2021
Generation of value added
Gross revenue
Revenue from products and services	165,731	222,878	112,622	180,645
Revenue from the construction of own assets	6,077	6,435	4,937	2,472
Other revenues	1,190	2,048	765	1,401
Less:
Cost of products, goods and services sold	(28,499)	(27,313)	(16,810)	(16,457)
Material, energy, third-party services and other	(36,494)	(30,930)	(14,103)	(10,342)
Impairment reversal (impairment and disposals) of non-current assets, net	4,773	(1,196)	(569)	(335)
Brumadinho event and de-characterization of dams	(3,988)	(2,437)	(3,988)	(2,437)
Other costs and expenses	(10,999)	(10,599)	(7,274)	(6,422)
Gross value added	97,791	158,886	75,580	148,525
Depreciation, amortization and depletion	(11,652)	(11,796)	(6,497)	(6,266)
Net value added	86,139	147,090	69,083	142,259

Received from third parties
Equity results from entities	1,238	(1,544)	29,900	(4,488)
Financial income	455	3,562	353	3,568
Total value added from continuing operations to be distributed	87,832	149,108	99,336	141,339
Value added from discontinued operations to be distributed (note 14)	(1,733)	(16,425)	-	-
Total value added to be distributed	86,099	132,683	99,336	141,339

Personnel and charges
Direct compensation	5,089	4,816	2,764	2,618
Benefits	1,882	1,967	1,185	1,349
F.G.T.S.	342	313	307	297
Taxes and contributions
Federal taxes	24,996	30,297	21,562	30,454
State taxes	2,031	3,319	1,973	2,748
Municipal taxes	106	110	67	68
Remuneration of third-party capital
Interest (net derivatives and monetary and exchange rate variation)	(14,951)	3,267	(6,353)	10,804
Leasing	1,479	1,431	1,466	2,139
Remuneration of own capital
Reinvested net income from continuing operations	66,547	103,299	76,365	90,862
Net income attributable to noncontrolling interest	311	289	-	-
Distributed value added from continuing operations	87,832	149,108	99,336	141,339
Distributed value added from discontinued operations (note 14)	(1,733)	(16,425)	-	-
Distributed value added	86,099	132,683	99,336	141,339

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

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

1. Corporate information

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).

Vale S.A. and its subsidiaries (“Vale” or the “Company”) are global producers of: (i) iron ore and iron ore pellets, which are key raw materials for steelmaking, (ii) nickel, that is used to produce stainless steel, electric vehicles and metal alloys employed in the production process of several products, (iii) copper, used in the construction sector to produce pipes and electrical wires, and (iv) platinum, gold, silver, and cobalt as by-products of nickel and copper. Most of the Company’s products are sold to international markets by Vale International S.A. (“VISA”), a trading company located in Switzerland.

Vale also operates a railroad and port logistics system in Brazil to outflow its production and Vale has equity investments and assets with the objective of reducing energy costs, minimizing the risk of shortages and meeting its energy consumption needs through renewable sources.

In the second quarter of 2022, the Company concluded the sale of the thermal and metallurgical coal operations, as presented in note 14. Therefore, the results from coal operation until closing are presented in these interim financial statements as “discontinued operations”.

2. Basis of preparation of interim financial statements

The consolidated and individual interim financial statements of the Company (“interim financial statements”) have been prepared and are being presented in accordance with IAS 34 Interim Financial Reporting (CPC 21) of the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), as implemented in Brazil by the Brazilian Accounting Pronouncements Committee ("CPC"), approved by the Brazilian Securities Exchange Commission ("CVM") and by the Brazilian Federal Accounting Council (“CFC”). All relevant information for the interim financial statements, and only this information, are presented and consistent to those used by the Company's Management.

The interim financial statements have been prepared to update users on the relevant events and transactions that occurred in the period and must be analyzed together with the financial statements for the year ended December 31, 2021. Accounting policies, accounting estimates and judgments, management of risk and measurement methods are the same as those adopted in the preparation of the latest annual financial statements. The selected notes of the Parent Company are presented in a summarized form in note 29.

These interim financial statements were authorized for issue by the Company’s Board of Directors in a meeting held on October 27, 2022.

a) Statement of Value Added

The presentation of the parent company and consolidated statements of value added is required by the Brazilian corporate legislation and the accounting practices adopted in Brazil for listed companies, while it is not required by IFRS. Therefore, under the IFRS, the presentation of such statements is considered supplementary information, and not part of the set of financial statements. The Statement of Value Added was prepared in accordance with the criteria defined in Technical Pronouncement CPC 09 - "Statement of Value Added".

b) Functional currency and presentation currency

The interim financial statements of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which the entity operates (“functional currency”), in the case of the Parent Company and its associates and joint ventures in Brazil, is the Brazilian real (“R$”). The functional currency of direct subsidiaries operating in an international economic environment is the US dollar (“US$”).

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

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

			Average rate
	Closing rate		Three-month period ended September 30,		Nine-month period ended September 30,
	September 30, 2022	December 31, 2021	2022	2021	2022	2021
US Dollar ("US$")	5.4066	5.5805	5.2462	5.2286	5.1360	5.3317
Canadian dollar ("CAD")	3.9318	4.3882	4.0189	4.1517	4.0024	4.2624
Euro ("EUR")	5.2904	6.3210	5.2838	6.1623	5.4629	6.3769

c) Russia-Ukraine conflict

The Company’s business is subject to external risk factors related to our global operations and the global profile of our client portfolio and supply chains. Global markets are experiencing volatility and disruption following the escalation of geopolitical tensions in connection with the military conflict between Russia and Ukraine.

The resulting economic sanctions imposed by the United States, Canada, the European Union, the UK and other countries as a direct consequence of this conflict may continue to significantly impact supply chains, lead to market disruptions including significant volatility in commodities’ prices and bring heightened near-term uncertainty to the global financial system, including through instability of credit and of capital markets.

At this time, the effects of the Russia-Ukraine conflict have not caused significant impacts on the Company’s operations nor on the fair value of its assets and liabilities. However, escalation of the Russia-Ukraine conflict may adversely affect the Company’s business, such as disruption of international trade flows, extreme market pricing volatility, with particular impact on the energy sector, industrial and agricultural supply chains, shipping, and regulatory and contractual uncertainty, and increased geopolitical tensions around the world.

3. Significant events of the current period

Balance Sheet, Cash Flows and Income Statement were particularly affected by the following events and transactions during the three-month period ended September 30, 2022:

Capital reduction in a foreign subsidiary (notes 6 and 13). In August 2022, the Company approved the capital reduction of VISA in the amount of R$7,885 (US$1,500 million), which has generated a gain of R$7,938 (US$1,543 million), recorded under “Other financial items, net”, due to the reclassification of the cumulative translation adjustments from stockholders’ equity to the income statement.

Sale of Midwestern System assets (note 14). In July 2022, the Company concluded the sale of the Midwestern System to J&F Mineração Ltda. (“J&F”) and received R$815 (US$153 million), in addition to transferring to J&F the obligations related to the take-or-pay logistics contracts. These assets were classified as held for sale and a gain of R$5,620 (US$1,121 million) was recorded in the nine-month period ended September 30, 2022, due to the reversal of the impairment of property, plant and equipment and the remeasurement of the onerous contract liability. In addition, the Company recognized a gain of R$188 (US$37 million) due to the reclassification of the cumulative translation adjustments from stockholders’ equity to the income statement.

Sale of Companhia Siderúrgica do Pecém (“CSP”) (note 14). In July 2022, the Company and the other shareholders of CSP signed a binding agreement with ArcelorMittal for the sale of CSP for approximately R$11,527 (US$2,132 million), which will be received at the closing of the transaction and it will be fully used for the early settlement of CSP's net debt in the amount of approximately R$12,435 (US$2,300 million). The Company does not expect any material impact at closing, which is expected to occur in the first quarter 2023, subject to customary regulatory approvals.

Share buyback (note 27d). During the three-month period ended September 30, 2022, the Company repurchased 48,670,681 common shares and their respective ADRs, corresponding to R$3,636 (US$686 million), of which R$1,898 (US$358 million) were acquired through wholly owned subsidiaries and R$1,738 (US$328 million) by the Parent Company.

Cancellation of common shares held in treasury (note 27b). In July 2022, the Company approved the cancellation of 220,150,800 common shares held in treasury. The effect of R$19,466 (US$3,786 million) was recorded in shareholders' equity as “Treasury shares used and cancelled”.

Stockholder’s remuneration (note 27c). In July 2022, the Company approved the remuneration to its shareholders in the amount of R$16,243 (US$3,000 million), which was fully paid in September 2022.

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

4. Information by business segment and geographic area

The Company operates the following reportable segments: Ferrous Minerals, Base Metals and Coal (presented as discontinued operations). The segments are aligned with products and reflect the structure used by Management to evaluate the Company’s performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance are the Executive Boards and Board of Directors. Accordingly, the performance of the operating segments is assessed based on a measure of adjusted LAJIDA (EBITDA), among other measures.

The Company allocates to “Other” the revenues and cost of other products, services, research and development, investments in joint ventures and associates of other business and unallocated corporate expenses. Costs related to the Brumadinho event are allocated to "Other" as well.

In 2022, the Company has allocated the financial information of the Midwestern System to “Other” as this operation is no longer analyzed by the chief operating decision maker as part of to the performance of the Ferrous Minerals business segment due to the binding agreement to sell this operation. The comparative information was reclassified to reflect the revision in the allocation criteria.

a) Adjusted LAJIDA (EBITDA)

The definition of Adjusted LAJIDA (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 reversal (impairment and disposals) of non-current assets, net.

	Consolidated
	Three-month period ended September 30, 2022
	Net operating revenue	Cost of goods sold and services rendered	Sales, administrative and other operating expenses	Research and development	Pre operating and operational stoppage	Dividends received and interest from associates and joint ventures	Adjusted EBITDA
Ferrous minerals
Iron ore	31,708	(16,195)	(233)	(251)	(330)	5	14,704
Iron ore pellets	8,700	(3,748)	(37)	(4)	(25)	23	4,909
Other ferrous products and services	622	(430)	22	(5)	(23)	-	186
	41,030	(20,373)	(248)	(260)	(378)	28	19,799

Base metals
Nickel and other products	8,221	(6,966)	12	(162)	(1)	-	1,104
Copper	2,518	(1,441)	(38)	(195)	(18)	-	826
	10,739	(8,407)	(26)	(357)	(19)	-	1,930

Brumadinho event and de-characterization of dams	-	-	(1,759)	-	-	-	(1,759)
Other	311	(317)	(527)	(271)	(2)	121	(685)
Total	52,080	(29,097)	(2,560)	(888)	(399)	149	19,285

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

	Consolidated
	Three-month period ended September 30, 2021
	Net operating revenue	Cost of goods sold and services rendered	Sales, administrative and other operating expenses	Research and development	Pre operating and operational stoppage	Dividends received and interest from associates and joint ventures	Adjusted EBITDA
Ferrous minerals
Iron ore	43,977	(15,661)	(161)	(276)	(315)	-	27,564
Iron ore pellets	10,492	(3,197)	(10)	(5)	(57)	-	7,223
Other ferrous products and services	730	(571)	3	(5)	(20)	-	137
	55,199	(19,429)	(168)	(286)	(392)	-	34,924

Base metals
Nickel and other products	4,681	(4,092)	311	(100)	(268)	-	532
Copper	3,549	(1,267)	(30)	(125)	(5)	-	2,122
	8,230	(5,359)	281	(225)	(273)	-	2,654

Brumadinho event and de-characterization of dams	-	-	(847)	-	-	-	(847)
COVID-19	-	-	(52)	-	-	-	(52)
Other (i)	989	(695)	(737)	(190)	(8)	24	(617)
Total of continuing operations	64,418	(25,483)	(1,523)	(701)	(673)	24	36,062

Discontinued operations – Coal	1,843	(1,639)	(27)	(8)	-	-	169

Total	66,261	(27,122)	(1,550)	(709)	(673)	24	36,231

(i) Includes the reclassification of the EBITDA of Midwestern System in the amount of R$203 (US$40 million).

	Consolidated
	Nine-month period ended September 30, 2022
	Net operating revenue	Cost of goods sold and services rendered	Sales, administrative and other operating expenses	Research and development	Pre operating and operational stoppage	Dividends received and interest from associates and joint ventures	Adjusted EBITDA
Ferrous minerals
Iron ore	104,906	(41,975)	(759)	(648)	(1,280)	5	60,249
Iron ore pellets	24,601	(9,977)	1	(11)	(82)	374	14,906
Other ferrous products and services	1,869	(1,290)	13	(14)	(66)	-	512
	131,376	(53,242)	(745)	(673)	(1,428)	379	75,667

Base metals
Nickel and other products	23,452	(16,313)	(91)	(372)	(2)	-	6,674
Copper	6,621	(3,953)	(14)	(481)	(37)	-	2,136
	30,073	(20,266)	(105)	(853)	(39)	-	8,810

Brumadinho event and de-characterization of dams	-	-	(3,988)	-	-	-	(3,988)
Other (i)	2,324	(1,934)	(2,505)	(737)	(11)	123	(2,740)
Total of continuing operations	163,773	(75,442)	(7,343)	(2,263)	(1,478)	502	77,749

Discontinued operations – Coal	2,308	(1,370)	(57)	(7)	-	-	874

Total	166,081	(76,812)	(7,400)	(2,270)	(1,478)	502	78,623

(i) Includes the reclassification of the EBITDA of Midwestern System in the amount of R$381 (US$77 million).

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

	Consolidated
	Nine-month period ended September 30, 2021
	Net operating revenue	Cost of goods sold and services rendered	Sales, administrative and other operating expenses	Research and development	Pre operating and operational stoppage	Dividends received and interest from associates and joint ventures	Adjusted EBITDA
Ferrous minerals
Iron ore	157,145	(41,191)	(609)	(686)	(1,210)	-	113,449
Iron ore pellets	27,390	(8,044)	159	(11)	(194)	114	19,414
Other ferrous products and services	2,304	(1,637)	9	(11)	(64)	-	601
	186,839	(50,872)	(441)	(708)	(1,468)	114	133,464

Base metals
Nickel and other products	20,472	(13,379)	115	(257)	(570)	-	6,381
Copper	10,239	(3,390)	(36)	(332)	(16)	-	6,465
	30,711	(16,769)	79	(589)	(586)	-	12,846

Brumadinho event and de-characterization of dams	-	-	(2,437)	-	-	-	(2,437)
COVID-19	-	-	(145)	-	-	-	(145)
Other (i)	2,652	(2,279)	(1,840)	(675)	(17)	140	(2,019)
Total of continuing operations	220,202	(69,920)	(4,784)	(1,972)	(2,071)	254	141,709

Discontinued operations – Coal	3,207	(5,180)	(18)	(29)	-	424	(1,596)

Total	223,409	(75,100)	(4,802)	(2,001)	(2,071)	678	140,113

(i) Includes the reclassification of the EBITDA of Midwestern System in the amount of R$642 (US$120 million).

Adjusted LAJIDA (EBITDA) is reconciled to net income as follows:

Continuing operations

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Net income from continuing operations attributable to Vale's stockholders	23,286	28,587	66,547	103,299
Net income (loss) attributable to noncontrolling interests	(58)	155	311	289
Net income	23,228	28,742	66,858	103,588
Depreciation, depletion and amortization	4,069	3,393	11,652	11,796
Income taxes	4,181	2,421	19,566	23,389
Financial results	(12,167)	1,816	(14,818)	(58)
EBITDA from continuing operations	19,311	36,372	83,258	138,715

Items to reconciled adjusted LAJIDA (EBITDA)
Equity results and other results in associates and joint ventures	(401)	(670)	(1,238)	1,544
Dividends received from associates and joint ventures	149	24	502	254
Impairment and disposals (impairment reversal) of non-current assets, net	226	336	(4,773)	1,196
Adjusted EBITDA from continuing operations	19,285	36,062	77,749	141,709

Discontinued operations (Coal)

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Net income (loss) from discontinued operations attributable to Vale's stockholders	-	(8,384)	9,818	(12,437)
Net income (loss) attributable to noncontrolling interests	-	216	-	(556)
Net income (loss)	-	(8,168)	9,818	(12,993)
Depreciation, depletion and amortization	-	264	-	350
Income taxes	-	(4,336)	9	(4,336)
Financial results	-	123	(14,603)	(1,823)
Derecognition of noncontrolling interest	-	-	2,783	-
EBITDA from discontinued operations	-	(12,117)	(1,993)	(18,802)

Items to reconciled adjusted LAJIDA (EBITDA)
Equity results in associates and joint ventures	-	-	-	144
Dividends received and interest from associates and joint ventures (i)	-	-	-	424
Impairment of non-current assets, net	-	12,286	2,867	16,638
Adjusted EBITDA from discontinued operations	-	169	874	(1,596)

(i) Includes the remuneration of the financial instrument of the Coal segment.

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

b) Assets by segment

	Consolidated
	September 30, 2022			December 31, 2021
	Product inventory	Investments in associates and joint ventures	Property, plant and equipment and intangible	Product inventory	Investments in associates and joint ventures	Property, plant and equipment and intangible
Ferrous minerals	14,678	6,803	167,020	12,199	6,214	161,770
Base metals	8,713	-	101,068	7,725	95	112,317
Other	-	2,903	10,567	120	3,462	10,195
Total	23,391	9,706	278,655	20,044	9,771	284,282

	Consolidated
	Three-month period ended September 30,
	2022			2021
	Capital expenditures			Capital expenditures
	Sustaining capital (i)	Project execution	Depreciation, depletion and amortization	Sustaining capital (i)	Project execution	Depreciation, depletion and amortization
Ferrous minerals	2,605	1,044	2,315	3,048	714	2,129
Base metals	1,806	421	1,707	1,696	591	1,185
Other (ii)	86	493	47	31	189	79
Total	4,497	1,958	4,069	4,775	1,494	3,393

	Consolidated
	Nine-month period ended September 30,
	2022			2021
	Capital expenditures			Capital expenditures
	Sustaining capital (i)	Project execution	Depreciation, depletion and amortization	Sustaining capital (i)	Project execution	Depreciation, depletion and amortization
Ferrous minerals	7,595	2,964	6,937	8,757	1,750	6,637
Base metals	4,906	1,214	4,526	5,188	1,329	4,857
Other (ii)	367	1,746	189	120	348	302
Total	12,868	5,924	11,652	14,065	3,427	11,796

(i) According to the Company's remuneration policy, the sustaining capital investments are deducted from the 30% of the adjusted EBITDA. The calculation also considers the current investment of discontinued coal operations, which was R$201 (US$38 million) for the nine-month period ended September 30, 2022 (2021: R$607 (US$114 million)).

(ii) The sustaining capital investments related to the Midwestern System were reclassified from “ferrous minerals” to “other” for the three and nine-month periods ended September 30, 2021 in the amounts of R$25 (US$5 million) and R$50 (US$10 million), respectively. Depreciation, depletion and amortization were reclassified for the same periods in the amounts of R$21 (US$4 million) and R$97 (US$18 million), respectively.

c) Assets by geographic area

	Consolidated
	September 30, 2022				December 31, 2021
	Investments in associates and joint ventures	Intangible	Property, plant and equipment	Total	Investments in associates and joint ventures	Intangible	Property, plant and equipment	Total
Brazil	9,706	40,684	140,072	190,462	9,656	39,339	132,772	181,767
Canada	-	9,823	58,111	67,934	-	10,927	69,429	80,356
Americas, except Brazil and Canada	-	-	19	19	-	-	15	15
Europe	-	-	4,068	4,068	-	-	4,124	4,124
Indonesia	-	4	14,575	14,579	-	8	15,197	15,205
Asia, except Indonesia and China	-	-	4,290	4,290	115	-	4,879	4,994
China	-	6	101	107	-	11	117	128
Oman	-	3	6,899	6,902	-	2	7,462	7,464
Total	9,706	50,520	228,135	288,361	9,771	50,287	233,995	294,053

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

d) Net operating revenue by geographic area

The sales revenue from Ferrous minerals for the three and nine-month periods ended September 30, 2022, decreased from prior periods mainly due to the decline of 27%, in the average realized price of iron ore for both periods, following the decrease in the international price of this product.

	Consolidated
	Three-month period ended September 30, 2022
	Ferrous minerals	Base metals	Other	Total
Americas, except United States and Brazil	670	728	-	1,398
United States of America	531	1,689	-	2,220
Germany	483	1,505	-	1,988
Europe, except Germany	1,670	3,499	-	5,169
Middle East, Africa, and Oceania	3,301	55	-	3,356
Japan	3,601	880	-	4,481
China	22,718	1,590	-	24,308
Asia, except Japan and China	3,428	698	-	4,126
Brazil	4,628	95	311	5,034
Net operating revenue	41,030	10,739	311	52,080

	Consolidated
	Three-month period ended September 30, 2021
	Ferrous minerals	Base metals	Other (i)	Total
Americas, except United States and Brazil	1,052	415	140	1,607
United States of America	370	1,432	-	1,802
Germany	916	908	-	1,824
Europe, except Germany	2,862	2,253	-	5,115
Middle East, Africa, and Oceania	2,885	21	-	2,906
Japan	6,752	749	-	7,501
China	27,994	1,257	-	29,251
Asia, except Japan and China	4,990	1,156	-	6,146
Brazil	7,378	39	849	8,266
Net operating revenue	55,199	8,230	989	64,418

(i) Includes the reclassification of the revenues of Midwestern System in the amount of R$583 (US$112 million).

	Consolidated
	Nine-month period ended September 30, 2022
	Ferrous minerals	Base metals	Other (i)	Total
Americas, except United States and Brazil	2,024	2,135	625	4,784
United States of America	903	5,293	-	6,196
Germany	1,596	4,630	-	6,226
Europe, except Germany	7,473	8,162	-	15,635
Middle East, Africa, and Oceania	9,117	100	123	9,340
Japan	11,166	2,853	-	14,019
China	73,732	4,079	-	77,811
Asia, except Japan and China	10,057	2,568	225	12,850
Brazil	15,308	253	1,351	16,912
Net operating revenue	131,376	30,073	2,324	163,773

	Consolidated
	Nine-month period ended September 30, 2021
	Ferrous minerals	Base metals	Other (i)	Total
Americas, except United States and Brazil	3,072	1,629	647	5,348
United States of America	1,762	4,515	-	6,277
Germany	2,669	5,926	-	8,595
Europe, except Germany	11,314	9,218	-	20,532
Middle East, Africa, and Oceania	7,926	62	-	7,988
Japan	14,655	1,904	-	16,559
China	110,663	3,526	-	114,189
Asia, except Japan and China	14,468	3,693	-	18,161
Brazil	20,310	238	2,005	22,553
Net operating revenue	186,839	30,711	2,652	220,202

(i) Includes the reclassification of the revenues of Midwestern System in the amount of R$1,161 (US$231 million) for the nine-month period ended September 30, 2022 (R$1,731 (US$325 million) for the nine-month period ended September 30, 2021).

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

5. Costs and expenses by nature

a) Cost of goods sold, and services rendered

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Personnel	2,382	1,846	6,627	6,201
Materials and services (i)	5,024	3,662	12,809	10,953
Fuel oil and gas (i)	2,608	1,290	5,841	3,571
Maintenance	3,956	3,655	11,213	11,023
Royalties	1,283	2,064	3,761	5,291
Energy	984	839	2,665	2,452
Acquisition of products	4,016	3,311	9,734	8,822
Depreciation, depletion and amortization	3,946	3,148	11,152	11,056
Freight	6,883	6,158	17,029	15,647
Other	1,961	2,658	5,763	5,960
Total	33,043	28,631	86,594	80,976

Cost of goods sold	32,249	27,799	84,370	78,658
Cost of services rendered	794	832	2,224	2,318
Total	33,043	28,631	86,594	80,976

(i) The increase in costs is mainly due to higher fuel prices and inflation of other inputs and services during the three and nine-month periods ended September 30, 2022.

b) Selling and administrative expenses

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Selling	89	127	302	343
Personnel	221	150	718	689
Services	145	149	411	361
Depreciation and amortization	48	61	166	162
Other	123	111	283	315
Total	626	598	1,880	1,870

c) Other operating expenses, net

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Asset retirement obligations	-	-	200	-
Provision for litigations (note 25)	166	122	494	356
Profit sharing program	133	153	475	554
Other	(76)	(136)	473	(272)
Total	223	139	1,642	638

The breakdown of Research and Development expenses by operating segment is presented in note 4 (a).

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

6. Financial results

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Financial income
Short-term investments	622	368	1,898	731
Other	121	103	305	453
	743	471	2,203	1,184
Financial expenses
Loans and borrowings gross interest	(736)	(815)	(2,377)	(2,688)
Capitalized loans and borrowing costs	49	75	205	235
Interest on REFIS	(219)	(87)	(583)	(180)
Interest on lease liabilities (note 20d)	(82)	(76)	(238)	(252)
Bond premium repurchase (note 20d)	-	-	(568)	(354)
Other	(45)	(346)	(996)	(1,324)
	(1,033)	(1,249)	(4,557)	(4,563)
Other financial items, net
Net foreign exchange gains (losses)	1,048	1,936	(930)	1,748
Participative stockholders' debentures (note 19) (i)	2,478	825	3,800	(5,886)
Financial guarantees (i)	2	(180)	2,413	1,636
Derivative financial instruments (note 17)	1,003	(2,393)	4,064	(263)
Reclassification of cumulative translation adjustments to the income statement (notes 13 and 14)	8,275	48	8,275	6,356
Indexation losses, net	(349)	(1,274)	(450)	(154)
	12,457	(1,038)	17,172	3,437
Total	12,167	(1,816)	14,818	58

(i) These lines were reclassified from the prior period in order to present “Financial expenses” and “Other financial items, net” in similar line items from period to period.

a) Financial guarantees

As of September 30, 2022, the total guarantees granted by the Company (within the limit of its direct or indirect interest) to certain associates and joint ventures totaled R$8,061 (US$1,491 million) (December 31, 2021: R$8,443 (US$1,513 million)). The fair value of these financial guarantees in the amount of R$546 (US$101 million) (December 31, 2021: R$3,026 (US$542 million)) is recorded as “Other non-current liabilities”.

7. Taxes

a) Deferred income tax assets and liabilities

	Consolidated
	Assets	Liabilities	Deferred taxes, net
Balance at December 31, 2021	63,847	10,494	53,353
Tax effect in the income statement	(9,815)	(134)	(9,681)
Translation adjustment	(363)	(885)	522
Other comprehensive income	385	298	87
Transfers between assets and liabilities	(930)	(930)	-
Sale of California Steel Industries (note 14)	-	(147)	147
Balance at September 30, 2022	53,124	8,696	44,428

	Consolidated
	Assets	Liabilities	Deferred taxes, net
Balance at December 31, 2020	53,711	9,198	44,513
Tax effect in the income statement	3,916	(104)	4,020
Transfers between assets and liabilities	34	34	-
Translation adjustment	709	369	340
Other comprehensive income	(686)	989	(1,675)
Tax loss carryforward from coal operations (note 14)	4,336	-	4,336
Balance at September 30, 2021	62,020	10,486	51,534

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

b) Income tax reconciliation – Income statement

Income tax expense is recognized based on the estimate of the weighted average effective tax rate expected for the full year, adjusted for the tax effect of certain items that are recognized in full on the interim tax calculation. Therefore, the effective tax rate in the interim financial statements may differ from management’s estimate of the effective tax rate for the year.

The total amount presented as income taxes in the income statement is reconciled to the statutory rate, as follows:

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Income before income taxes	27,409	31,163	86,424	126,977
Income taxes at statutory rate – 34%	(9,319)	(10,596)	(29,384)	(43,172)
Adjustments that affect the taxes basis:
Tax incentives	2,526	5,067	7,848	13,715
Equity results	154	358	303	539
Monetary exchange variation on tax losses carryforward	(272)	570	(2,630)	432
Other (i)	2,730	2,180	4,297	5,097
Income taxes	(4,181)	(2,421)	(19,566)	(23,389)

(i) Refers mainly to the reclassifications of accumulated translation adjustments to income for the periods presented (notes 13 and 14).

c) Income taxes - Settlement program (“REFIS”)

	Consolidated
	September 30, 2022	December 31, 2021
Current liabilities	1,900	1,810
Non-current liabilities	10,064	10,962
REFIS liabilities	11,964	12,772

SELIC rate	13.75%	9.25%

It mainly relates to the settlement program of claims regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003 to 2012. This amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly installments until October 2028.

d) Uncertain tax positions

There have been no relevant developments on matters related to the uncertain tax positions since the December 31, 2021 financial statements.

e) Recoverable and payable taxes

						Consolidated
	September 30, 2022			December 31, 2021
	Current assets	Non-current assets	Current liabilities	Current assets	Non-current assets	Current liabilities
Value-added tax	1,515	-	156	1,209	60	906
Brazilian federal contributions	2,446	3,659	284	2,903	2,851	66
Income taxes	620	2,365	442	630	2,309	10,385
Financial compensation for the exploration of mineral resources - CFEM	-	-	353	-	-	328
Other	58	-	402	67	-	465
Total	4,639	6,024	1,637	4,809	5,220	12,150

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

Basic and diluted earnings (loss) per share

	Consolidated
	Three-month period ended September 30,		Nine-month period ended September 30,
	2022	2021	2022	2021
Net income attributable to Vale's stockholders:
Net income from continuing operations	23,286	28,587	66,547	103,299
Net income (loss) from discontinued operations	-	(8,384)	9,818	(12,437)
	23,286	20,203	76,365	90,862
In thousands of shares
Weighted average number of common shares outstanding	4,549,205	5,080,890	4,674,248	5,065,750
Weighted average number of common shares outstanding and potential ordinary shares	4,553,843	5,085,314	4,678,886	5,070,174

Basic and diluted earnings per share from continuing operations:
Common share (R$)	5.12	5.63	14.24	20.39
Basic and diluted earnings (loss) per share from discontinued operations:
Common share (R$)	-	(1.65)	2.10	(2.46)
Basic and diluted earnings per share:
Common share (R$)	5.12	3.98	16.34	17.94

Accounts receivable

	Consolidated
	September 30, 2022	December 31, 2021
Receivables from contracts with customers
Related parties (note 28)	728	608
Third parties
Ferrous minerals	7,684	16,868
Base metals	3,305	3,730
Other	116	900
Accounts receivable	11,833	22,106
Expected credit loss	(209)	(266)
Accounts receivable, net	11,624	21,840

No customer individually represented 10% or more of the Company’s accounts receivable or revenues for the periods presented in these interim financial statements.

Provisionally priced commodities sales – The commodity price risk arises from volatility of iron ore, nickel and copper prices. The Company is mostly exposed to the fluctuations in the iron ore and copper price (note 17). The selling price of these products can be measured reliably at each period since the price is quoted in an active market.

The sensitivity of the Company’s risk on final settlement of provisionally priced accounts receivables are presented below:

	September 30, 2022
	Thousand metric tons	Provisional price (US$/ton)	Change	Effect on revenue
Iron ore	17,271	91.9	+/- 10%	+/- 833
Iron ore pellets	76	136.2	+/- 10%	+/- 5
Copper	81	9,652.0	+/- 10%	+/- 412

10.

Inventories

	Consolidated
	September 30, 2022	December 31, 2021
Finished products	18,861	15,615
Work in progress	4,659	4,566
Consumable inventory	5,525	4,777

Allowance to net realizable value	(565)	(529)
Total	28,480	24,429

Finished and work in progress products inventories by segments are presented in note 4(b) and the cost of goods sold is presented in note 5(a).

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

11. Suppliers and contractors

	Consolidated
	September 30, 2022	December 31, 2021
Third parties - Brazil	12,204	9,856
Third parties - Abroad	11,463	9,029
Related parties (note 28)	1,933	508
Total	25,600	19,393

12. Other financial assets and liabilities

	Consolidated
	Current		Non-current
	September 30, 2022	December 31, 2021	September 30, 2022	December 31, 2021
Other financial assets
Restricted cash	-	-	420	653
Derivative financial instruments (note 17a)	821	619	824	110
Investments in equity securities	-	-	32	33
	821	619	1,276	796
Other financial liabilities
Derivative financial instruments (note 17a)	558	1,355	1,467	3,301
Other financial liabilities - Related parties (note 28)	734	2,192	-	-
Financial guarantees provided (note 6a) (i)	-	-	546	3,026
Liabilities related to the concession grant	3,749	4,241	8,520	8,017
Contract liability	2,695	3,158	-	-
	7,736	10,946	10,533	14,344

(i) In July 2022, the Company signed a binding agreement with ArcelorMittal for the sale of CSP. At the closing, CSP's debt will be settled and the financial liability related to the guarantee granted will be derecognised by Vale.

a) Liabilities related to the concession grant

On April 14, 2022, the Company prepaid R$796 (US$168 million) of its concession grant obligation related to the Estrada de Ferro Carajás ("EFC") as approved by the Board of Directors on October 28, 2021. The outstanding balance will be settled in quarterly installments until 2057.

	Liability		Discount rate
	September 30, 2022	December 31, 2021	September 30, 2022	December 31, 2021
Concession grant	3,920	3,271	11.04%	11.04%
Midwestern Integration Railway ("FICO")	6,360	6,730	5.69%	5.29%
Infrastructure program	1,851	1,910	5.65%	5.43%
West-East Integration Railway ("FIOL")	138	347	8.72%	5.81%
Total	12,269	12,258

Notes to the Interim Financial Statements

Expressed in millions of Brazilian reais, unless otherwise stated

13. Investments in subsidiaries, associates, and joint ventures

			Investments in associates and joint ventures		Equity results in the income statement				Dividends received
					Three-month period ended September 30,		Nine-month period ended September 30,		Three-month period ended September 30,		Nine-month period ended September 30,
	% ownership	% voting capital	September 30, 2022	December 31, 2021	2022	2021	2022	2021	2022	2021	2022	2021
Associates and joint ventures
Ferrous minerals
Baovale Mineração S.A.	50.00	50.00	126	117	4	5	11	19	5	-	5	-
Companhia Coreano-Brasileira de Pelotização	50.00	50.00	464	284	79	77	192	161	-	-	48	9
Companhia Hispano-Brasileira de Pelotização	50.89	50.89	238	211	50	3	55	4	23	-	30	35
Companhia Ítalo-Brasileira de Pelotização	50.90	51.00	366	270	56	86	121	153	-	-	93	30
Companhia Nipo-Brasileira de Pelotização	51.00	51.11	788	720	61	81	170	147	-	-	203	40
MRS Logística S.A.	48.16	46.75	2,597	2,334	116	171	264	362	-	-	-	-
Samarco Mineração S.A. (note 22)	50.00	50.00	-	-	-	-	-	-	-	-	-	-
VLI S.A.	29.60	29.60	2,224	2,278	46	(121)	(54)	(168)	-	-	-	-
			6,803	6,214	412	302	759	678	28	-	379	114
Base metals
Korea Nickel Corporation	25.00	25.00	-	95	3	1	16	2	-	-	-	-
			-	95	3	1	16	2	-	-	-	-
Other
Aliança Geração de Energia S.A.	55.00	55.00	2,051	2,046	43	216	126	307	121	24	121	140
Aliança Norte Energia Participações S.A.	51.00	51.00	561	586	(8)	1	(25)	(16)	-	-	-	-
California Steel Industries, Inc. ("CSI") (note 14)	50.00	50.00	-	-	-	547	-	870	-	-	360	-
Companhia Siderúrgica do Pecém ("CSP") (note 14)	50.00	50.00	-	553	-	-	-	(237)	-	-	-	-
Mineração Rio do Norte S.A.	40.00	40.00	-	-	-	(14)	-	(29)	-	-	-	-
Other	-	-	291	277	5	(11)	17	(1)	-	-	2	-
			2,903	3,462	40	739	118	894	121	24	483	140

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