Vale S A : signs agreements to develop Mega Hubs in the Middle East and provide decarbonization solutions for steelmaking

Press Release

Vale signs agreements to develop Mega Hubs in the Middle East and provide decarbonization solutions for steelmaking

Rio de Janeiro, November 1st, 2022 - Vale S.A. ("Vale") announces that it has signed three agreements with local authorities and clients to jointly study the development of industrial complexes

("Mega Hubs") in the Kingdom of Saudi Arabia, the United Arab Emirates, and the Sultanate of Oman to produce low-carbon products to the steelmaking industry.

The parties are seeking to cooperate in the development of theseMega Hubs to produce hot briquetted iron ("HBI") and steel products to supply both the localand seaborne markets, with significant reduction

of CO2 emissions.

The production of HBI using natural gas emits around 60%1 less CO2, when compared to pig iron production through the integrated BF-BOF route. In the future, the replacement of natural gas by hydrogen and the usage of renewable energy could eliminate CO2 emissions .

Vale is expected to build and operate iron ore concentration and briquetting plants within the hubs, securing supply of high-grade agglomerated products. Local parties are expected to promote the construction of the required logistics infrastructure. Investors and/or clients are expected to construct and operate the direct reduction plants and be off takers of HBI for either the export or domestic markets. These Mega Hubs shall supply different markets across the globe supporting the decarbonization of the steelmaking industry.

Vale's Chief Executive Officer Eduardo Bartolomeo said: "We are very pleased to announce these partnerships, which we believe will be key to support the decarbonization of the steelmaking industry. With this initiative Vale will guarantee the availability of high-grade agglomerated products and foster

the expansion of the low CO2 emission steel industry."

Marcello Spinelli, Vale's Executive Vice President, Iron Ore, said: "We see a great potential in the

direct reduction route, with the seaborne demand for these high-grade agglomerated products growing

100 Mt in the next 15-20 years. We shall structurally increase our supply of these highly valuable agglomerated products over the next years, improving the value of our product portfolio. We strongly believe that the Middle East, with its competitive energy prices, strategic location, and entrepreneurial mindset, has a unique set of conditions to successfully develop these integrated hubs."

This initiative contributes to 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

net zero by 2050, in line with the Paris Agreement, leading the evolution process towards sustainable mining.

About agreements signed

• On October 26th, 2022, Vale signed a Memorandum of Understanding (MoU) with the Saudi
  Arabia's National Industrial Development Center (NIDC) to jointly study a Mega Hub development at Ras Al Khair Industrial City. Under the Ministry of Industry and Mineral Resources, the National Industrial Development Center (NIDC) is responsible for establishing the relationships with leading industrialorganizations, driving the industrial development of the

1 According to IPCC 2019 data, considering scope 1 emissions and a 75% of sinter and 370kg/t of coke rate in BF-BOF burden mix and not considering carbon capture and storage.

Press Release

Kingdom of Saudi Arabia (KSA), being a reference and thought leader for the local industrial sector, supporting economic and technical leadership in the Kingdom.

• On October 27th, 2022, Vale signed a Memorandum of Understanding (MoU) with the Emirates Steel Arkan ("ESA") to jointly study a Mega Hub development at Khalifa Economic Zones Abu Dhabi (KEZAD). ESA is a public joint stock company and the UAE's largest steel and building materials manufacturer. The Group supply the domestic and international markets with high- quality steel finished products including wire rods, rebars, heavy sections and sheet piles. Additionally, the Group produces premium cement, blocks, pipes, and dry mortar, creating an one-stop shop for the manufacturing and construction sectors. The Group plays a major role in contributing to the diversification of the UAE's economy in line with the UAE Industrial Strategy 'Operation 300bn' and the Abu Dhabi Economic Vision 2030. Through SENAAT, Emirates Steel Arkan is part of ADQ, one of the region's largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi's diversified economy.
• On October 30th, 2022, Vale signed a Cooperation Memorandum with the Ministry of Commerce, Industry and Investment Promotion of the Sultanate of Oman to jointly study a Mega Hub development at Special Economic Zone at Duqm.

Gustavo Duarte Pimenta

Executive Officer of Investor Relations

For further information, please contact:

[e-mail]

Ivan Fadel: [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, wh en 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, espec ially 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.