The Brazilian miner, Vale, produced 328 million mt of iron ore in 2024, exceeding the target range of 310-320 million mt established for the year.

The production of iron ore pellets in the year achieved 37 million mt, 1.2% higher than in 2023, but slightly lower than the target of 38 million mt established for the year.

The average price of the iron ore achieved in 2024 declined from 2023 by 11.8% to $95.3/mt, while for pellets the price declined by 4.5% to $154.6/mt.

For Q4 2024, the iron ore production totaled 85.3 million mt, 5% less than in Q4 2023, a reduction in line with the company’s portfolio optimization, which prioritized production of higher-margin
products.

Accordingly, the production in the southern system declined, while the S11D system in the north achieved record production.

The production of pellets in Q4 2024 reached 9.2 million mt, 7.7% less than in Q4 2023.

For 2025, Vale established a production target range of 325-335 million mt for iron ore and 38-42 million mt for pellets.