Vale S A : and Jiangsu Shagang sign MoU to develop steelmaking decarbonization solutions

Press Release

Vale and Jiangsu Shagang sign MoU to develop steelmaking decarbonization solutions

Rio de Janeiro, October 18th, 2021 - Vale S.A ("Vale") has signed a Memorandum of Understanding ("MoU") with Jiangsu Shagang Group Co., Ltd ("Jiangsu Shagang") in which both agreed to pursue opportunities to develop steelmaking solutions focused on reducing CO2 emissions.

Vale and Jiangsu Shagang intend to develop economic feasibility studies of (i) usage of products with lower carbon footprint in ironmaking process, as high-grade iron ore products; and (ii) cooperation on Tecnored plants.

This initiative contributes to achieving Vale's commitment to reduce 15% of net Scope 3 emissions by 2035. Additionally, Vale seeks to reduce its absolute Scope 1 and 2 emissions by 33% by 2030 and achieve neutrality by 2050, in line with the Paris Agreement, leading the evolution process towards low carbon mining.

About Tecnored

Tecnored is a 100% Vale subsidiary focused on developing a low carbon pig iron process through the use of energy sources, such as biomass and syn-gas, that emit less CO2 than the coal and coke the tradition iron-making processes use. Using biomass, the path to economic carbon neutrality may be achieved in the medium term.

About Jiangsu Shagang

Jiangsu Shagang is a Chinese steel producer and service supplier, ranked among the World Top 500 companies for 12 years consecutively and ranked the 351st place in 2020. Currently, Jiangsu Shagang has five production sites, which are mainly located in Jiangsu, Liaoning and Henan Provinces. Jiangsu Shagang has a wide range of steel products, which are exported to more than 100 countries and regions around the world, and widely used in infrastructure, manufacturing, high-end equipment, consumption, etc.

Luciano Siani Pires

Executive Officer of Investor Relations

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For further information, please contact:

[e-mail]

Ivan Fadel: [e-mail]

Andre Werner: [e-mail]

Mariana Rocha: [e-mail]

Samir Bassil: [e-mail]

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;

1. 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.