Press Release

Vale and China Baowu sign MoU to develop steelmaking decarbonization solutions

Rio de Janeiro, November 11th, 2021 - Vale S.A. ("Vale") has signed a Memorandum of Understanding ("MoU") with China Baowu Steel Group Corporation Limited ("China Baowu") in which both agreed to pursue opportunities to develop steelmaking solutions focused on reducing greenhouse gas emissions.

The MoU comprises the discussion to produce biochar and use it in blast furnaces in order to consume a carbon neutral material based on biomass instead of fossil energy. The MoU also intends to discuss a possible investment by Vale into China Baowu's pilot biochar plant project, with an indicative amount ranging from sixty to seventy million renminbi.

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 China Baowu

China Baowu is the world's biggest steel producer with around 115Mt crude steel production in 2020 on a consolidated basis. With the vision "to become a leader in global steel industry" and the mission to "jointly build high-quality steel ecosystem", and with the corporate values of "integrity, innovation, synergy and sharing", China Baowu commits itself to building a framework of coordinated development of related industries of new materials, intelligent services, resource and environment, industrial parks, and industrial finance etc. based on a green, premium and intelligent steel manufacturing industry through leaderships in technologies, benefits and scale.

Gustavo Duarte Pimenta

Executive Officer of Investor Relations

Ever since the Covid-19 outbreak began, our highest priority is the health and safety of our employees. Our IR team adopted work-from- home, and as we continue to face these new circumstances, we strongly recommend you prioritize e-mail and online engagement.

For further information, please contact:

Vale.RI@vale.com

Ivan Fadel: ivan.fadel@vale.com

Andre Werner: andre.werner@vale.com

Mariana Rocha: mariana.rocha@vale.com

Samir Bassil: samir.bassil@vale.com

This press release may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy;

  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.

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Vale SA published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 12:26:03 UTC.