Vale (VALE) 6-K/A 27 Sep 21 2021 Q2 Current report (foreign) (amended) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	6-K/A
Entity Registrant Name	Vale S.A.
Entity Address, Address Line One	Praia de Botafogo nº 186
Entity Address, Address Line Two	18º andar
Entity Address, Address Line Three	Botafogo
Entity Address, City or Town	Rio de Janeiro
Entity Address, Country	BR
Entity Central Index Key	0000917851
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Period End Date	Jun. 30, 2021

Consolidated Income Statement

Consolidated Income Statement - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operations
Net operating revenue	$ 16,675	$ 7,518	$ 29,320	$ 14,487
Cost of goods sold and services rendered	(5,805)	(4,212)	(10,432)	(8,490)
Gross profit	10,870	3,306	18,888	5,997
Operating expenses
Selling and administrative expenses	(133)	(124)	(238)	(239)
Research and evaluation expenses	(141)	(90)	(241)	(185)
Pre-operating and operational stoppage	(191)	(238)	(336)	(506)
Brumadinho event	(185)	(130)	(300)	(289)
Other operating expenses, net	(74)	(237)	(86)	(299)
Total	(724)	(819)	(1,201)	(1,518)
Impairment and disposal of non-current assets	(432)	(403)	(593)	(432)
Operating income	9,714	2,084	17,094	4,047
Financial income	86	135	160	242
Financial expenses	(177)	(585)	(1,563)	(1,110)
Other financial items, net	441	(35)	1,676	(1,902)
Equity results and other results in associates and joint ventures	(454)	(535)	(470)	(701)
Income before income taxes	9,610	1,064	16,897	576
Income taxes
Current tax	(1,201)	(326)	(2,716)	(673)
Deferred tax	(872)	181	(1,167)	1,177
Total	(2,073)	(145)	(3,883)	504
Net income	7,537	919	13,014	1,080
Loss attributable to non-controlling interests	(49)	(76)	(118)	(154)
Net income attributable to Vale's stockholders	$ 7,586	$ 995	$ 13,132	$ 1,234
Common share
Basic and diluted earnings per share:
Common share (US$)	$ 1.49	$ 0.19	$ 2.57	$ 0.24

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statement of Comprehensive Income
Net income	$ 7,537	$ 919	$ 13,014	$ 1,080
Items that will not be reclassified to the income statement
Translation adjustments	5,233	(1,786)	1,885	(11,249)
Retirement benefit obligations	25	(209)	316	(200)
Fair value adjustment to investment in equity securities	(82)	39	193	(209)
Total items that will not be reclassified to the income statement, net of tax	5,176	(1,956)	2,394	(11,658)
Items that may be reclassified to the income statement
Translation adjustments	(2,762)	885	(756)	5,128
Net investments hedge	202	(119)	42	(639)
Net cash flow hedge	(35)	(49)	(26)	15
Reclassification of cumulative translation adjustment to net income	424		1,542
Total items that may be reclassified to the income statement, net of tax	(3,019)	717	(2,282)	4,504
Total comprehensive income (loss)	9,694	(320)	13,126	(6,074)
Comprehensive loss attributable to non-controlling interests	(47)	(53)	(116)	(129)
Comprehensive income (loss) attributable to Vale's stockholders	$ 9,741	$ (267)	$ 13,242	$ (5,945)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statement of Cash Flows
Cash flow from operations (a)		$ 9,277	$ 2,111	$ 17,950	$ 4,116
Interest on loans and borrowings paid		(138)	(168)	(426)	(412)
Cash received (paid) on settlement of Derivatives, net		60	(114)	(139)	159
Interest on participative stockholders' debentures paid		(193)	(95)	(193)	(95)
Income taxes (including settlement program)		(1,280)	(398)	(2,444)	(747)
Net cash provided by operating activities		7,726	1,336	14,748	3,021
Cash flow from investing activities:
Capital expenditures		(1,139)	(967)	(2,148)	(2,091)
Additions to investments				(42)	(75)
Acquisition of subsidiary, net of cash		(2,345)		(2,345)
Cash paid on the disposal of VNC (note 12)				(555)
Dividends received from associates and joint ventures		43	77	43	77
Short-term investment (LFTs)		543	449	(173)	630
Investment fund applications			(96)		(96)
Others investments activities, net		(189)	(133)	(213)	(186)
Net cash provided by (used in) investing activities		(3,087)	(670)	(5,433)	(1,741)
Cash flow from financing activities:
Loans and borrowings from third-parties		10		300	5,000
Payments of loans and borrowings from third-parties		(179)	(116)	(1,412)	(491)
Payments of leasing		(49)	(49)	(104)	(99)
Dividends and interest on capital paid to stockholders		(2,208)		(6,092)
Dividends and interest on capital paid to noncontrolling interest		(3)	(5)	(6)	(8)
Share buyback program		(2,004)		(2,004)
Net cash used in financing activities		(4,433)	(170)	(9,318)	4,402
Increase in cash and cash equivalents		206	496	(3)	5,682
Cash and cash equivalents in the beginning of the year		12,883	11,788	13,487	7,350
Effect of exchange rate changes on cash and cash equivalents		560	(171)	165	(919)
Cash and cash equivalents at end of the year		13,649	12,113	13,649	12,113
Non-cash transactions:
Additions to property, plant and equipment - capitalized loans and borrowing costs		14	12	30	44
Cash flow from operating activities:
Income (loss) before income taxes		9,610	1,064	16,897	576
Adjusted for:
Provisions related to Brumadinho event			21		21
Equity results and other results in associates and joint ventures		454	535	470	701
Impairment and disposal of non-current assets		432	403	593	432
Depreciation, depletion and amortization		849	807	1,580	1,622
Financial results		(350)	485	(273)	2,770
Changes in assets and liabilities:
Accounts receivable		(1,105)	(922)	296	(301)
Inventories		(188)	(125)	(362)	(352)
Suppliers and contractors	[1]	291	108	35	(566)
Provision - Payroll, related charges and others remunerations		82	115	(207)	(93)
Payments related to Brumadinho event	[2]	(303)	(155)	(452)	(371)
Other assets and liabilities, net		(495)	(225)	(627)	(323)
Cash flow from operations (a)		$ 9,277	$ 2,111	$ 17,950	$ 4,116
[1]	Includes variable lease payments.
[2]	In addition, the Company has incurred in expenses in the amount of US$185 and US$300 for the three and six-month periods ended June 30, 2021, respectively (US$109 and US$268 for the three and six-month periods ended June 30, 2020).

Consolidated Statement of Cas_2

Consolidated Statement of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statement of Cash Flows
Expense incurred in relation to Brumadinho event	$ 185	$ 109	$ 300	$ 268
Brumadinho event
Consolidated Statement of Cash Flows
Expense incurred in relation to Brumadinho event	$ 185	$ 109	$ 300	$ 268

Consolidated Statement of Finan

Consolidated Statement of Financial Position - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 13,649	$ 13,487
Short-term investments	951	771
Accounts receivable	4,954	4,993
Other financial assets	214	329
Inventories	4,701	4,061
Recoverable taxes	668	509
Others	266	253
Total current assets	25,403	24,403
Non-current assets
Judicial deposits	1,326	1,268
Other financial assets	1,430	1,784
Recoverable taxes	1,440	1,091
Deferred income taxes	9,338	10,335
Others	701	651
Total non-current assets excluding investments, intangible assets and property, plant and equipment	14,235	15,129
Investments in associates and joint ventures	2,197	2,031
Intangibles	10,997	9,296
Property, plant and equipment	43,884	41,148
Total non current assets	71,313	67,604
Total assets	96,716	92,007
Current liabilities
Suppliers and contractors	3,777	3,367
Loans, borrowings and leases	992	1,136
Other financial liabilities	1,547	1,906
Taxes payable	1,678	952
Settlement program ("REFIS")	356	340
Liabilities related to associates and joint ventures	1,467	876
Provisions	1,156	1,826
Liabilities related to Brumadinho	2,223	1,910
De-characterization of dams	454	381
Dividends payable	27	1,220
Others	658	680
Total current liabilities	14,335	14,594
Non-current liabilities
Loans, borrowings and leases	12,870	13,891
Participative stockholders' debentures	4,687	3,413
Other financial liabilities	3,027	4,564
Settlement program ("REFIS")	2,336	2,404
Deferred income taxes	1,985	1,770
Provisions	8,003	8,434
Liabilities related to Brumadinho	2,268	2,665
De-characterization of dams	1,701	1,908
Liabilities related to associates and joint ventures	1,024	1,198
Streaming transactions	1,961	2,005
Others	160	340
Total non current liabilities	40,022	42,592
Total liabilities	54,357	57,186
Stockholders' equity
Equity attributable to Vale's stockholders	41,661	35,744
Equity attributable to non-controlling interests	698	(923)
Total stockholders' equity	42,359	34,821
Total liabilities and stockholders' equity	$ 96,716	$ 92,007

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity R$ in Millions, $ in Millions	Share capitalUSD ($)	Capital reserveUSD ($)	Profit reservesUSD ($)	Treasury sharesUSD ($)	Other reservesUSD ($)	Cumulative translation adjustmentsUSD ($)	Retained earningsUSD ($)	Equity attributable to Vale's stockholdersUSD ($)	Equity attributable to non-controlling interestsUSD ($)	USD ($)	BRL (R$)
Balance at beginning of year at Dec. 31, 2019	$ 61,614	$ 1,139	$ 7,090	$ (2,455)	$ (2,110)	$ (25,211)		$ 40,067	$ (1,074)	$ 38,993
Net income (loss)							$ 1,234	1,234	(154)	1,080
Other comprehensive income			(1,871)		(409)	(4,899)		(7,179)	25	(7,154)
Dividends of non-controlling interest									(5)	(5)
Capitalization of non-controlling interest advances									6	6
Treasury shares utilized in the period				14				14		14
Balance at end of year at Jun. 30, 2020	61,614	1,139	5,219	(2,441)	(2,519)	(30,110)	1,234	34,136	(1,202)	32,934
Balance at beginning of year at Dec. 31, 2020	61,614	1,139	7,042	(2,441)	(2,056)	(29,554)		35,744	(923)	34,821
Net income (loss)							13,132	13,132	(118)	13,014
Other comprehensive income			9		518	(417)		110	2	112
Dividends and interest on capital of Vale's stockholders			(4,319)				(724)	(5,043)		(5,043)
Dividends of non-controlling interest									(24)	(24)
Acquisitions and disposal of non-controlling interest					(331)			(331)	1,761	1,430
Share buyback program				(2,004)				(2,004)		(2,004)	R$ 10407
Share-based payment					46			46		46
Treasury shares utilized in the period				7				7		7
Balance at end of year at Jun. 30, 2021	$ 61,614	$ 1,139	$ 2,732	$ (4,438)	$ (1,823)	$ (29,971)	$ 12,408	$ 41,661	$ 698	$ 42,359

Corporate information

Corporate information	6 Months Ended
	Jun. 30, 2021
Corporate information
Corporate information	1. Corporate information Vale S.A. and its subsidiaries (“Vale” or the “Company”) are iron ore and iron ore pellets producers, which are key raw materials for steelmaking, and nickel producers, which is used to produce stainless steel and metal alloys employed in the production process of several products. The Company also produces copper, metallurgical and thermal coal, manganese ore and, platinum group metals, gold, silver and cobalt. The information by segment is presented in note 4. ​ 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). ​

Basis of preparation of the int

Basis of preparation of the interim financial statements	6 Months Ended
	Jun. 30, 2021
Basis of preparation of the interim financial statements
Basis of preparation of the interim financial statements	2. Basis of preparation of the interim financial statements a) Statement of compliance The consolidated interim financial statements of the Company (“interim financial statements”) have been prepared and are being presented in accordance with IAS 34 Interim Financial Reporting of the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). b) Basis of presentation The interim financial statements have been prepared to update users about relevant events and transactions that occurred in the period and should be read in conjunction with the financial statements for the year ended December 31, 2020. The accounting policies, accounting estimates and judgements, risk management and measurement methods are the same as those applied when preparing the last annual financial statements, except for the change in the accounting practice for the share-based payment plans as disclosed in note 24. These interim financial statements were authorized for issue by the Executive Board on July 28, 2021. The interim financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (“functional currency”), which in the case of the Parent Company is the Brazilian real (“R$”). For presentation purposes, these interim financial statements are presented in United States dollar (“US$”) as the Company believes that this is how international investors analyze the interim financial statements. The exchange rates used by the Company to translate its foreign operations are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average rate ​ ​ Closing rate ​ Three-month period ended ​ Six-month period ended ​ ​ June 30, 2021 ​ December 31, 2020 ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 United States dollar ​ 5.0022 ​ 5.1967 ​ 5.2907 ​ 5.3854 ​ 5.3862 ​ 4.9218 Canadian dollar ("CAD") ​ 4.0334 ​ 4.0771 ​ 4.3096 ​ 3.8882 ​ 4.3209 ​ 3.5992 Euro ("EUR") ​ 5.9276 ​ 6.3779 ​ 6.3789 ​ 5.9279 ​ 6.4902 ​ 5.4211 ​

Significant events in the curre

Significant events in the current year	6 Months Ended
	Jun. 30, 2021
Significant events in the current year
Significant events in the current period	3. Significant events in the current period The financial position, cash flows and performance of the Company were particularly affected by the following events and transactions during the three-month period ended June 30, 2021: ● In April 2021, the Company approved a share buyback program for its common shares, limited to a maximum of 270,000,000 common shares and their respective ADRs. Until June 30, 2021, the Company acquired 93,088,200 shares, in the total amount of US $ 2,004 (note 25). ● In June 2021, the Company approved and paid dividends to its shareholders in the amount of US $2,200 (note 25). ● In June 2021, the Company paid US $2,517 in relation to the Project Finance and concluded all precedent conditions to acquire the interests held by Mitsui & Co., Ltd (“Mitsui”) in both Moatize coal mine and Nacala Logistics Corridor (“NLC”). Following the conclusion of the transaction, the Company has started consolidating NLC on its balance sheet and recognized a loss in the amount of US $771 as “Impairment and disposals of non-current assets” (note 12). ● In June 2021, Fundação Renova reviewed the expected cash outflows to comply with the mitigation and compensation programs, which resulted in an addition of US $560 to the provision. This amount was recognized in the income statement as “Equity results and other results in associates and joint ventures” for the three-month period ended June 30, 2021 (note 21). ● In June 2021, production and maintenance employees of Sudbury, Canada, represented by United Steelworkers (“USW”) voted to reject the Company’s offer of a new five-year collective bargaining agreement. As a result, the Company stopped its operation at that location and recognized a loss in the amount of US $59 as “Pre-operating and operational stoppage”. However, if the strike continues for an extended period of time, the results of that operations may be materially impacted. The Company will continue discussions with USW to reach an agreement as soon as possible in order to resume its operation. ​

Information by business segment

Information by business segment and by geographic area	6 Months Ended
	Jun. 30, 2021
Information by business segment and by geographic area
Information by business segment and by geographic area	4. Information by business segment and by geographic area The Company operates the following reportable segments: Ferrous Minerals, Base Metals and Coal. The segments are aligned with products and reflect the structure used by Management to evaluate Company’s performance. The responsible bodies for making operational decisions, allocating resources and evaluating performance ("chief operating decision maker" under IFRS 8 - Operating Segments) are the Executive Boards and the Board of Directors. Accordingly, the performance of the operating segments is assessed based on a measure of adjusted EBITDA. The Company allocates to “Others” the revenues and cost of other products, services, research and development, investments in joint ventures and associates of other business and unallocated corporate expenses. Additionally, the costs related to the Brumadinho event are not directly linked to the Company's operating activities and, therefore, are allocated to "Other" as well. In the current period, the Company has allocated the financial information of Vale Nouvelle-Calédonie SAS (“VNC”) operation to “Others” as this operation is no longer analyzed by the chief operating decision maker as part of to the performance of the Base Metals business segment due to the sale of this operation. The comparative periods were restated to reflect this change in the allocation criteria. a) Adjusted EBITDA The definition of Adjusted 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 and disposal of non-current assets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30,2021 ​ ​ ​ Sales, ​ ​ Dividends ​ ​ ​ ​ ​ Cost of goods ​ administrative ​ ​ ​ ​ ​ received and ​ ​ ​ ​ ​ ​ sold and ​ and other ​ ​ ​ Pre operating ​ interest from ​ ​ ​ ​ Net operating ​ services ​ operating ​ Research and ​ and operational ​ associates and ​ Adjusted ​ ​ revenue ​ rendered ​ expenses ​ evaluation ​ stoppage ​ joint ventures ​ EBITDA Ferrous minerals ​ ​ ​ ​ Iron ore 12,200 ​ (2,816) ​ (61) ​ (43) ​ (74) ​ — ​ 9,206 Iron ore pellets 1,947 ​ (520) ​ 2 ​ — ​ (13) ​ 22 ​ 1,438 Ferroalloys and manganese 52 ​ (39) ​ (1) ​ — ​ (4) ​ — ​ 8 Other ferrous products and services 98 ​ (71) ​ 1 ​ (1) ​ — ​ — ​ 27 ​ 14,297 ​ (3,446) ​ (59) ​ (44) ​ (91) ​ 22 ​ 10,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 1,492 ​ (959) ​ (25) ​ (18) ​ (60) ​ — ​ 430 Copper 688 ​ (229) ​ (1) ​ (21) ​ (1) ​ — ​ 436 ​ 2,180 ​ (1,188) ​ (26) ​ (39) ​ (61) ​ — ​ 866 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal 161 ​ (323) ​ — ​ (2) ​ — ​ — ​ (164) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Others ​ 37 ​ (48) ​ (96) ​ (56) ​ — ​ 21 ​ (142) ​ ​ 16,675 ​ (5,005) ​ (181) ​ (141) ​ (152) ​ 43 ​ 11,239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brumadinho event — ​ — ​ (185) ​ — ​ — ​ — ​ (185) COVID-19 — ​ — ​ (16) ​ — ​ — ​ — ​ (16) Total 16,675 ​ (5,005) ​ (382) ​ (141) ​ (152) ​ 43 ​ 11,038 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30,2020 ​ ​ ​ Sales, ​ ​ Dividends ​ ​ ​ ​ ​ Cost of goods ​ administrative ​ ​ ​ ​ ​ received and ​ ​ ​ ​ ​ ​ sold and ​ and other ​ ​ ​ Pre operating ​ interest from ​ ​ ​ ​ Net operating ​ services ​ operating ​ Research and ​ and operational ​ associates and ​ Adjusted ​ ​ revenue ​ rendered ​ expenses ​ evaluation ​ stoppage ​ joint ventures ​ EBITDA Ferrous minerals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Iron ore 4,852 ​ (1,739) ​ (59) ​ (25) ​ (122) ​ — ​ 2,907 Iron ore pellets 900 ​ (377) ​ 2 ​ (1) ​ (17) ​ 53 ​ 560 Ferroalloys and manganese 68 ​ (42) ​ — ​ (1) ​ (10) ​ — ​ 15 Other ferrous products and services 75 ​ (56) ​ 1 ​ — ​ — ​ — ​ 20 ​ 5,895 ​ (2,214) ​ (56) ​ (27) ​ (149) ​ 53 ​ 3,502 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 891 ​ (546) ​ (16) ​ (9) ​ (29) ​ — ​ 291 Copper 523 ​ (185) ​ (3) ​ (15) ​ — ​ — ​ 320 ​ ​ 1,414 ​ (731) ​ (19) ​ (24) ​ (29) ​ — ​ 611 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal 94 ​ (361) ​ 3 ​ (5) ​ — ​ — ​ (269) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Others (i) ​ 115 ​ (172) ​ (190) ​ (34) ​ (1) ​ 24 ​ (258) ​ ​ 7,518 ​ (3,478) ​ (262) ​ (90) ​ (179) ​ 77 ​ 3,586 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brumadinho event ​ — ​ — ​ (130) ​ — ​ — ​ — ​ (130) COVID-19 ​ — ​ — ​ (85) ​ — ​ — ​ — ​ (85) Total ​ 7,518 ​ (3,478) ​ (477) ​ (90) ​ (179) ​ 77 ​ 3,371 (i) Includes the reclassification of the EBITDA of VNC in the amount of US$48. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30,2021 ​ ​ ​ Sales, ​ ​ Dividends ​ ​ ​ ​ ​ Cost of goods ​ administrative ​ ​ ​ ​ ​ received and ​ ​ ​ ​ ​ ​ sold and ​ and other ​ ​ ​ Pre operating ​ interest from ​ ​ ​ ​ Net operating ​ services ​ operating ​ Research and ​ and operational ​ associates and ​ Adjusted ​ ​ revenue ​ rendered ​ expenses ​ evaluation ​ stoppage ​ joint ventures ​ EBITDA Ferrous minerals Iron ore 21,354 ​ (4,903) ​ (83) ​ (76) ​ (166) ​ — ​ 16,126 Iron ore pellets 3,155 ​ (903) ​ 31 ​ (1) ​ (26) ​ 22 ​ 2,278 Ferroalloys and manganese 98 ​ (62) ​ (2) ​ — ​ (8) ​ — ​ 26 Other ferrous products and services 195 ​ (137) ​ 3 ​ (1) ​ — ​ — ​ 60 ​ 24,802 ​ (6,005) ​ (51) ​ (78) ​ (200) ​ 22 ​ 18,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 2,926 ​ (1,730) ​ (35) ​ (29) ​ (60) ​ — ​ 1,072 Copper 1,242 ​ (395) ​ (1) ​ (39) ​ (2) ​ — ​ 805 ​ ​ 4,168 ​ (2,125) ​ (36) ​ (68) ​ (62) ​ — ​ 1,877 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal 253 ​ (652) ​ 2 ​ (4) ​ — ​ 78 ​ (323) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Others (i) ​ 97 ​ (162) ​ (202) ​ (91) ​ (1) ​ 21 ​ (338) ​ ​ 29,320 ​ (8,944) ​ (287) ​ (241) ​ (263) ​ 121 ​ 19,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brumadinho event ​ — ​ — ​ (300) ​ — ​ — ​ — ​ (300) COVID-19 ​ — ​ — ​ (18) ​ — ​ — ​ — ​ (18) Total ​ 29,320 ​ (8,944) ​ (605) ​ (241) ​ (263) ​ 121 ​ 19,388 (i) Includes the EBITDA of VNC in the amount of US$65. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30,2020 ​ ​ ​ Sales, ​ ​ Dividends ​ ​ ​ ​ ​ Cost of goods ​ administrative ​ ​ ​ ​ ​ received and ​ ​ ​ ​ ​ ​ sold and ​ and other ​ ​ ​ Pre operating ​ interest from ​ ​ ​ ​ Net operating ​ services ​ operating ​ Research and ​ and operational ​ associates and ​ Adjusted ​ ​ revenue ​ rendered ​ expenses ​ evaluation ​ stoppage ​ joint ventures ​ EBITDA Ferrous minerals ​ ​ ​ ​ ​ ​ ​ Iron ore ​ 9,163 ​ (3,422) ​ (84) ​ (48) ​ (291) ​ — ​ 5,318 Iron ore pellets ​ 1,752 ​ (789) ​ 12 ​ (2) ​ (42) ​ 53 ​ 984 Ferroalloys and manganese 114 ​ (91) ​ — ​ (1) ​ (11) ​ — ​ 11 Other ferrous products and services 162 ​ (127) ​ 2 ​ (1) ​ — ​ — ​ 36 ​ 11,191 ​ (4,429) ​ (70) ​ (52) ​ (344) ​ 53 ​ 6,349 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 1,847 ​ (1,074) ​ (35) ​ (22) ​ (29) ​ — ​ 687 Copper 906 ​ (392) ​ (2) ​ (32) ​ — ​ — ​ 480 ​ ​ 2,753 ​ (1,466) ​ (37) ​ (54) ​ (29) ​ — ​ 1,167 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal 242 ​ (735) ​ 5 ​ (14) ​ — ​ 75 ​ (427) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Others (i) ​ 301 ​ (397) ​ (320) ​ (65) ​ (5) ​ 24 ​ (462) ​ ​ 14,487 ​ (7,027) ​ (422) ​ (185) ​ (378) ​ 152 ​ 6,627 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brumadinho event — ​ — ​ (289) ​ — ​ — ​ — ​ (289) COVID-19 ​ — ​ — ​ (85) ​ — ​ — ​ — ​ (85) Total 14,487 ​ (7,027) ​ (796) ​ (185) ​ (378) ​ 152 ​ 6,253 (i) Includes the reclassification of the EBITDA of VNC in the amount of US$94. Adjusted EBITDA is reconciled to net income as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Net income attributable to Vale's stockholders ​ 7,586 ​ 995 ​ 13,132 ​ 1,234 Loss attributable to non-controlling interests ​ (49) ​ (76) ​ (118) ​ (154) Net income ​ 7,537 ​ 919 ​ 13,014 ​ 1,080 Depreciation, depletion and amortization ​ 849 ​ 807 ​ 1,580 ​ 1,622 Income taxes ​ 2,073 ​ 145 ​ 3,883 ​ (504) Financial results ​ (350) ​ 485 ​ (273) ​ 2,770 Equity results and other results in associates and joint ventures ​ 454 ​ 535 ​ 470 ​ 701 Dividends received and interest from associates and joint ventures (i) ​ 43 ​ 77 ​ 121 ​ 152 Impairment and disposal of non-current assets ​ 432 ​ 403 ​ 593 ​ 432 Adjusted EBITDA ​ 11,038 ​ 3,371 ​ 19,388 ​ 6,253 (i) Includes the remuneration of the financial instrument of the Coal segment. b) Assets by segment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30,2021 ​ December 31,2020 ​ ​ ​ ​ Investments in ​ Property, plant ​ ​ ​ Investments in ​ Property, plant ​ ​ ​ ​ associates and ​ and equipment ​ ​ ​ associates and ​ and equipment ​ Product inventory joint ventures and intangibles (i) Product inventory joint ventures and intangibles (i) Ferrous minerals 2,403 ​ 1,250 ​ 30,567 ​ 2,017 ​ 1,154 ​ 29,436 Base metals 1,288 ​ 17 ​ 20,155 ​ 1,231 ​ 18 ​ 19,549 Coal (note 12) 89 ​ — ​ 2,342 ​ 25 ​ — ​ — Others — ​ 930 ​ 1,817 ​ — ​ 859 ​ 1,459 Total 3,780 ​ 2,197 ​ 54,881 ​ 3,273 ​ 2,031 ​ 50,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ ​ 2021 ​ 2020 ​ ​ Capital expenditures (ii) ​ ​ ​ Capital expenditures (ii) ​ ​ ​ ​ ​ ​ ​ ​ Depreciation, ​ ​ ​ ​ ​ Depreciation, ​ ​ Sustaining ​ Project ​ depletion and ​ Sustaining ​ Project ​ depletion and ​ capital execution amortization capital execution amortization Ferrous minerals ​ 535 ​ 113 ​ 455 ​ 482 ​ 59 ​ 478 Base metals ​ 357 ​ 69 ​ 367 ​ 295 ​ 63 ​ 309 Coal (note 12) ​ 36 ​ — ​ 17 ​ 31 ​ — ​ — Others (iii) ​ 1 ​ 28 ​ 10 ​ 35 ​ 2 ​ 20 Total ​ 929 ​ 210 ​ 849 ​ 843 ​ 124 ​ 807 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30, ​ ​ 2021 ​ 2020 ​ Capital expenditures (ii) ​ ​ ​ Capital expenditures (ii) ​ ​ ​ ​ ​ ​ ​ ​ Depreciation, ​ ​ ​ ​ ​ Depreciation, ​ ​ Sustaining ​ Project ​ depletion and ​ Sustaining ​ Project ​ depletion and ​ capital execution amortization capital execution amortization Ferrous minerals ​ 1,061 ​ 195 ​ 852 ​ 1,018 ​ 150 ​ 900 Base metals ​ 648 ​ 137 ​ 684 ​ 595 ​ 115 ​ 651 Coal (note 12) ​ 65 ​ — ​ 17 ​ 111 ​ — ​ 19 Others (iii) ​ 12 ​ 30 ​ 27 ​ 98 ​ 4 ​ 52 Total ​ 1,786 ​ 362 ​ 1,580 ​ 1,822 ​ 269 ​ 1,622 (i) Goodwill is allocated to ferrous minerals and base metals segments in the amount of US$1,426 and US$1,975 in June 30, 2021 and US$1,373 and US$1,926 in December 31, 2020, respectively. (ii) Cash outflows. (iii) Includes the reclassification of VNC under the captions “Sustaining capital” and “depreciation, depletion and amortization”, in the amount of US$34 and US$8, respectively, for the three-month period ended on June 30, 2020 and in the amount of US$95 and US$26, respectively, for the six-month period ended on June 30, 2020. c) Net operating revenue by geographic area ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, 2021 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ ​ ​ minerals Base metals Coal Others Total Americas, except United States and Brazil 248 ​ 130 ​ — ​ — ​ 378 United States of America 161 ​ 288 ​ — ​ — ​ 449 Germany ​ 154 ​ 463 ​ — ​ — ​ 617 Europe, except Germany 988 ​ 581 ​ 5 ​ — ​ 1,574 Middle East, Africa and Oceania 672 ​ 7 ​ 21 ​ — ​ 700 Japan 943 ​ 119 ​ 20 ​ — ​ 1,082 China 8,665 ​ 264 ​ 47 ​ — ​ 8,976 Asia, except Japan and China 987 ​ 315 ​ 66 ​ — ​ 1,368 Brazil 1,479 ​ 13 ​ 2 ​ 37 ​ 1,531 Net operating revenue 14,297 ​ 2,180 ​ 161 ​ 37 ​ 16,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30,2020 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ ​ ​ minerals Base metals Coal Others (i) Total Americas, except United States and Brazil ​ 14 ​ 45 ​ — ​ 57 ​ 116 United States of America ​ 29 ​ 148 ​ — ​ — ​ 177 Germany ​ 67 ​ 284 ​ — ​ — ​ 351 Europe, except Germany ​ 223 ​ 370 ​ 34 ​ — ​ 627 Middle East, Africa and Oceania ​ 280 ​ 5 ​ 21 ​ — ​ 306 Japan ​ 288 ​ 108 ​ — ​ — ​ 396 China ​ 4,154 ​ 166 ​ — ​ — ​ 4,320 Asia, except Japan and China ​ 417 ​ 245 ​ 35 ​ — ​ 697 Brazil ​ 423 ​ 43 ​ 4 ​ 58 ​ 528 Net operating revenue ​ 5,895 ​ 1,414 ​ 94 ​ 115 ​ 7,518 (i) Includes the reclassification of VNC in the amount of US$57. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30,2021 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ ​ ​ minerals Base metals Coal Others (i) Total Americas, except United States and Brazil ​ 467 ​ 224 ​ — ​ 4 ​ 695 United States of America ​ 259 ​ 573 ​ — ​ — ​ 832 Germany ​ 323 ​ 929 ​ — ​ — ​ 1,252 Europe, except Germany ​ 1,579 ​ 1,287 ​ 23 ​ — ​ 2,889 Middle East, Africa and Oceania ​ 943 ​ 7 ​ 39 ​ — ​ 989 Japan ​ 1,470 ​ 215 ​ 20 ​ — ​ 1,705 China ​ 15,458 ​ 424 ​ 60 ​ — ​ 15,942 Asia, except Japan and China ​ 1,769 ​ 473 ​ 109 ​ — ​ 2,351 Brazil ​ 2,534 ​ 36 ​ 2 ​ 93 ​ 2,665 Net operating revenue ​ 24,802 ​ 4,168 ​ 253 ​ 97 ​ 29,320 (i) Includes the revenue of VNC in the amount of US$4. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30, 2020 ​ Ferrous ​ minerals Base metals Coal Others (i) Total Americas, except United States and Brazil ​ 114 ​ 99 ​ — ​ 145 ​ 358 United States of America 73 ​ 393 ​ — ​ — ​ 466 Germany 249 ​ 478 ​ — ​ — ​ 727 Europe, except Germany 509 ​ 805 ​ 81 ​ — ​ 1,395 Middle East, Africa and Oceania 522 ​ 13 ​ 49 ​ — ​ 584 Japan 665 ​ 202 ​ 13 ​ — ​ 880 China 7,218 ​ 282 ​ 16 ​ — ​ 7,516 Asia, except Japan and China 828 ​ 401 ​ 79 ​ — ​ 1,308 Brazil 1,013 ​ 80 ​ 4 ​ 156 ​ 1,253 Net operating revenue 11,191 ​ 2,753 ​ 242 ​ 301 ​ 14,487 (i) Includes the reclassification of VNC in the amount of US$145. Provisionally priced commodities sales - The sensitivity of the Company’s risk on final settlement of provisionally priced accounts receivables is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Provisional price ​ ​ ​ Thousand metric tons ​ (US$/tonne) ​ Change Effect on Revenue Iron ore 18,155 181.3 +/-10 % 329 Copper 65 11,627.7 +/-10 % 76 ​

Costs and expenses by nature

Costs and expenses by nature	6 Months Ended
	Jun. 30, 2021
Costs and expenses by nature
Costs and expenses by nature	5. Costs and expenses by nature a) Cost of goods sold and services rendered ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three -month period ended June 30, ​ Six -month period ended June 30, ​ 2021 2020 2021 2020 Personnel ​ 444 ​ 362 ​ 834 ​ 775 Materials and services ​ 819 ​ 748 ​ 1,521 ​ 1,553 Fuel oil and gas ​ 267 ​ 206 ​ 475 ​ 485 Maintenance ​ 800 ​ 616 ​ 1,449 ​ 1,286 Royalties ​ 353 ​ 168 ​ 604 ​ 332 Energy ​ 169 ​ 147 ​ 318 ​ 336 Ores acquired from third parties (i) ​ 691 ​ 199 ​ 1,034 ​ 261 Depreciation,depletion and amortization ​ 800 ​ 734 ​ 1,488 ​ 1,463 Freight (ii) ​ 991 ​ 691 ​ 1,773 ​ 1,387 Others ​ 471 ​ 341 ​ 936 ​ 612 Total ​ 5,805 ​ 4,212 ​ 10,432 ​ 8,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold ​ 5,663 ​ 4,086 ​ 10,156 ​ 8,203 Cost of services rendered ​ 142 ​ 126 ​ 276 ​ 287 Total ​ 5,805 ​ 4,212 ​ 10,432 ​ 8,490 (i) The increase in “ Ores acquired from third parties ” is mainly due to the significant increase in the reference price of iron ore compared to 2020. (ii) The increase in "Freight" is mainly due to the significant increase in volumes of CFR sales and higher international freight prices. ​ Tax on mineral production ( Taxa de Fiscalização de Recursos Minerais - “TFRM”) – ton of minerals produced in or transferred from the state. The expenses related to the TFRM are presented in these interim financial statements under “Royalties”. In March 2021, a state decree increased the TFRM rate in the state of Para to R$11.19 per metric ton, with effectiveness as at April 2021. According to the prior rule, which would expire in 2031, the TFRM rate was R$3.72 per ton until the production of 10 million metric tons and R$0.74 for volumes over than 10 million metric tons. The Company is evaluating in the legal aspects of this change and, based on the Brazilian constitutional principle of mandatory notice period, which sets out the tax increase would become in force only in the subsequent year of its enactment, therefore the Company did not apply this increase in the current period and does not expect any impact for the year ending December 31, 2021. The Company is also evaluating other legal aspects to avoid the overcharge in the future. ​ b) Selling and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Selling ​ 25 ​ 20 ​ 43 ​ 37 Personnel ​ 52 ​ 40 ​ 99 ​ 87 Services ​ 22 ​ 33 ​ 39 ​ 51 Depreciation and amortization ​ 10 ​ 14 ​ 19 ​ 31 Others ​ 24 ​ 17 ​ 38 ​ 33 Total ​ 133 ​ 124 ​ 238 ​ 239 ​ c ) Other operating expenses (income), net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Provision for litigations ​ 28 ​ 44 ​ 44 ​ 63 Profit sharing program ​ 52 ​ 13 ​ 75 ​ 45 COVID-19 expenses ​ 16 ​ 85 ​ 18 ​ 85 Others (i) ​ (22) ​ 95 ​ (51) ​ 106 Total ​ 74 ​ 237 ​ 86 ​ 299 (i) Includes the gain related to the exclusion of ICMS from the PIS and COFINS computation tax base, as detailed in note 23(e).

Financial result

Financial result	6 Months Ended
	Jun. 30, 2021
Financial result
Financial result	6. Financial result ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Financial income ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ 41 ​ 28 ​ 68 ​ 80 Others ​ 45 ​ 107 ​ 92 ​ 162 ​ ​ 86 ​ 135 ​ 160 ​ 242 Financial expenses ​ ​ ​ ​ ​ ​ ​ ​ Loans and borrowings gross interest (note 19) ​ (176) ​ (193) ​ (383) ​ (407) Capitalized loans and borrowing costs ​ 14 ​ 12 ​ 30 ​ 44 Participative stockholders' debentures (note 18) ​ (278) ​ (231) ​ (1,261) ​ (280) Interest on REFIS ​ (10) ​ (12) ​ (17) ​ (37) Interest on lease liabilities (note 19) ​ (16) ​ (17) ​ (35) ​ (35) Financial guarantees (i) ​ 401 ​ (31) ​ 364 ​ (172) Expenses with cash tender offer redemption (note 19) ​ — ​ — ​ (63) ​ — Others ​ (112) ​ (113) ​ (198) ​ (223) ​ ​ (177) ​ (585) ​ (1,563) ​ (1,110) ​ ​ ​ ​ ​ ​ ​ ​ ​ Other financial items, net ​ ​ ​ ​ ​ ​ ​ ​ Net foreign exchange gains (losses) ​ (390) ​ 107 ​ (70) ​ (357) Derivative financial instruments (note 16) ​ 856 ​ (86) ​ 417 ​ (1,470) Reclassification of cumulative translation adjustment on VNC sale (note 12) ​ — ​ — ​ 1,132 ​ — Indexation gains (losses), net ​ (25) ​ (56) ​ 197 ​ (75) ​ ​ 441 ​ (35) ​ 1,676 ​ (1,902) Total ​ 350 ​ (485) ​ 273 ​ (2,770) (i) Refers to the fair value adjustments on financial guarantees given to associates due to their rating improvement, leading to a decrease in the probability of default on the guaranteed loans. Further details are disclosed in note 13.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2021
Income taxes
Income taxes	7. Income taxes a) Deferred income tax assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities Deferred taxes, net Balance at December 31, 2020 ​ 10,335 ​ 1,770 ​ 8,565 Effect in income statement ​ (1,130) ​ 37 ​ (1,167) Translation adjustment ​ 196 ​ 43 ​ 153 Other comprehensive income ​ (63) ​ 135 ​ (198) Balance at June 30, 2021 ​ 9,338 ​ 1,985 ​ 7,353 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities Deferred taxes, net Balance at December 31, 2019 ​ 9,217 ​ 1,882 ​ 7,335 Effect in income statement ​ 1,121 ​ (56) ​ 1,177 Translation adjustment ​ (2,352) ​ (127) ​ (2,225) Other comprehensive income ​ 1,818 ​ (68) ​ 1,886 Balance at June 30, 2020 ​ 9,804 ​ 1,631 ​ 8,173 ​ 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. The total amount presented as income taxes in the income statement is reconciled to the statutory rate, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Income before income taxes ​ 9,610 ​ 1,064 ​ 16,897 ​ 576 Income taxes at statutory rate - 34% ​ (3,267) ​ (362) ​ (5,745) ​ (196) Adjustments that affect the basis of taxes: ​ ​ ​ ​ ​ ​ ​ ​ Tax incentives ​ 1,163 ​ 179 ​ 1,618 ​ 489 Equity results ​ 36 ​ 14 ​ 26 ​ (23) Addition (reversal) of tax loss carryforward ​ (63) ​ 22 ​ (109) ​ 448 Others ​ 58 ​ 2 ​ 327 ​ (214) Income taxes ​ (2,073) ​ (145) ​ (3,883) ​ 504 ​ 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. c) Income taxes - Settlement program (“REFIS”) ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Current liabilities 356 340 Non-current liabilities 2,336 2,404 REFIS liabilities 2,692 2,744 ​ ​ ​ ​ ​ SELIC rate 4.25% per year 2.00% per year ​ The balance mainly relates to the settlement program of the claims related to the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003 to 2012. As at June 30, 2021, the balance is due in 88 remaining monthly installments, bearing the SELIC interest rate (Special System for Settlement and Custody), which is the Brazilian federal funds rate. d) Uncertain tax positions There have been no developments on matters related to the uncertain tax positions since the December 31, 2020 financial statements.

Basic and diluted earnings (los

Basic and diluted earnings (loss) per share	6 Months Ended
	Jun. 30, 2021
Basic and diluted earnings per share
Basic and diluted earnings per share	8. Basic and diluted earnings per share The basic and diluted earnings per share are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Net income attributable to Vale's stockholders: ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 7,586 ​ 995 ​ 13,132 ​ 1,234 ​ ​ ​ ​ ​ ​ ​ ​ ​ Thousands of shares ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding - common shares ​ 5,097,908 ​ 5,129,911 ​ 5,113,959 ​ 5,129,254 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per share: ​ ​ Common share (US$) 1.49 ​ 0.19 ​ 2.57 ​ 0.24 ​ The Company does not have potential outstanding shares or other instruments with dilutive effect on the earnings per share computation.

Accounts receivable

Accounts receivable	6 Months Ended
	Jun. 30, 2021
Accounts receivable
Accounts receivable	9. Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 ​ Accounts receivable 5,002 5,043 ​ Expected credit loss ​ (48) ​ (50) ​ ​ 4,954 4,993 ​ ​ ​ ​ ​ ​ ​ Revenue related to the steel sector — % ​ 89.27 % 87.25 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Impairment of accounts receivable recorded in the income statement ​ 3 ​ (3) ​ 2 ​ 9 ​ As at June 30, 2021, there is no customer that individually represents more than 10% of the Company’s accounts receivable or revenues. In 2020, the Company had a customer of the Ferrous Minerals Segment whose revenue individually represented 10.1% of the Company’s total revenue.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventories
Inventories	10. Inventories ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Finished products 3,055 2,626 Work in progress ​ 725 ​ 647 Consumable inventory 921 788 Total 4,701 4,061 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Reversal (provision) for net realizable value ​ (12) ​ 23 ​ 1 ​ (39) ​ 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).

Other financial assets and liab

Other financial assets and liabilities	6 Months Ended
	Jun. 30, 2021
Other financial assets and liabilities
Other financial assets and liabilities	11. Other financial assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ Non-Current ​ June 30, December 31, June 30, December 31, ​ 2021 2020 2021 2020 Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ — ​ — ​ 125 ​ 38 Derivative financial instruments (note 16) ​ 214 ​ 134 ​ 208 ​ 66 Investments in equity securities ​ — ​ — ​ 1,097 ​ 757 Related parties (i) ​ — ​ 195 ​ — ​ 923 ​ ​ 214 ​ 329 ​ 1,430 ​ 1,784 Other financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments (note 16) ​ 204 ​ 328 ​ 521 ​ 689 Related parties (i) ​ 188 ​ 725 ​ — ​ 895 Financial guarantees provided (note 13) ​ — ​ — ​ 550 ​ 877 Liabilities related to the concession grant (note 14) ​ 350 ​ 209 ​ 1,956 ​ 2,103 Advances received ​ 805 ​ 644 ​ — ​ — ​ ​ 1,547 ​ 1,906 ​ 3,027 ​ 4,564 ​ (i) The decrease refers to the settlement of the loans due to the transaction for the acquisition of NLC, as detailed in note 12. ​ Investment in equity securities –

Acquisitions and divestitures

Acquisitions and divestitures	6 Months Ended
	Jun. 30, 2021
Acquisitions and divestitures
Acquisitions and divestitures	12. a) The Company has coal operations in Mozambique, through Vale Moçambique S.A. (“Vale Moçambique”), where the metallurgical and thermal coal extraction and processing are operated. Vale Moçambique is a company controlled by Vale, with a non-controlling interest held by Mitsui & Co. Ltd. (“Mitsui”). Coal products are transported from the Moatize mine to the maritime terminal by the Nacala Logistics Corridor (“NLC”), that is a joint venture between Vale and Mitsui, in which each company holds 50% of the share capital. The NLC’s main assets are the railways and port concessions located in Mozambique and Malawi. In April 2021, the Company signed an Investment Agreement with Mitsui for the acquisition by Vale of the totality of Mitsui´s interest in Vale Moçambique and NLC, which was concluded on June 22, 2021. With the conclusion, the following events have occurred: (a.i) Acquisition of non-controlling interest in Vale Moçambique The Company acquired the 15% interest held by Mitsui in Vale Moçambique for an immaterial consideration, which resulted in a loss of US$ 331 due to the negative reserves of Vale Moçambique at the conclusion of the transaction. This transaction with non-controlling interests was recognized in Stockholders’ Equity for the period ended June 30,2021 as “Acquisition and disposal of non-controlling interest”. After the acquisition of the interests previously held by Mitsui, the Company holds 95% of the share capital of Vale Moçambique and the remaining interest is held by the government of Mozambique. (a.ii) Business combinations - NLC On June 22, 2021, the acquisition was concluded with the settlement of NLC’s loans with third parties (“Project Finance”) in the amount of US $2,517 , satisfying all conditions to acquire the additional 50% held by Mitsui. Therefore, the Company started consolidating the NLC’s assets and liabilities on its balance sheet. Additionally, the Company has updated the discounted cash flow model to assess the fair value of the acquired business, resulting in a loss of US $771 (US $798 as at December 31, 2020) on the fair value of the loans receivable from NLC, mainly due to the decrease in the long-term price assumption for both metallurgical and thermal coal as well as the reduction in the expected production to reflect the operational challenges to reach the ramp-up of the coal business, after the revamp of the processing plants. The cash flows were discounted at a rate of 11.6% , and the loss was recognized as “Impairment and disposals of non-current assets” for the three-months period ended June 30, 2021. The fair values of identifiable assets acquired and liabilities assumed as a result of the NLC’s acquisition are as follows: ​ ​ ​ ​ ​ June 22, 2021 Acquired assets Cash and cash equivalents 172 Inventory, recoverable tax and other assets 423 Intangible 2,219 Property, plant and equipment 1,363 Assumed liabilities (158) Net identifiable assets acquired 4,019 Fair value adjustments (i) (1,590) Total identifiable net assets at fair value (ii) 2,429 ​ ​ ​ Pre-existing relationship (Loans receivable from NLC) 859 Loss on pre-existing relationship (771) ​ 2,517 ​ ​ ​ Cash consideration 2,517 (-) Balances acquired Cash and cash equivalents 172 Net cash outflow 2,345 (i) Of this amount, US $441 was allocated to property, plant and equipment and US $791 was allocated to intangible and the remaining amount was allocated to other assets. (ii) The fair value was assessed using the fair value less costs of disposal model, through discounted cash flow techniques, which is classified as “level 3” in the fair value hierarchy. The cash flows were discounted by using a post-tax discount rate expressed in real terms, which represents an estimate of the rate that a market participant would apply having regard to the time value of money and the asset’s specific risk. (a.iii) Reclassification of the cumulative translation adjustments On the announcement of the Investment Agreement with Mitsui, the Company has also informed the market its divestiture intention in the coal segment. However, the Company has assessed that the criteria to classify the coal segment as a discontinued operation have not been met yet, since the conclusion of an eventual sale to a third party within the next 12 months is not deemed highly probable under IFRS 5 - Non-current assets held for sale and discontinued operations. discontinued operation Furthermore, the Company assessed that its Australian entities (part of the coal segment), which are no longer operational, were considered "abandoned" under IAS 21 - The Effects of Changes in Foreign Exchange Rates b) Other acquisitions and divestitures Boston Electrometallurgical Company (“Boston Metal”) – Vale Nouvelle-Calédonie S.A.S. (“VNC”) – In March 2021, the Company signed the share purchase and sale agreement with Prony Resources, concluding the transaction to sell its interest in VNC. With the final agreement, Vale's obligation to pay to buyers increased by US$55, which combined with other working capital adjustments, resulted in an additional loss of US$98, recorded as “Impairment and disposals of non-current assets”. On March 31, 2021, the Company disbursed US$555 to VNC on the closing of the transaction, thus the liabilities recorded as at December 31, 2020 were settled and there is no outstanding balance in these interim financial statements. The agreement also established that Vale may purchase a certain amount of VNC’s annual nickel production with a cap price over a period of 13 years. Such cap included in contract is an embedded derivative, however, it is deemed closely related to the host contract (nickel supply agreement) because the cap was out of the money on inception of the contract. Therefore, this derivative will not be separated from the host contract, which will be accounted for as an executory contract. Upon closing of the transaction, the Company also recognized a gain of US$1,132 arising from the accumulated exchange differences reclassified from the stockholders’ equity to the income statement under “Other financial items, net”.

Investments in associates and j

Investments in associates and joint ventures	6 Months Ended
	Jun. 30, 2021
Investments in associates and joint ventures
Investments in associates and joint ventures	13. Investments in associates and joint ventures ​ a) Investment information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ associates ​ Equity results in the income ​ ​ ​ ​ ​ ​ ​ and joint ventures ​ statement ​ Dividends received ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month ​ Six-month ​ Three-month ​ Six-month ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ period ended ​ period ended ​ period ended ​ period ended ​ ​ % ​ % voting ​ June 30, ​ December 31, ​ June 30, ​ June 30, ​ June 30, ​ June 30, Associates and joint ventures ​ ownership ​ capital ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ferrous minerals ​ ​ ​ ​ Baovale Mineração S.A. 50.00 50.00 23 20 ​ 1 1 3 2 ​ — — — — Companhia Coreano-Brasileira de Pelotização 50.00 50.00 61 48 ​ 10 2 16 5 ​ 2 17 2 17 Companhia Hispano-Brasileira de Pelotização (i) 50.89 50.89 41 43 ​ — — — 3 ​ 7 13 7 13 Companhia Ítalo-Brasileira de Pelotização (i) 50.90 51.00 58 44 ​ 9 5 13 10 ​ 6 23 6 23 Companhia Nipo-Brasileira de Pelotização (i) 51.00 51.11 135 121 ​ 9 6 13 8 ​ 7 — 7 — MRS Logística S.A. 48.16 46.75 442 398 ​ 19 14 36 12 ​ — — — — Samarco Mineração S.A. (note 21) 50.00 50.00 — — ​ — — — — ​ — — — ​ — VLI S.A. 29.60 29.60 490 480 ​ 7 8 (8) (22) ​ — — — — ​ ​ ​ ​ ​ 1,250 1,154 55 36 ​ 73 18 22 53 ​ 22 53 Base metals ​ ​ ​ ​ Korea Nickel Corp. 25.00 25.00 17 18 ​ — — — — ​ — — — — ​ ​ ​ ​ ​ 17 18 — — ​ — — — — ​ — — Others ​ ​ ​ ​ ​ Aliança Geração de Energia S.A. (i) 55.00 55.00 372 367 ​ 7 7 17 17 ​ 21 24 21 24 Aliança Norte Energia Participações S.A. (i) 51.00 51.00 118 117 ​ (2) (2) (3) (3) ​ — — — — California Steel Industries, Inc. 50.00 50.00 295 234 ​ 48 5 61 (2) ​ — — — — Companhia Siderúrgica do Pecém (“CSP”) (ii) 50.00 50.00 — — ​ — — (42) (75) ​ — — — — Mineração Rio do Norte S.A. 40.00 40.00 70 71 ​ 7 (2) (3) (12) ​ — — — — Others ​ ​ ​ ​ 75 70 ​ (10) (1) (26) (10) ​ — — — — ​ ​ ​ ​ ​ 930 859 ​ 50 7 4 (85) ​ 21 24 21 24 Total ​ ​ ​ ​ 2,197 2,031 ​ 105 43 77 (67) ​ 43 77 43 77 (i) Although the Company held a majority of the voting capital, the entities are accounted under the equity method due to the stockholders' agreement where relevant decisions are shared with other parties. (ii) CSP is a joint venture and its results are accounted for under the equity method, in which the accumulated losses are capped to the Company ́s interest in the investee’s capital based on the applicable law and requirements. That is, after the investment is reduced to zero, the Company does not recognize further losses nor liabilities associated with the investee. (iii) “Equity results and other results in associates and joint ventures” presented in the Income Statement considers, in addition to the equity results in associates and joint ventures shown in the table above, the results of Renova Foundation and Samarco (note 21) and other results with group entities. ​ b) Movements during the period ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1, 2,031 2,798 Capital contribution to CSP ​ 42 ​ 75 Translation adjustment 70 (645) Equity results in income statement 77 (67) Equity results in statement of comprehensive income — (2) Dividends declared (49) (100) Others 26 12 Balance at June 30, 2,197 2,071 ​ The amount of investments by segments are presented in note 4(b). c) Financial guarantees provided ​ As at June 30, 2021 and December 31, 2020, the notional value of corporate financial guarantees provided by the Company (within the limit of its direct or indirect interest) for certain associates and joint ventures were US$1,559 and US$1,557, respectively. The fair value of these financial guarantees is shown in note 17.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2021
Intangibles
Intangibles	14. Intangibles Movements during the period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ ​ ​ Goodwill ​ Concessions ​ Contract right ​ Software ​ project and patents ​ Total Balance at December 31, 2020 ​ 3,298 ​ 5,391 ​ — ​ 76 ​ 531 ​ 9,296 Additions ​ — ​ 57 ​ — ​ 21 ​ — ​ 78 Disposals ​ — ​ (5) ​ — ​ — ​ — ​ (5) Amortization ​ — ​ (115) ​ — ​ (16) ​ — ​ (131) Acquisition of NLC (note 12) ​ — ​ 1,428 ​ — ​ — ​ — ​ 1,428 Translation adjustment ​ 104 ​ 204 ​ — ​ 3 ​ 20 ​ 331 Balance at June 30, 2021 ​ 3,402 ​ 6,960 ​ — ​ 84 ​ 551 ​ 10,997 Cost ​ 3,402 ​ 8,097 ​ — ​ 789 ​ 551 ​ 12,839 Accumulated amortization ​ — ​ (1,137) ​ — ​ (705) ​ — ​ (1,842) Balance at June 30, 2021 ​ 3,402 ​ 6,960 ​ — ​ 84 ​ 551 ​ 10,997 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ ​ ​ Goodwill Concessions Contract right Software project and patents ​ Total Balance at December 31, 2019 3,629 3,970 140 76 684 ​ 8,499 Additions — 69 — 8 — ​ 77 Disposals — (3) — — — ​ (3) Amortization — (92) (1) (12) — ​ (105) Translation adjustment (514) (1,042) (11) (14) (181) ​ (1,762) Balance at June 30, 2020 3,115 2,902 128 58 503 ​ 6,706 Cost 3,115 3,792 223 683 503 ​ 8,316 Accumulated amortization — (890) (95) (625) — ​ (1,610) Balance at June 30, 2020 3,115 2,902 128 58 503 ​ 6,706 ​

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Jun. 30, 2021
Property, plant and equipment
Property, plant and equipment	15. Property, plant and equipment a) Movements during the period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ ​ Mineral Railway Right of use ​ Constructions ​ ​ ​ land ​ Facilities ​ Equipment ​ properties ​ equipment ​ assets ​ Others ​ in progress ​ Total Balance at December 31, 2020 ​ 8,591 ​ 7,591 ​ 4,933 ​ 8,054 ​ 2,523 ​ 1,563 ​ 2,495 ​ 5,398 ​ 41,148 Additions (i) ​ — ​ — ​ — ​ — ​ — ​ 45 ​ ​ ​ 2,151 ​ 2,196 Disposals ​ (2) ​ (3) ​ (12) ​ — ​ (1) ​ — ​ ​ ​ (26) ​ (44) Assets retirement obligation (ii) ​ — ​ — ​ — ​ (237) ​ — ​ — ​ — ​ — ​ (237) Depreciation, depletion and amortization ​ (227) ​ (234) ​ (334) ​ (254) ​ (79) ​ (81) ​ (127) ​ — ​ (1,336) Impairment (iii) ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (88) ​ (88) Acquisition of NLC (note 12) ​ 235 ​ 456 ​ 102 ​ — ​ 2 ​ 33 ​ 2 ​ 92 ​ 922 Translation adjustment ​ 264 ​ 271 ​ 138 ​ 237 ​ 93 ​ 11 ​ 80 ​ 229 ​ 1,323 Transfers ​ 78 ​ 201 ​ 301 ​ 164 ​ 53 ​ — ​ 113 ​ (910) ​ — Balance at June 30, 2021 ​ 8,939 ​ 8,282 ​ 5,128 ​ 7,964 ​ 2,591 ​ 1,571 ​ 2,563 ​ 6,846 ​ 43,884 Cost ​ 15,905 ​ 12,739 ​ 11,251 ​ 17,406 ​ 4,047 ​ 2,011 ​ 5,712 ​ 6,846 ​ 75,917 Accumulated depreciation ​ (6,966) ​ (4,457) ​ (6,123) ​ (9,442) ​ (1,456) ​ (440) ​ (3,149) ​ — ​ (32,033) Balance at June 30, 2021 ​ 8,939 ​ 8,282 ​ 5,128 ​ 7,964 ​ 2,591 ​ 1,571 ​ 2,563 ​ 6,846 ​ 43,884 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ ​ ​ ​ ​ Mineral Railway ​ Right of use ​ ​ Constructions ​ ​ ​ land Facilities Equipment properties ​ equipment assets ​ Others in progress Total Balance at December 31, 2019 ​ 10,702 ​ 9,604 ​ 5,686 ​ 8,261 ​ 3,241 ​ 1,692 ​ 3,012 ​ 4,378 ​ 46,576 Additions (i) — — — — ​ — 36 ​ — 1,812 1,848 Disposals (3) (4) (4) (8) ​ (1) — ​ (3) (32) (55) Assets retirement obligation — — — 343 ​ — — ​ — — 343 Depreciation, depletion and amortization (224) (276) (396) (259) ​ (117) (83) ​ (137) — (1,492) Impairment ​ (168) ​ (228) ​ (17) ​ (123) ​ — ​ — ​ (61) ​ (95) ​ (692) Translation adjustment (2,098) (2,116) (794) (972) ​ (837) (114) ​ (566) (819) (8,316) Transfers 128 178 286 359 ​ 107 — ​ 153 (1,211) — Balance at June 30, 2020 8,337 7,158 4,761 7,601 ​ 2,393 1,531 ​ 2,398 4,033 38,212 Cost 14,333 10,825 10,176 15,929 ​ 3,579 1,837 ​ 5,599 4,033 66,311 Accumulated depreciation (5,996) (3,667) (5,415) (8,328) ​ (1,186) (306) ​ (3,201) — (28,099) Balance at June 30, 2020 8,337 7,158 4,761 7,601 ​ 2,393 1,531 ​ 2,398 4,033 38,212 ​ (i) Includes capitalized borrowing costs. (ii) Refers to changes in discount rates. (iii) Due to the Company's assessment of the fair value of the coal assets, the assets acquired during the year are provided for impairment in full. In the current year, the Company recognized an impairment loss related to coal assets acquired this year in the amount of US$88. b) Right-of-use assets (Leases) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions and contract ​ ​ ​ Translation ​ ​ ​ ​ December 31, 2020 ​ modifications ​ Depreciation ​ adjustment ​ June 30, 2021 Ports ​ 718 ​ — ​ (23) ​ 4 ​ 699 Vessels 534 ​ — (20) — 514 Pellets plants 131 ​ 37 (18) 6 156 Properties 112 ​ 3 (13) 1 103 Energy plants 56 ​ — (3) — 53 Mining equipment and locomotives (i) 12 ​ 38 (4) — 46 Total 1,563 ​ 78 (81) 11 1,571 ​ (i) "Additions and contract modifications" includes the effects arising from the acquisition of NLC in the amount of US$33. Lease liabilities are presented in note 19.

Financial and capital risk mana

Financial and capital risk management	6 Months Ended
	Jun. 30, 2021
Financial and capital risk management
Financial and capital risk management	16. Financial and capital risk management a) Effects of derivatives on the balance sheet ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ June 30, 2021 ​ December 31, 2020 ​ Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 1 1 — — IPCA swap 9 42 7 38 Eurobonds swap — — — 3 Pre-dollar swap and forward (NDF) 98 144 — 9 Libor swap — 5 — — ​ 108 192 7 50 Commodities price risk Base metals products 6 1 30 — Gasoil, Brent and freight 100 — 97 — ​ 106 1 127 — ​ ​ ​ ​ ​ ​ ​ ​ ​ Others — 15 — 16 ​ — 15 — 16 Total 214 208 134 66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ June 30, 2021 ​ December 31, 2020 ​ Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 96 408 111 525 IPCA swap — 92 72 100 Eurobonds swap — — 4 — Pre-dollar swap and forward (NDF) 48 9 63 58 Libor swap 2 2 1 6 ​ 146 511 251 689 Commodities price risk Base metals products 46 — 46 — Gasoil, Brent and freight — — 13 — Thermal coal 2 10 — — ​ 48 10 59 — ​ ​ ​ ​ ​ ​ ​ ​ ​ Others 10 — 18 — Total 204 521 328 689 ​ a.i) Net exposure ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (502) (636) IPCA swap (41) (127) Eurobonds swap — (1) Pre-dollar swap and forward (NDF) 185 (112) Libor swap (i) 1 (7) ​ (357) (883) Commodities price risk Base metals products (39) (16) Gasoil, Brent and freight 100 84 Thermal coal (12) — ​ 49 68 ​ ​ ​ ​ ​ Others 5 (2) ​ 5 (2) Total (303) (817) (i) In July 2017, the U.K. Financial Conduct Authority (FCA), which regulates the London Interbank Offered Rate (‘‘LIBOR’’), announced the effective discontinuation of LIBOR. After June 30, 2023, the FCA will no longer require panel banks to submit quotes for any U.S. dollar LIBOR settings. The Company is currently evaluating the potential impact of the eventual replacement of the LIBOR interest rate. ​ a.ii) Effects of derivatives on the income statement and cash flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in the income statement ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Foreign exchange and interest rate risk ​ ​ ​ ​ CDI & TJLP vs. US$ fixed and floating rate swap 326 (185) 52 (865) IPCA swap 54 (24) 69 (256) Eurobonds swap — 7 (28) (27) Pre-dollar swap and forward (NDF) 411 (28) 206 (173) Libor swap (3) ​ 7 — ​ 788 (230) 306 (1,321) Commodities price risk Base metals products — — (2) (1) Gasoil, Brent and freight 64 99 108 (246) ​ 64 99 106 (247) Others 4 45 5 98 ​ 4 45 5 98 Total 856 (86) 417 (1,470) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial settlement inflows (outflows) ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ ​ 2021 2020 2021 2020 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (9) (33) (99) (51) IPCA swap — — (18) — Eurobonds swap — — (29) (6) Pre-dollar swap and forward (NDF) (2) 8 (77) (13) Libor swap — — (1) — ​ (11) (25) (224) (70) Commodities price risk Base metals products (1) 38 (8) 292 Gasoil, Brent and freight 72 (129) 92 (130) ​ 71 (91) 84 162 Others — 2 1 67 ​ — 2 1 67 Total 60 (114) (139) 159 ​ a.iii) Hedge accounting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in the other comprehensive income ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Net investments hedge 202 (119) 42 (639) Thermal Coal Cash flow hedge (7) — (7) — Cash flow hedge (Nickel and Palladium) (28) (49) (19) 15 ​ Net investment hedge : ​ In March 2021, the Company redeemed all its euro bonds (note 19). As a result, the amount of debt designated as a hedge instrument for this investment is US$2,331 as at June 30,2021. ​ Cash flow hedge (Thermal Coal) ​ To reduce the volatility of its cash flow as a result of fluctuations in thermal coal prices, in May 2021, the Company implemented a Thermal Coal Revenue Hedge Program. Under this program, hedge transactions were executed through forward contracts to protect a portion of the projected sales of this product at fluctuating prices that is highly probable to occur. Hedge accounting treatment is being given to the program. The contracts are traded over-the-counter and the cash settlement in/out results are offset by the protected items' loss/gain results due to thermal coal price variations. In July 2021 (subsequent event), the Company also implemented a Metallurgical Coal Revenue Hedge program applying the same strategy. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ ​ Notional (ton) ​ ​ ​ ​ ​ Fair value ​ Inflows ​ ​ ​ Fair value ​ ​ June 30, ​ December 31, ​ Bought / ​ Average strike ​ June 30, ​ December 31, ​ (Outflows) ​ Value at Risk ​ by year Flow ​ 2021 ​ 2020 Sold (US$/t oz) ​ 2021 ​ 2020 ​ June 30, 2021 ​ June 30, 2021 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal Revenue Hedging Program ​ ​ ​ ​ ​ ​ Call Options ​ 600,000 ​ — S 108 ​ (10) ​ — ​ (2) ​ 3 (10) Put Options ​ 390,000 ​ — B 105 ​ (1) ​ — ​ (1) ​ 6 (1) Total ​ ​ ​ ​ ​ ​ ​ (11) ​ — ​ (3) ​ 9 (11) ​ Cash Flow Hedge (Nickel) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ Notional (ton) ​ ​ ​ ​ ​ Fair value (Outflows) ​ Value at Risk ​ Fair value by year ​ June 30, December 31, Bought / ​ Average strike June 30, December 31, June 30, June 30, ​ Flow 2021 2020 Sold (US$/ton) 2021 2020 2021 2021 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel Revenue Hedging Program (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options 35,120 58,620 S ​ 17,618 (41) (46) (9) 10 (41) Put options ​ 35,120 ​ 58,620 ​ B ​ 15,000 ​ 3 ​ 28 ​ — ​ 1 ​ 3 Total ​ ​ (38) (18) (9) 11 (38) (i) With the hedge structure, the company ensures prices between US$15,000/t and US$17,618/t for the program’s sales volume. Cash flow hedge (Palladium) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial settlement ​ Fair value ​ ​ Notional (t oz) ​ ​ ​ ​ ​ Fair value ​ Inflows (Outflows) ​ Value at Risk ​ by year Flow ​ June 30, 2021 ​ December 31, 2020 ​ Bought / Sold ​ Average strike (US$/t oz) ​ June 30, 2021 ​ December 31, 2020 ​ June 30, 2021 ​ June 30, 2021 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Palladium Revenue Hedging Program ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call Options 67,362 7,200 S 3,437 (11) (1) — 3 (11) Put Options 67,362 7,200 B 2,397 14 — — 3 14 Total ​ ​ ​ ​ 3 (1) — 6 3 ​ b) Protection programs for the R$ and EUR denominated debt instruments and other liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Value at Risk ​ Fair value by year ​ June 30, December 31, ​ Average June 30, December 31, June 30, June 30, ​ ​ ​ ​ ​ Flow 2021 2020 Index rate 2021 2020 2021 2021 2021 2022 2023+ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CDI vs. US$ fixed rate swap ​ ​ ​ ​ (368) (473) (30) ​ 43 ​ (26) ​ (78) ​ (264) Receivable R$8,841 R$9,445 CDI 100.53 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable US$2.072 US$2.213 Fix 2.57 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TJLP vs. US$ fixed rate swap ​ ​ ​ ​ (134) (163) (26) ​ 8 ​ (23) ​ (40) ​ (71) Receivable R$1,421 R$1,651 TJLP + 1.12 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable US$390 US$460 Fix 3.11 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ R$fixed rate vs. US$ fixed rate swap ​ ​ ​ ​ 62 (111) (85) ​ 26 ​ 10 ​ (26) ​ 78 Receivable R$6,671 R$2,512 Fix 3.58 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable US$1.265 US$621 Fix (1.60) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA vs. US$ fixed rate swap ​ ​ ​ ​ (90) (173) (65) ​ 9 ​ 1 ​ — ​ (91) Receivable R$1,617 R$2,363 IPCA + 4.54 % Payable US$400 US$622 Fix 3.88 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA vs. CDI swap ​ ​ ​ ​ 49 45 — — 7 42 — Receivable R$726 R$694 IPCA + 6.63 % Payable R$1,350 R$550 CDI 98.76 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EUR fixed rate vs. US$ fixed rate swap ​ ​ ​ ​ — (1) (29) — — — — Receivable — EUR 500 Fix 0.00 % Payable — US$613 Fix 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward R$7,020 R$916 B 5.98 122 (1) 13 23 17 64 41 ​ c) Protection program for Libor floating interest rate US$ denominated debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Value at Risk ​ Fair value by year Flow June 30, 2021 December 31, 2020 Index Average rate June 30, 2021 December 31, 2020 June 30, 2021 ​ June 30, 2021 2021 2022 2023+ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Libor vs. US$fixed rate swap ​ ​ ​ ​ ​ ​ ​ ​ 1 (7) (1) ​ 2 (1) — 2 Receivable US$950 US$950 Libor 0.13 % ​ ​ Payable US$950 US$950 Fix 0.48 % ​ ​ ​ d) Protection program for product prices and input costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ Value at ​ value by ​ ​ Notional ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Risk ​ year ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Bought / ​ strike ​ June 30, ​ December 31, ​ June 30, ​ June 30, ​ ​ Flow ​ 2021 ​ 2020 Sold (US$/bbl) ​ 2021 ​ 2020 ​ 2021 ​ 2021 2021+ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brent crude oil (bbl) ​ ​ ​ ​ ​ ​ Call options ​ 4,488,809 ​ 13,746,945 B 55 ​ 48 ​ 92 ​ 119 ​ 7 48 Put options ​ 4,488,809 ​ 13,746,945 S 29 ​ — ​ (12) ​ — ​ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Freight Agreement (days) ​ ​ ​ ​ ​ ​ Freight forwards (days) ​ 990 ​ 1,625 B 23,302 ​ 15 ​ 4 ​ 3 ​ 15 — ​ e) Embedded derivatives in contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ National ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Value at Risk ​ Fair value ​ ​ ​ December 31, ​ Bought / ​ Average ​ June 30, December 31, ​ June 30, ​ June 30, ​ ​ Flow ​ June 30, 2021 ​ 2020 ​ Sold ​ strike ​ 2021 ​ 2020 ​ 2021 ​ 2021 ​ 2021+ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Option related to a Special Purpose Entity “SPE” (quantity) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call option 137,751,623 137,751,623 B 3.02 15 18 — 2 15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivatives in contracts for the sale of part of its shareholding (quantity) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Put option 1,105,070,863 1,105,070,863 S 4.38 (5) (19) — 2 (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded Derivative in natural gas purchase agreement (volume/month) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options 729,571 746,667 S 233 (4) — — 3 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge program for finished products ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards 604 — S 18,147 — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed prices sales protection ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards 626 — B 16,341 1 — 1 — 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded in raw material purchase contract (ton) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards 3,436 1,979 S 17,120 (3) 2 — 2 (3) Copper forwards 1,247 976 S 9,620 — — — — — ​ f) Sensitivity analysis of derivative financial instruments The following tables present the potential value of the instruments given hypothetical stress scenarios for the main market risk factors that impact the derivatives positions. The scenarios were defined as follows: - Probable: the probable scenario was defined as the fair value of the derivative instruments as at June 30, 2021 - Scenario I: fair value estimated considering a 25% deterioration in the associated risk variables - Scenario II: fair value estimated considering a 50% deterioration in the associated risk variables ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument Instrument's main risk events Probable Scenario I Scenario II ​ ​ ​ ​ ​ ​ ​ ​ ​ CDI vs. US$ fixed rate swap R$ depreciation (368) (900) (1,433) ​ US$ interest rate inside Brazil decrease (368) (396) (425) ​ Brazilian interest rate increase (368) (402) (437) Protected item: R$denominated liabilities R$ depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ TJLP vs. US$ fixed rate swap R$ depreciation (134) (236) (338) ​ US$ interest rate inside Brazil decrease (134) (137) (140) ​ Brazilian interest rate increase (134) (145) (155) ​ TJLP interest rate decrease (134) (141) (149) Protected item: R$denominated debt R$ depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ R$fixed rate vs. US$ fixed rate swap R$ depreciation 62 (246) (553) ​ US$ interest rate inside Brazil decrease 62 53 45 ​ Brazilian interest rate increase 62 19 (21) Protected item: R$denominated debt R$ depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA vs. US$ fixed rate swap R$ depreciation (90) (199) (307) ​ US$ interest rate inside Brazil decrease (90) (96) (103) ​ Brazilian interest rate increase (90) (109) (127) ​ IPCA index decrease (90) (101) (112) Protected item: R$denominated debt R$ depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA vs. CDI swap Brazilian interest rate increase 49 46 44 ​ IPCA index decrease 49 47 45 Protected item: R$denominated debt linked to IPCA IPCA index decrease n.a. (47) (45) ​ ​ ​ ​ ​ ​ ​ ​ ​ US$floating rate vs. US$ fixed rate swap US$ Libor decrease 1 (4) (10) Protected item: Libor US$ indexed debt US$ Libor decrease n.a. 4 10 ​ ​ ​ ​ ​ ​ ​ ​ ​ NDF BRL/USD R$ depreciation 122 (166) (454) ​ US$ interest rate inside Brazil decrease 122 116 110 ​ Brazilian interest rate increase 122 93 66 Protected item: R$denominated liabilities R$depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument Instrument's main risk events Probable Scenario I Scenario II ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel oil protection ​ ​ ​ ​ ​ ​ ​ ​ Options Price input decrease 48 18 14 Protected item: Part of costs linked to fuel oil prices Price input decrease n.a. 18 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Freight Agreement Forwards Freight price decrease 15 5 (4) Protected item: Part of costs linked to maritime freight prices Freight price decrease n.a. (5) 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel sales fixed price protection Forwards Nickel price decrease 1 (2) (5) Protected item: Part of nickel revenues with fixed prices Nickel price decrease n.a. (2) (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel Revenue Hedging Program Options Nickel price increase (38) (160) (297) Protected item: Part of nickel future revenues Nickel price increase n.a. 160 297 ​ ​ ​ ​ ​ ​ ​ ​ ​ Palladium Revenue Hedging Program Options Palladium price increase 4 (23) (56) Protected item: Part of palladium future revenues Palladium price increase n.a. 23 56 ​ ​ ​ ​ ​ ​ ​ ​ ​ Thermal Coal Revenue Hedging Program Options Thermal coal price increase (11) (40) (69) Protected item: Part of thermal coal future revenues Thermal coal price increase n.a. 40 69 ​ ​ ​ ​ ​ ​ ​ ​ ​ Option - SPCs SPCs stock value decrease 15 5 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument Main risks Probable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase (3) (19) (34) Embedded derivatives - Raw material purchase (copper) Copper price increase — (3) (6) Embedded derivatives - Gas purchase Pellet price increase (4) (8) (13) Embedded derivatives - Guaranteed minimum return Stock value decrease (5) (61) (287) ​ g) Financial counterparties’ ratings The table below presents the ratings published by Moody’s regarding the main financial institutions that we hire derivative instruments, cash and cash equivalents transactions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ June 30, 2021 December 31, 2020 ​ ​ Cash and cash equivalents and ​ ​ ​ Cash and cash equivalents ​ ​ ​ short-term investment Derivatives and short-term investment Derivatives Aa1 94 — 2,210 36 Aa2 384 13 363 15 Aa3 603 41 1,681 41 A1 4,124 20 2,812 21 A2 4,429 130 4 20 A3 1,034 67 5 36 Baa1 — — 4 — Baa2 19 — 1 — Ba1 — 35 2,986 — Ba2 2,551 51 4,189 6 Ba3 1,279 13 — — Others 83 52 3 25 ​ 14,600 422 14,258 200 ​

Financial assets and liabilitie

Financial assets and liabilities	6 Months Ended
	Jun. 30, 2021
Financial assets and liabilities
Financial assets and liabilities	17. Financial assets and liabilities ​ a) Financial instruments classification ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ At fair value ​ ​ ​ ​ ​ ​ ​ At fair value ​ ​ ​ ​ Amortized ​ At fair value ​ through ​ ​ ​ Amortized ​ At fair value ​ through profit ​ ​ Financial assets cost through OCI profit or loss Total cost through OCI or loss Total Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents (note 19) ​ 13,649 ​ — ​ — ​ 13,649 ​ 13,487 ​ — ​ — 13,487 Short-term investments (note 19) ​ — ​ — ​ 951 ​ 951 ​ — ​ — ​ 771 ​ 771 Derivative financial instruments (note 16) ​ — ​ — ​ 214 ​ 214 ​ — ​ — ​ 134 134 Accounts receivable (note 9) ​ 2,266 ​ — ​ 2,688 ​ 4,954 ​ 1,514 ​ — ​ 3,479 4,993 Related parties (note 26) ​ — ​ — ​ — ​ — ​ 195 ​ — ​ — 195 ​ ​ 15,915 ​ — ​ 3,853 ​ 19,768 ​ 15,196 ​ — ​ 4,384 19,580 Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial deposits (note 23) ​ 1,326 ​ — ​ — ​ 1,326 ​ 1,268 ​ — ​ — ​ 1,268 Restricted cash ​ 125 ​ — ​ — ​ 125 ​ 38 ​ — ​ — ​ 38 Derivative financial instruments (note 16) ​ — ​ — ​ 208 ​ 208 ​ — ​ — ​ 66 66 Investments in equity securities ​ — ​ 1,097 ​ — ​ 1,097 ​ — ​ 757 ​ — 757 Related parties (note 26) ​ — ​ — ​ — ​ — ​ 923 ​ — ​ — 923 ​ ​ 1,451 ​ 1,097 ​ 208 ​ 2,756 ​ 2,229 ​ 757 ​ 66 3,052 Total of financial assets ​ 17,366 ​ 1,097 ​ 4,061 ​ 22,524 ​ 17,425 ​ 757 ​ 4,450 22,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Suppliers and contractors ​ 3,777 ​ — ​ — ​ 3,777 ​ 3,367 ​ — ​ — 3,367 Derivative financial instruments (note 16) ​ — ​ — ​ 204 ​ 204 ​ — ​ — ​ 328 328 Loans, borrowings and leases (note 19) ​ 992 ​ — ​ — ​ 992 ​ 1,136 ​ — ​ — 1,136 Dividends payable ​ 27 ​ — ​ — ​ 27 ​ 1,220 ​ — ​ — ​ 1,220 Liabilities related to the concession grant (note 14) ​ 350 ​ — ​ — ​ 350 ​ 209 ​ — ​ — ​ 209 Related parties (note 26) ​ 188 ​ — ​ — ​ 188 ​ 725 ​ — ​ — 725 Other financial liabilities (note 11) ​ 805 ​ — ​ — ​ 805 ​ 644 ​ ​ ​ ​ ​ 644 ​ ​ 6,139 ​ — ​ 204 ​ 6,343 ​ 7,301 ​ — ​ 328 7,629 Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments (note 16) ​ — ​ — ​ 521 ​ 521 ​ — ​ — ​ 689 689 Loans, borrowings and leases (note 19) ​ 12,870 ​ — ​ — ​ 12,870 ​ 13,891 ​ — ​ — 13,891 Related parties (note 26) ​ — ​ — ​ — ​ — ​ 895 ​ — ​ — 895 Participative stockholders' debentures (note 18) ​ — ​ — ​ 4,687 ​ 4,687 ​ — ​ — ​ 3,413 3,413 Liabilities related to the concession grant (note 14) ​ 1,956 ​ — ​ — ​ 1,956 ​ 2,103 ​ — ​ — ​ 2,103 Financial guarantees (note 13) ​ — ​ — ​ 550 ​ 550 ​ — ​ — ​ 877 ​ 877 ​ ​ 14,826 ​ — ​ 5,758 ​ 20,584 ​ 16,889 ​ — ​ 4,979 ​ 21,868 Total of financial liabilities ​ 20,965 ​ — ​ 5,962 ​ 26,927 ​ 24,190 ​ — ​ 5,307 29,497 ​ b) Hierarchy of fair value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets ​ ​ ​ ​ Short-term investments ​ 951 ​ — ​ — ​ 951 ​ 771 ​ — ​ — ​ 771 Derivative financial instruments ​ — 407 ​ 15 ​ 422 ​ — ​ 182 ​ 18 ​ 200 Accounts receivable ​ — ​ 2,688 ​ — ​ 2,688 ​ — ​ 3,479 ​ — ​ 3,479 Investments in equity securities ​ 1,097 ​ — ​ — ​ 1,097 ​ 757 ​ — ​ — ​ 757 Total ​ 2,048 3,095 ​ 15 ​ 5,158 ​ 1,528 ​ 3,661 ​ 18 ​ 5,207 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ — 719 ​ 6 ​ 725 ​ — ​ 998 ​ 19 ​ 1,017 Participative stockholders' debentures ​ — 4,687 ​ — ​ 4,687 ​ — ​ 3,413 ​ — ​ 3,413 Financial guarantees ​ — ​ 550 ​ — ​ 550 ​ — ​ 877 ​ — ​ 877 Total ​ — 5,956 ​ 6 ​ 5,962 ​ — ​ 5,288 ​ 19 ​ 5,307 ​ There were no transfers between levels 1 , 2 and 3 of the fair value hierarchy during the six-month period ended June 30, 2021 . ​ b.i) Changes in Level 3 assets and liabilities during the period ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ Financial assets Financial liabilities Balance at December 31, 2020 18 19 Gain and losses recognized in income statement (4) (13) Translation adjustments 1 — Balance at June 30, 2021 15 6 ​ c) Fair value of loans and financing ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Carrying amount Fair value Carrying amount Fair value Quoted in the secondary market: ​ ​ ​ ​ ​ ​ ​ ​ Bonds 7,448 9,277 7,448 10,025 Eurobonds — — 920 985 Debentures 428 435 496 496 Debt contracts in Brazil in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 460 679 860 857 R$, with fixed interest 25 25 34 35 Basket of currencies and bonds in US$ indexed to LIBOR 33 54 56 56 Debt contracts in the international market in: US$, with variable and fixed interest 3,398 3,401 3,225 3,278 Other currencies, with variable interest 96 96 — — Other currencies, with fixed interest 110 123 120 134 Total 11,998 14,090 13,159 15,866 ​ Due to the short-term cycle, the fair value of cash and cash equivalents balances, financial investments, accounts receivable and accounts payable approximate their book values.

Participative stockholders' deb

Participative stockholders' debentures	6 Months Ended
	Jun. 30, 2021
Participative stockholders' debentures
Participative stockholders' debentures	18. Participative stockholders’ debentures At the time of its privatization in 1997, the Company issued a total of 388,559,056 debentures to then-existing stockholders, including the Brazilian Government. The debentures’ terms were set to ensure that pre-privatization stockholders would participate in potential future benefits that might be obtained from exploration of mineral resources. This obligation will cease when all the relevant mineral resources are exhausted, sold or otherwise disposed of by the Company. Holders of participative stockholders’ debentures have the right to receive semi-annual payments equal to an agreed percentage of revenues less value-added tax, transport fee and insurance expenses related to the trading of the products, derived from these mineral resources. On April 1, 2021, the Company made available for withdrawal as remuneration the amount of US$193 (R$1,073 million) for the second semester of 2020, as disclosed on the “Shareholders’ debentures report” made available on the Company’s website. To calculate the fair value of the liability, the Company uses the weighted average price of trades in the secondary market for the last month of the quarter. The average price increased from R$45.65 per debenture for the year ended December 31, 2020 to R$60.34 per debenture for the period ended June 30, 2021 (R$29.04 for the period ended June 30, 2020), resulting in an expense of US$278 and US$1,261 recorded in the income statement for the three and six-month periods ended June 30, 2021 (US$231 and US$280 for the three and six-month periods ended June 30, 2020), respectively. As at June 30, 2021 the liability was US$ 4,687 (US$ 3,413 as at December 2020).

Loans, borrowings, leases, cash

Loans, borrowings, leases, cash and cash equivalents and short-term investments	6 Months Ended
	Jun. 30, 2021
Loans, borrowings, leases, cash and cash equivalents and short-term investments
Loans, borrowings, leases, cash and cash equivalents and short-term investments	19. Loans, borrowings, leases, cash and cash equivalents and short-term investments a) Net debt The Company evaluates the net debt with the objective of ensuring the continuity of its business in the long term. ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Debt contracts in the international markets 11,194 11,890 Debt contracts in Brazil 960 1,470 Leases ​ 1,708 ​ 1,667 Total of loans, borrowings and leases 13,862 15,027 (-) Cash and cash equivalents 13,649 13,487 (-) Short-term investments ​ 951 ​ 771 Net debt (cash) (738) 769 ​ b) Cash and cash equivalents Cash and cash equivalents include cash, immediately redeemable deposits and short-term investments with an insignificant risk of change in value. They are readily convertible to cash, being US$3,375 (US$2,849 as at December 31, 2020) denominated in R$, indexed to the CDI), US$9,973 (US$10,195 as at December 31, 2020) denominated in US$ and US$301 (US$443 as at December 31, 2020) denominated in other currencies as at June 30, 2021. c) Short-term investments At June 30, 2021, the balance of US$951 (US$771 as at December 31, 2020) is substantially comprised of investments in an exclusive investment fund immediately liquid, whose portfolio is composed of committed transactions and Financial Treasury Bills (“LFTs”), which are floating-rate securities issued by the Brazilian government. d) Loans, borrowings and leases i) Total debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Current liabilities ​ Non-current liabilities ​ interest rate (i) ​ June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Quoted in the secondary market: ​ ​ Bonds 6.01 % — ​ — ​ 7,448 ​ 7,448 Eurobonds ​ ​ — ​ — ​ — ​ 920 Debentures 10.48 % 50 ​ 107 ​ 378 ​ 389 Debt contracts in Brazil in: ​ ​ ​ ​ ​ ​ ​ ​ ​ R$, indexed to TJLP, TR, IPCA, IGP-M and CDI (ii) 9.29 % 128 ​ 320 ​ 332 ​ 540 R$, with fixed interest 2.76 % 19 ​ 20 ​ 6 ​ 14 Basket of currencies and bonds in US$ indexed to LIBOR ​ 2.32 % 33 ​ 45 ​ — ​ 11 Debt contracts in the international market in: ​ ​ ​ ​ ​ ​ ​ ​ ​ US$, with variable and fixed interest 2.26 % 325 ​ 182 ​ 3,073 ​ 3,044 Other currencies, with variable interest 4.09 % 86 ​ — ​ 10 ​ — Other currencies, with fixed interest ​ 3.35 % 12 ​ 12 ​ 98 ​ 107 Accrued charges ​ ​ 156 ​ 201 ​ — ​ — Total ​ ​ 809 ​ 887 ​ 11,345 ​ 12,473 (i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable as at June 30, 2021. (ii) R$ denominated debt that bears interest at IPCA, CDI, TR or TJLP, plus spread. For a total of US$892 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 2.92% per year in US$. Future flows of debt payments, principal and interest ​ ​ ​ ​ ​ ​ ​ ​ Estimated future ​ ​ Principal ​ interest payments (i) 2021 173 ​ 300 2022 1,254 ​ 593 2023 298 ​ 555 2024 2,014 ​ 537 Between 2025 and 2029 2,142 ​ 1,008 2030 onwards 6,117 ​ 3,641 Total 11,998 ​ 6,634 (i) Based on interest rate curves and foreign exchange rates applicable as at June 30, 2021 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the interim financial statements. Credit and financing lines ​ The Company has two revolving credit facilities to assist the short-term liquidity management and to enable more efficiency in cash management in the available amount of US$5,000, of which US$2,000 will mature in 2022 and US$3,000 in 2024. As at June 30, 2021, these lines are undrawn. ​ Funding and payments ​ In January 2021, the Company contracted the credit line US$300 with The New Development Bank maturing at 2035 and indexed to Libor + 2.49% per year. ​ In March 2021, the Company redeemed all of its 3.750% bonds due January 2023, in the total amount of US$884 (EUR750 million) and for it paid a premium of US$63, which was recorded as “Expenses with cash tender offer redemption” under the financial results for six-month period ended June 30,2021. ​ Covenants ​ Some of the Company’s debt agreements with lenders contain financial covenants. The primary financial covenants in those agreements require maintaining certain ratios, such as debt to EBITDA (as defined in note 4(a)) and interest coverage. The Company has not identified any instances of noncompliance as at June 30, 2021. ​ Reconciliation of debt to cash flows arising from financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted in the ​ Debt contracts on the ​ ​ ​ secondary market ​ Debt contracts in Brazil ​ international market ​ Total December 31, 2020 9,046 ​ 959 ​ 3,355 ​ 13,360 Additions — ​ — ​ 300 ​ 300 Payments (i) (922) ​ (269) ​ (221) ​ (1,412) Interest paid (279) ​ (79) ​ (68) ​ (426) Cash flow from financing activities (1,201) ​ (348) ​ 11 ​ (1,538) ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate (50) ​ (153) ​ 196 ​ (7) Interest accretion 222 ​ 63 ​ 54 ​ 339 Non-cash changes 172 ​ (90) ​ 250 ​ 332 ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 8,017 ​ 521 ​ 3,616 ​ 12,154 (i) Includes expenses with the redemption in the amount of US$63. ii) Lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions and contract ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 modifications Payments (i) Interest (ii) Translation adjustment June 30, 2021 Ports 743 — (40) 14 1 718 Vessels 533 — (31) 11 — 513 Pellets plants 137 37 (2) 3 8 183 Properties 142 3 (24) 2 1 124 Energy plants 62 — (2) 3 — 63 Mining equipment and locomotives (iii) 50 58 (5) 2 2 107 Total 1,667 98 (104) 35 12 1,708 (i) The total amount of the variable lease payments not included in the measurement of lease liabilities, which have been recognized straight to the income statement, for the three and six-month periods ended June 30, 2021 was US$78 and US$111 (US$10 and US$38 for the three and six-month periods ended June 30, 2020), respectively. (ii) The interest accretion recognized in the income statement is disclosed in note 6. (iii) "Additions and contract modifications" includes the effects arising from the acquisition of NLC in the amount of US$53. Annual minimum payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 2024 2025 onwards Total Ports 35 63 62 61 802 1,023 Vessels 33 63 62 60 405 623 Pellets plants 44 40 13 13 116 226 Properties 24 29 23 22 41 139 Energy plants 3 7 7 6 61 84 Mining equipment and locomotives 11 21 16 15 79 142 Total 150 223 183 177 1,504 2,237 ​ The amounts in the table above presents the undiscounted lease obligation by maturity date. The lease liability recognized in the balance sheet is measured at the present value of such obligations. e) Guarantees As at June 30, 2021 and December 31, 2020, loans and borrowings are secured by property, plant and equipment in the amount of US$88 and US$176, respectively.The securities issued through Vale’s wholly-owned finance subsidiary Vale Overseas Limited are fully and unconditionally guaranteed by Vale.

Brumadinho dam failure

Brumadinho dam failure	6 Months Ended
	Jun. 30, 2021
Brumadinho dam failure
Brumadinho dam failure	20. Brumadinho dam failure ​ On January 25, 2019, a tailings dam (“Dam I”) failed at the Córrego do Feijão mine, in the city of Brumadinho, state of Minas Gerais. The failure released a flow of tailings debris, destroying some of Vale’s facilities, affecting local communities and disturbing the environment. The tailings released have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam failure in Brumadinho (“event”) resulted in 270 fatalities, including 10 victims still missing, and caused extensive property and environmental damage in the region. ​ As a result of the dam failure, the Company has recognized provisions to meet its assumed obligations, individual indemnification to those affected by the event, remediation of the affected areas and compensation to the society. The Company also recognized a provision for de-characterization of the dams. Below are the changes in during the current period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impact on the ​ ​ ​ ​ ​ ​ December 31, ​ income ​ Present value ​ ​ ​ Translation ​ ​ ​ ​ 2020 ​ statement ​ adjustment ​ Disbursements (ii) ​ adjustment ​ June 30, 2021 Global Settlement for Brumadinho 3,989 — (83) (26) 141 4,021 Provision for individual indemnification and other commitments 586 — (6) (123) 13 470 Liabilities related to Brumadinho 4,575 — (89) (149) 154 4,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ De-characterization of dams 2,289 — (43) (163) 72 2,155 Incurred expenses (i) — 300 — (300) — — ​ 6,864 300 (132) (612) 226 6,646 (i) The Company has incurred expenses, which have been recognized straight to the income statement, in relation to communication services, accommodation and humanitarian assistance, equipment, legal services, water, food aid, taxes, among others. For the three and six-month periods ended June 30, of 2021, the Company incurred expenses in the amount of US$185 and US$300, respectively (US$109 and US$268 for the three and six-month periods ended June 30, 2020). (ii) Disbursement is presented net of the judicial deposits utilization. ​ a) Global Settlement for Brumadinho ​ On February 4, 2021, the Company entered into a Judicial Settlement for Integral Reparation (“Global Settlement”), which was under negotiations since 2019, with the State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public Prosecutors Offices, to repair the environmental and social damage resulting from the Dam I rupture. The Global Settlement was ratified by the Minas Gerais State Court on February 4, 2021 and the res judicata ​ With the Global Settlement, the requests contained in public civil actions regarding the socio-environmental and socioeconomic collective damages caused by the dam rupture were substantially resolved and the parameters for the reparation and compensation of said damages were established. As a result, the Company recorded an additional provision as at December 31, 2020. ​ The provision is discounted at presented value using an observable rate that reflects the current market assessments of the time value of money and the risks specific to the liability at the reporting date. During the current year, the discount rate applied on the provisions for the Global Settlement, individual indemnification and other commitments, has increased from 2.0% at December 31, 2020 to 3.7% at June 30, 2021. ​ Based on the present value of the projected cash outflows, the provision related to Global Settlement is detailed as follows: ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Cash settlement obligation, net of judicial deposits 2,380 2,343 Provision for socio-economic reparation and others 853 860 Provision for social and environmental reparation 788 786 ​ 4,021 3,989 ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Current liabilities 1,956 1,561 Non-current liabilities 2,065 2,428 Liabilities 4,021 3,989 ​ (a.i) Cash settlement obligation ​ The cash settlement obligation relates to the socio-economic reparation and socio-environmental compensation projects that will be carried out or managed directly by the State of Minas Gerais and Institutions of Justice, mainly aiming to develop the urban mobility program and strengthening public service programs, as well as other projects that will be proposed by the affected population. In addition, resources will be used in a program of income transfer to those affected by the event, which will be carried out by Institutions of Justice. Of the total amount, US$880 (R$4,400 million) relates to the income transfer program that will be fully paid in 2021. The remaining amount of US$1,500 (R$7,505 million) is the present value of the semiannual fixed payments obligation, which will last 5 years on average. ​ (a.ii) Provision for socio-economic reparation and others ​ The Global Settlement includes remediation projects for Brumadinho and other affected municipalities of the Paraopeba basin. The socioeconomic reparation actions aims to strengthen the productive activities of the affected region, through measures for greater economic diversification of the municipality of Brumadinho, reducing its historical dependence on mining, and, for the rest of the Basin, finding ways to support the transformation of the economy of the impacted municipalities. These projects will be carried out directly by the Company for an average period of 3 years. ​ The estimated amounts for the project execution, although set in the agreement, may vary since the implementation of those projects are Vale's responsibility and changes against the original budget may result in changes in provision in future reporting periods. ​ (a.iii) Provision for social and environmental reparation ​ The Global Settlement establishes the rule for the development of the environmental reparation plan, and projects for the compensation of environmental damage already known. These measures aim to repair the damage caused, restore the ecosystems disruption, restore local infrastructure, repair social and economic losses, recover affected areas and repair the loss of memory and cultural heritage caused by the dam rupture. It also includes several actions to clean up the affected areas and improvements to the water catchment system along the Paraopeba River and other water collection points near the affected area. These measures and compensation projects will be carried out directly by the Company for an average period of 5 years. ​ The estimated amount to carry out the environmental recovery actions is part of the Global Settlement. However, it has no cap due to the Company's legal obligation to fully repair the environmental damage caused by the dam rupture. Therefore, this provision may change in the future depending on several factors that are not under the control of the Company. ​ b) Provision for individual indemnification and other commitments ​ For the individual indemnification, Vale and the Public Defendants of the State of Minas Gerais formalized an agreement on April 5, 2019, under which those affected by the Brumadinho’s Dam failure may join an individual or family group out-of-Court settlement agreements for the indemnification of material, economic and moral damages. This agreement establishes the basis for a wide range of indemnification payments, which were defined according to the best practices and case law of Brazilian Courts, following rules and principles of the United Nations (“UN”). As at June 30, 2021, the provision recorded is US$158 (US$179 as at December 31, 2020). ​ In addition to the Global Settlement, the Company has been working to ensure geotechnical safety of the remaining structures at the Córrego do Feijão mine, in Brumadinho, and the removal and proper disposal of the tailings of Dam I. As at June 30, 2021, the provision recorded is US$252 (US$267 as at December 31, 2020). ​ In addition, the Company was notified of the imposition of administrative fines by the Brazilian Institute of the Environment and Renewable Natural Resources (“IBAMA”), in the amount of US$50 (R$250 million). The Company signed an agreement with IBAMA, of which US$30 (R$150 million) will be used in environmental projects in 7 parks in the state of Minas Gerais, covering an area of approximately 794 thousand hectares, and US$20 (R$100 million) will be used in basic sanitation programs in the state of Minas Gerais. ​ c) De-characterization of other dams in Brazil ​ Following the Brumadinho Dam rupture, the Company has decided to speed up the plan to “de-characterize” its tailings dams built under the upstream method (same method as Brumadinho’s dam), certain “centerline structures” and dikes, located in Brazil. The observable rate applied to the provision for the de-characterization of dams, increased from 3.5% at December 31, 2020 to 4.4% at June 30, 2021. The Company has a total provision to comply with these assumed obligations in the amount of US$2,155 at June 30, 2021 (US$2,289 as at December 31, 2020). ​ (c.i) Operation stoppages ​ The Company has suspended some operations due to judicial decisions or technical analysis performed by Vale on its upstream dam structures. The Company has been recording losses in relation to the operational stoppage and idle capacity of the ferrous mineral segment in the amounts of US$80 and US$193 for the three and six-months periods ended June 30, 2021 (US$104 and US$267 for the three and six-months periods ended June 30, 2020), respectively. The Company is working on legal and technical measures to resume all operations at full capacity. ​ d) Contingencies and other legal matters ​ (d.i) Requests for fines or forfeit of assets ​ On August 26, 2020, the Public Prosecutor's Office of Minas Gerais (“MPMG”) and other plaintiffs of the Public Civil Actions presented a request for ruling condemning Vale to indemnify alleged economic losses of the State of Minas Gerais and collective moral damages, both claims already considered in said Public Civil Actions filed against Vale in January 2019 as a result of the Brumadinho dam rupture. In that submission, the plaintiffs also requested the immediate freezing of US$5.1 billion (R$26.7 billion) from the Company as a guarantee for the reimbursement of the alleged economic losses, which was dismissed by the judge of the 2nd Lower Court of Public Treasury of Belo Horizonte on October 6, 2020. This claim was extinguished with the Global Settlement. ​ In other proceeding, in May 2020, the MPMG requested the imposition of fines or forfeit of assets, rights and amounts of the Company, allegedly based on Article 5, item V of Brazilian Law 12.846/2013. According to the MPMG, Vale would have, through its employee’s actions, hindered the inspection activities of public agencies in the complex. Vale was not required to present any guarantees of US$1.4 billion (R$7.9 billion) based on a judicial decision. The Company believes that the likelihood of loss is remote. ​ In January 2021, the Comptroller General of the State of Minas Gerais (“CGE”) notified Vale to present it defense against the Administrative Liability Proceeding (“PAR”) initiated based on the same article. Vale presented its defense in March 2021, and filed a writ of mandamus in the face of the establishment of this PAR, which had the injunction granted to suspend the proceeding of the PAR. ​ In October 2020, the Company was informed that the Brazilian Office of the Comptroller General (“CGU”) initiated an administrative proceeding based on the same allegations made by the MPMG. As this is a discretionary procedure from the CGU, the Company estimates its likelihood of a loss during the administrative phase as possible, but it reaffirms its assessment of loss as remote in the annulment lawsuit to be instituted against any decision by CGU, if necessary. ​ (d.ii) U.S. Securities putative class action suit ​ Vale is defending itself in a putative class action brought before a Federal Court in New York and filed by holders of securities - American Depositary Receipts ("ADRs") - issued by Vale. The Lead Plaintiff alleges that we made false and misleading statements or omitted to make disclosures concerning the risks of the operations of Dam I in the Córrego de Feijão mine and the adequacy of the related programs and procedures. ​ Following the decision of the Court, in May 2020, that denied the Motion to Dismiss presented by the Company, the Discovery phase has started and the fact Discovery was expected to be concluded by June 2021. However, due to the pandemic, the fact Discovery term has been extended to be concluded by March 2022, the fact Discovery is currently ongoing. In parallel, in February 2021 the Plaintiff filed a motion for class certification, which we opposed on April, 2021. On June, 2021 a Reply was filed by the Plaintiff and rebuttal expert reports were filed by the parties. A decision by the Court on the motion for class certification is expected to be issued in the upcoming weeks. ​ Based on the evaluation of the Company's legal counsel and given the very preliminary stage, the expectation of loss of this process is classified as possible. However, considering the initial stage of this putative class action, it is not possible at this time to reliably estimate the amount of a potential loss. ​ (d.iii) Arbitration proceedings in Brazil filed by shareholders and a class association ​ In Brazil, Vale is a defendant in (i) one arbitration filed by 166 minority shareholders, (ii) one arbitration filed by a class association allegedly representing all Vale’s minority shareholders, and (iii) one arbitration filed by foreign investment funds. ​ In the three proceedings, the Claimants argue Vale would be aware of the risks associated with the dam, and failed to disclose it to the shareholders, which would be required under the Brazilian applicable laws and the rules of Comissão de Valores Mobiliários ​ Based on the evaluation of the Company's legal counsel and given the very preliminary stage, the expectation of loss of these proceedings is classified as possible. ​ Specifically, in the proceeding filed by foreign funds, the Claimants estimated the amount of the alleged losses at approximately US$346 (R$1,800 million). However, the Company disagrees with the estimated losses alleged by the foreign funds and believes that the likelihood of loss is remote based on the current status of the proceeding. ​ (d.iv) Investigations by the CVM and the Securities and Exchange Commission (“SEC”) ​ The Company is cooperating with the CVM and the SEC by providing documents and other information related to the Dam I rupture in connection with ongoing investigations by both agencies. These investigations relate to Vale's disclosure of relevant information to shareholders, investors and the market in general, especially regarding the conditions and management of Vale's dams. The CVM and SEC investigations may result in the application of fines and administrative penalties either through negotiated resolutions or court proceedings. ​ (d.v) Criminal proceedings and investigations ​ In January 2020, the MPMG brought criminal charges against 16 individuals (including former executive officers of Vale and former employees) for a number of potential crimes, including homicide, and against Vale S.A. for alleged environmental crimes. These charges were accepted by the state criminal judge in the city of Brumadinho on February 14, 2020, and a criminal proceeding against these individuals and Vale is ongoing. Vale intends to vigorously defend itself against the criminal claims, and the Company cannot estimate when a decision on this criminal proceeding will be issued. The criminal action is currently suspended while the MPMG organizes the relevant documents to enable defendants to defend themselves properly. ​ (d.vi) Labor Collective Civil Action ​ In 2021, public civil actions were filed by a labor union in the Labor Court of Betim in the Brazilian State of Minas Gerais, claiming the indemnification payment for death damage to each direct and outsourced employee who has died due to the Dam I rupture. They are claiming to represent 246 workers and have requested indemnification payments ranging between US$300 thousand (R$1.5 million) and US$600 thousand (R$3 million) to each fatal victim. There has been an initial decision condemning Vale to pay US$200 thousand (R$1 million) per each direct employees (131 fatal victims). Vale is defending itself against these actions and believes that, despite the lack of provision in the Brazilian legal framework, the likelihood of loss is deemed possible. ​ e) Insurance and financial guarantees ​ (e.i) Insurance ​ The Company is negotiating with insurers the payment of indemnification under its operational risk and civil liability. However, these negotiations are still at a preliminary stage, therefore any payment of insurance proceeds will depend on the coverage definitions under these policies and assessment of the amount of loss. Due to uncertainties, no indemnification to the Company was recognized in these interim financial statements. ​ (e.ii) Financial guarantees ​ In April 2021, the financial guarantees related to the Brumadinho event were released, due the Global Settlement. As at December 31, 2020, the Company had financial guarantees in the amount of US$1,124.

Liabilities related to associat

Liabilities related to associates and joint ventures	6 Months Ended
	Jun. 30, 2021
Liabilities related to associates and joint ventures
Liabilities related to associates and joint ventures	21. Liabilities related to associates and joint ventures ​ In November 2015, the Fundão tailings dam owned by Samarco Mineração S.A. (Samarco) failed, releasing tailings downstream, flooding certain communities and causing impacts on communities and the environment along the Doce river. The rupture resulted in 19 fatalities and caused property and environmental damage to the affected areas. Samarco is a joint venture equally owned by Vale S.A. and BHP Billiton Brasil Ltda. (‘‘BHPB’’). ​ In June 2016, Samarco, Vale and BHPB created the Fundação Renova, a not-for-profit private foundation, to develop and implement (i) social and economic remediation and compensation programs and (ii) environmental remediation and compensation programs in the region affected by the dam rupture. The creation of Fundação Renova was provided for under the agreement for settlement and conduct adjustment (the ‘‘Framework Agreement’’) signed in March 2016 by Vale, BHPB, Samarco, the Brazilian federal government, the two Brazilian states affected by the rupture (Minas Gerais and Espírito Santo) and other governmental authorities. ​ In June 2018, Samarco, Vale and BHPB entered into a comprehensive agreement with the offices of the federal and state (Minas Gerais and Espírito Santo) prosecutors, public defenders and attorney general, among other parties, improving the governance mechanism of Fundação Renova and establishing, among other things, a process for potential revisions to the remediation programs provided under the Framework Agreement based on the findings of experts hired by Samarco to advise the MPF (Federal Prosecutor’s Office) over a two-year period (the ‘‘June 2018 Agreement’’). Under the Framework Agreement, the June 2018 Agreement and Renova’s by-laws, Fundação Renova must be funded by Samarco, but to the extent that Samarco is unable to fund, Vale and BHPB must ratably bear the funding requirements Under the Framework Agreement. ​ On April 9, 2021, Samarco announced the request for Judicial Reorganization (“RJ”) was filed with the Minas Gerais Court to renegotiate its debt, which is held by bondholders abroad. The purpose of RJ is to restructure Samarco’s debts and establish an independent and sustainable financial position, allowing Samarco to keep working to resume its operations safely and to fulfill its obligations related to the Renova Foundation. ​ The RJ does not affect Samarco's obligation to remediate and compensate the impacts of the Fundão tailings dam failure. However, as Samarco began the gradual resumption of operations in December 2020, it is not yet possible to reliably estimate when Samarco will generate cash to comply with its assumed obligation in the TTAC. Thus, the liability recorded by Vale on June 30, 2021 does not consider Samarco's potential cash flows generation. Therefore, the RJ did not have any additional impact on these interim financial statements. ​ In addition, the Company has a provision of US$225 (US$ 221 as at December 31, 2020) for the de-characterization of the Germano dam. ​ Movements during the period ​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1, 2,074 1,700 Provision 560 566 Disbursements (137) (169) Present value valuation (71) 40 Translation adjustment 65 (468) Balance at June 30, 2,491 1,669 ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Current liabilities 1,467 876 Non-current liabilities 1,024 1,198 Liabilities 2,491 2,074 ​ Renova Foundation ​ During the second quarter of 2021, Fundação Renova reviewed the assumptions used on the preparation of the estimates incorporated into the mitigation and compensation programs mainly due recent judicial decisions increasing the scope of some TTAC programs. The periodic review, resulted in an additional provision of US$560 (R$2,820 million), which corresponds to its portion of the responsibility to support the Renova Foundation. ​ Samarco’s working capital ​ In addition to the provision, Vale S.A. made available US$21 during the first quarter of 2021 (2020: US$56), which was fully used to fund Samarco’s working capital. This expense was recognized as “Equity results and other results in associates and joint ventures”. No amount was made available during the three-month period ended June 30, 2021 (2020: US$20). Vale S.A. may provide an additional short-term credit facility up to US$64 in 2021. ​ Contingencies related to Samarco accident ​ These proceedings include public civil actions brought by Brazilian authorities and multiple proceedings involving claims for significant amounts of damages and remediation measures. The Company expects the Framework Agreements to represent the settlement of the public civil action brought by the MPF and other related proceedings. There are also putative securities class actions in the United States against Vale and some of its current and former officers and a criminal proceeding in Brazil. The main updates regarding the lawsuits in the period were as follows: ​ (i) Public Civil Action filed by the Federal Government and others and public civil action filed by the Federal Public Prosecutors ("MPF") ​ The Framework Agreement (“TAC-Gov”) considers the renegotiation of the Renova Foundation's reparation programs depending on the results of the studies carried out by the experts. The negotiations started in April 2021 and a letter of principles was signed in June 2021 by Vale, BHP and Samarco with the representatives of the government and various justice institutions. Based on terms set on this letter, there has been a request from the MPF to a new suspension of the proceedings for 120 days in order to continue the extrajudicial negotiation. ​ In March 2021, a new incidental proceeding (“ Eixo Prioritário Eixo Prioritário 13 ​ The “ Eixo Prioritário 7 ​ (ii) Class Action in the United States ​ In March 2017, the holders of securities issued by Samarco Mineração S.A. filed a potential collective action in the New York Federal Court against Samarco, Vale, BHP Billiton Limited, BHP Billiton PLC and BHP Brasil Ltda. based on U.S. Federal Securities laws, which was dismissed without prejudice, in June 2019. In December 2019 the plaintiffs filed a Notice of Appeal to the NY Court of Appeals. ​ In January 2021, it was held a hearing before the Second Circuit of the New York State Court of Appeals. In March 2021 the Second Circuit denied the plaintiff’s appeal. This decision became res judicata in June 2021, since no further appeal has been filed by the Plaintiff. Thus, the case is closed and should be filed by the Court. ​ (iii) Criminal proceeding ​ In September 2019, the federal court of Ponte Nova dismissed all criminal charges against Vale representatives relating to the first group of charges, which concerns the results of the Fundão dam failure, remaining only the legal entity in the passive pole. The second group of charges against Vale S.A. and one of the Company’s employees, which concerns the accusation of alleged crimes committed against the Environmental Public Administration, remained unchanged. In June 2021, the Company filed an appeal with the Superior Court of Justice against the decision of the Federal Regional Court of the 1st Region that did not decided in favor of Vale. In July 2021, the Federal Prosecutor filed an appeal with the Federal Regional Court of the 1st Region, against the judge's decision that rejected the resumption of the procedural instruction, requesting the review of the decision. The Company cannot estimate when a final decision on the case will be issued. ​ Insurance ​ Since the Fundão dam rupture, the Company has been negotiating with insurers the indemnification payments based on its general liability policies. For the period ended June 30, 2021, the Company received payments in the amount of US$33, and recognized a gain in the income statement as “Equity results and other results in associates and joint ventures”.

Provisions

Provisions	6 Months Ended
	Jun. 30, 2021
Provisions
Provisions	22. Provisions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Non-current liabilities ​ June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Payroll, related charges and other remunerations ​ 692 ​ 877 ​ — ​ — Onerous contracts ​ 53 ​ 58 ​ 842 ​ 838 Environmental obligations ​ 95 ​ 102 ​ 214 ​ 200 Asset retirement obligations (i) ​ 102 ​ 99 ​ 3,974 ​ 4,121 Provision related to VNC sale (note 12) ​ — ​ 500 ​ — ​ — Provisions for litigation (note 23) ​ 102 ​ 87 ​ 1,074 ​ 1,004 Employee postretirement obligations (note 24) ​ 112 ​ 103 ​ 1,899 ​ 2,271 Provisions ​ 1,156 ​ 1,826 ​ 8,003 ​ 8,434 ​ (i) The Company has issued letters of credit and surety bonds for US$621 as at June 30, 2021 in connection with the Asset retirement obligations for its Base Metals operations.

Litigations

Litigations	6 Months Ended
	Jun. 30, 2021
Litigations
Litigations	23. Litigations a) Provision for legal proceedings The Company has considered all information available to assess the likelihood of an outflow of resources and in the preparation on the estimate of the costs that may be required to settle the obligations. The main litigations refer to: Tax litigations - Civil litigations - Labor litigations - Environmental litigations - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental Total of ​ Tax litigation Civil litigation Labor litigation litigation litigation provision Balance at December 31, 2020 ​ 485 ​ 260 ​ 335 ​ 11 ​ 1,091 Additions and reversals, net (2) ​ (1) ​ 46 ​ 1 ​ 44 Payments — ​ (15) ​ (29) ​ (4) ​ (48) Indexation and interest 3 ​ 10 ​ 23 ​ — ​ 36 Translation adjustment 19 ​ 11 ​ 17 ​ — ​ 47 Acquisition of NLC (note 12) ​ — ​ 1 ​ 5 ​ — ​ 6 Balance at June 30, 2021 ​ 505 ​ 266 ​ 397 ​ 8 ​ 1,176 Current liabilities ​ 9 ​ 17 ​ 76 ​ — ​ 102 Non-current liabilities ​ 496 ​ 249 ​ 321 ​ 8 ​ 1,074 ​ ​ 505 ​ 266 ​ 397 ​ 8 ​ 1,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental Total of ​ ​ Tax litigation Civil litigation ​ Labor litigation ​ litigation ​ litigation provision Balance at December 31, 2019 696 300 455 11 1,462 Additions and reversals, net 19 28 14 2 63 Payments (10) (11) (34) — (55) Indexation and interest 13 16 13 — 42 Translation adjustment (168) (77) (120) (3) (368) Balance at June 30, 2020 550 256 328 10 1,144 Current liabilities ​ 7 ​ 14 ​ 63 ​ — ​ 84 Non-current liabilities ​ 543 ​ 242 ​ 265 ​ 10 ​ 1,060 ​ ​ 550 ​ 256 ​ 328 ​ 10 ​ 1,144 ​ b) Contingent liabilities The main contingent liabilities, updated by applicable interest rates, for which the likelihood of loss is not considered remote are presented by nature as follows: ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Tax litigations ​ 8,166 ​ 6,911 Civil litigations ​ 1,644 ​ 1,348 Labor litigations ​ 572 ​ 563 Environmental litigations ​ 1,006 ​ 907 Total ​ 11,388 ​ 9,729 ​ The contingent liabilities related to the Brumadinho event and Samarco are not presented above. Further information is presented in notes 20 and 21. As reported in the annual financial statements for 2020, the Company is party in several actions and the main updates on contingent liabilities since then, are discussed as follows: (b.i) Assessments regarding the disallowance of JCP: In February 2021 Vale was assessed for collection of corporate income tax (IRPJ, CSLL) and penalties regarding the disallowance of the JCP expenses deducted from the 2017 taxable income, in the amount of US$685 (R$3,426 million). There was also a reduction in tax losses, with the corresponding tax impact of US$140 (R$698 million) in June 30,2021. The Company had filed an administrative appeal and a decision is pending. As at June 30,2021, the likelihood of loss is possible. (b.ii) Proceeding related to income tax paid abroad: In March 2021, Vale was assessed for the collection of US$434 (R$2,171 million) due to the disregard of taxes paid abroad that were offset by the IRPJ debt in 2016. Tax authorities allege the Company has failed to comply with the applicable rules relating to the offset, in Brazil, of income taxes paid abroad. The Company had filed an administrative appeal and a decision is pending. As at June 30, 2021, the likelihood of loss is possible. c) Judicial deposits ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Tax litigations ​ 1,052 ​ 988 Civil litigations ​ 83 ​ 85 Labor litigations ​ 168 ​ 177 Environmental litigations ​ 23 ​ 18 Total ​ 1,326 ​ 1,268 ​ d) Guarantees contracted for legal proceedings In addition to the above-mentioned tax, civil, labor and environmental judicial deposits, the Company contracted US$2.4 billion (R$11.8 billion) in guarantees for its lawsuits. e) ICMS included in PIS and COFINS computation tax base Vale has been discussing the issue regarding the exclusion of ICMS in PIS and COFINS tax basis in two judicial proceedings filed before March 2017. In one of the proceedings includes refers to the taxable events from March 2012 onwards and has a definitive favorable decision (res judicata). This proceeding gave rise to the recognition of a gain in the amount of US$63 (R$ 313 million) in the income statement for the year ended December 31, 2020. This amount was calculated based on the thesis that the collected ICMS was supposed to be excluded from the contribution basis. With the definition of the subject by Federal Supreme Court in the leading case (RE 574.706), which is binding to all taxpayers and has determined that the ICMS amount to be excluded shall be the amount stated in the invoices, the Company recognized an additional gain of US$29 (R$146 million) for the three-month period ended June 30, 2021. The other proceeding, which covers the taxable events occurred between December 2001 and February 2012, resulted in a gain of US$162 (R$808 million) for the three-month period ended June 30, 2021, due to the favorable decision to the Company, which is consistent to the recent decision of the Federal Supreme Court on the leading case with wider repercussion to all taxpayers.

Employee benefits

Employee benefits	6 Months Ended
	Jun. 30, 2021
Employee benefits
Employee benefits	24. Employee benefits a) Long-term incentive programs ​ For the long-term awarding of eligible executives, the Company compensation plans includes Matching program and Performance Share Unit program (“PSU”), with three years-vesting cycles, respectively, with the aim of encouraging employee’s retention and encouraging their performance. ​ Matching Program ​ For the Matching program, the participants can acquire Vale’s common shares in the market without any benefits being provided by Vale. If the shares acquired are held for a period of three years and the participants keep it employment relationship with Vale, the participant is entitled to receive from Vale an award in shares, equivalent to the number of shares originally acquired by the executive. It should be noted that, although a specific custodian of the shares is defined by Vale, the share initially purchased by the executives have no restriction and can be sold at any time. However, if it’s done before the end of the three-year-vesting period, they would lose its right of receiving the related award to be paid by Vale. ​ Performance Shares Units ​ For PSU program, the eligible executives have the opportunity to receive during a three year-vesting cycle, an award equivalent to the market value of a determined number of common shares and depending on the Vale’s performance factor, which is measured based on indicators of the total return to the shareholders (“TSR”) and Environmental, Social, and Governance (“ESG”). It is comprised by 80% of TSR metrics and 20% of ESG indicators. ​ At the Annual and Extraordinary Shareholders' Meeting ("AGOE") held on April 30, 2021, the Company's shareholders approved changes in the PSU program to be implemented as from the 2021 grant, consisting of (i) a change in the payment of the program award, which will be paid with common shares of the Company, and (ii) additional payment at the end of each cycle based on the remuneration that will be paid by Vale to its stockholders during the cycle. ​ b) Modification altering manner of settlement ​ Both programs were classified as “cash-settled” due to the PSU requirements and the Company’s settlement practice for the Matching program and, therefore, presented as a liability. However, the decision taken at the AGOE (“modification date”) demonstrates the Company's declared intention to change the form of liquidation of the programs. As a result, those programs were modified to become “equity-settled” and were remeasured at the modification-date fair value. ​ Fair value at modification date ​ The fair value of the Matching program was estimated using the Company’s stock price and ADR at the modification date, which was R$109.02 and US$20.12 per share, respectively. The number of shares granted for the 2019, 2020 and 2021 cycles were 1,222,721, 2,154,534 and 1,046,255, respectively. The fair value of the program will be expensed on a straight-line basis over the three-year required service period, net of estimated forfeitures. ​ For the PSU, the program was measured using Monte Carlo simulations to estimate the TSR indicator and ESG indicators. The assumptions used in the Monte Carlo simulation to estimate the fair value of the TSR indicator are shown below: ​ ​ ​ ​ ​ PSU 2021 Granted shares 1,474,723 ​ Date shares were granted 04/30/2021 ​ VALE (BRL) 109.02 ​ VALE ON (USD) 20.12 ​ Expected volatility 39.00%p.y. ​ Expected dividend yield (i) 3.18%p.y. ​ Expected term (in years) 3 ​ Expected value of the total shareholder return (TSR) 51.20 % Expected value of the performance factor (Total) 60.96 % ​ (i) Source: Bloomberg 04/30/2021 ​ Reclassification from cash-settled to equity-settled ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Matching April 30, 2021 Remeasurement Reclassification May 1, 2021 Expense June 30, 2021 Liability 33 5 (38) — — — Stockholders' equity — — 38 38 5 43 Net income — (5) — (5) (5) (10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PSU April 30, 2021 Remeasurement Reclassification May 1, 2021 Expense June 30, 2021 Liability 3 (1) (2) — — — Stockholders' equity — — 2 2 1 3 Net income — 1 — 1 (1) — ​ c) Employee post-retirement obligations ​ Reconciliation of net liabilities recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Overfunded ​ Underfunded ​ ​ ​ Overfunded ​ Underfunded ​ ​ ​ pension plans pension plans Other benefits pension plans pension plans Other benefits Amount recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of actuarial liabilities ​ (3,183) ​ (4,440) ​ (1,668) ​ (3,105) ​ (4,632) ​ (1,733) Fair value of assets ​ 4,045 ​ 4,097 ​ — ​ 3,969 ​ 3,991 ​ — Effect of the asset ceiling ​ (862) ​ — ​ — ​ (864) ​ — ​ — Liabilities ​ — ​ (343) ​ (1,668) ​ — ​ (641) ​ (1,733) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ — ​ (41) ​ (72) ​ — ​ (47) ​ (96) Non-current liabilities ​ — ​ (302) ​ (1,596) ​ — ​ (594) ​ (1,637) Liabilities ​ — ​ (343) ​ (1,668) ​ — ​ (641) ​ (1,733) ​

Stockholders' equity

Stockholders' equity	6 Months Ended
	Jun. 30, 2021
Stockholders' equity
Stockholders' equity	25. Stockholders’ equity a) Share capital As at June 30, 2021, the share capital was US$61,614 corresponding to 5,284,474,782 shares issued and fully paid without par value. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Stockholders Common shares Golden shares Total ​ ​ ​ ​ ​ ​ ​ Shareholders with more than 5% of total capital ​ 1,904,734,340 ​ — ​ 1,904,734,340 Previ ​ 447,780,782 ​ — ​ 447,780,782 Capital World Investors ​ 302,201,922 ​ — ​ 302,201,922 Capital Research Global Investors ​ 294,934,543 ​ — ​ 294,934,543 Bradespar ​ 293,907,266 ​ — ​ 293,907,266 Mitsui&co ​ 286,347,055 ​ — ​ 286,347,055 Blackrock, Inc ​ 279,562,772 ​ — ​ 279,562,772 Others ​ 3,132,978,884 ​ — ​ 3,132,978,884 Golden shares ​ — ​ 12 ​ 12 Total outstanding (without shares in treasury) ​ 5,037,713,224 ​ 12 ​ 5,037,713,236 Shares in treasury ​ 246,761,546 ​ — ​ 246,761,546 Total capital ​ 5,284,474,770 ​ 12 ​ 5,284,474,782 ​ The information presented above is based on the communications provided by stockholders in connection with the Instruction 358 issued by the Brazilian Securities and Exchange Commission (“CVM”). ​ b) Share buyback program ​ On April 1, 2021, the Board of Directors approved a share buyback program for Vale’s common share which will be limited to a maximum of 270,000,000 common shares, and their respective ADRs, representing up to 5.3% of the total number of outstanding shares. The program will be carried out over up to a 12-month period and the repurchased shares will be cancelled after the expiration of the program or utilized on the executive compensation programs (note 24). The shares have been acquired in the stock market based on regular trading conditions. Until June 30, 2021, the Company acquired 93,088,200 common shares at an average cost of US$21.52 (R$111.79) per share, which represents a total amount of US$2,004 (R$10,407 million). ​ c) Treasury shares The Company utilized 890,482 and 1,628,485 units from its treasury shares, for the share-based payment program of its executives (note 24), corresponding to US$7 and US$14 recognized as “Treasury shares utilized in the period” in the Statement of Changes in Equity, for the periods ended June 30, 2021 and 2020, respectively. d) Stockholder’s remuneration On February 25,2021, based on the Company’s dividends policy, the Board of Directors approved the stockholder’s remuneration in the amount of US$3,972 (R$21,866 million), equivalent to R$4.262386983 per share, which was fully paid on March 15, 2021, Of the total amount, US$762 (R$4,288 million) was in the form of interest on stockholders’ equity and US$3,122 (R$17,578 million) in the form of dividends. On June 17, 2021, the Board of Directors approved an additional stockholder’s remuneration in the total amount of US$2,200 (R$ 11,046 million), equivalent to R$2.177096137 per share, which was fully paid on June 30, 2021. Of the total amount, US$724 (R$ 3,634 million) relates to the anticipation of the 2021 year-end result and US$1,476 (R$7,412 million) was paid from the balance on the Company’s profit reserves.

Related parties

Related parties	6 Months Ended
	Jun. 30, 2021
Related parties
Related parties	26. Related parties The Company’s related parties are subsidiaries, joint ventures, associates, stockholders and its related entities and key management personnel of the Company. Transactions between the parent company and its subsidiaries are eliminated on consolidation and are not disclosed in this note. ​ In June 2021, the Company concluded the transaction for the acquisition of the interests held by Mitsui (related party) in Vale Moçambique and Nacala Logistics Corridor (note 12). a) Transactions with related parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ ​ 2021 ​ 2020 ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Ventures Associates Stockholders Total Ventures Associates Stockholders Total Net operating revenue ​ 180 ​ 67 ​ 61 ​ 308 ​ 68 ​ 57 ​ 55 ​ 180 Cost and operating expenses ​ (152) ​ (4) ​ — ​ (156) ​ (261) ​ (5) ​ — ​ (266) Financial result ​ (21) ​ (1) ​ 141 ​ 119 ​ 8 ​ 2 ​ (13) ​ (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30, ​ ​ 2021 ​ 2020 ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Ventures Associates Stockholders Total Ventures Associates Stockholders Total Net operating revenue ​ 341 ​ 127 ​ 114 ​ 582 ​ 137 ​ 118 ​ 87 ​ 342 Cost and operating expenses ​ (329) ​ (9) ​ — ​ (338) ​ (528) ​ (11) ​ — ​ (539) Financial result ​ (8) ​ (1) ​ (380) ​ (389) ​ 29 ​ 4 ​ (36) ​ (3) ​ Purchases, accounts receivable and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related to the pelletizing plants operational lease and railway transportation services. ​ Net operating revenue relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the variable lease payments of the pelletizing plants and the logistics costs for using the Nacala Logistics Corridor, which has been consolidated since June 2021 as described in note 12. ​ b) Outstanding balances with related parties ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Ventures Associates Stockholders Total Ventures Associates Stockholders Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents (i) ​ — ​ — ​ 1,352 ​ 1,352 ​ — ​ — ​ 2,082 ​ 2,082 Accounts receivable ​ 175 ​ 28 ​ 2 ​ 205 ​ 109 ​ 45 ​ 2 ​ 156 Dividends receivable ​ 26 ​ — ​ — ​ 26 ​ 19 ​ — ​ — ​ 19 Loans (ii) ​ — ​ — ​ — ​ — ​ 1,118 ​ — ​ — ​ 1,118 Derivatives financial instruments (i) ​ — ​ — ​ 112 ​ 112 ​ — ​ — ​ 2 ​ 2 Other assets ​ 38 ​ 3 ​ — ​ 41 ​ 68 ​ 2 ​ — ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ Supplier and contractors ​ 157 ​ 4 ​ 23 ​ 184 ​ 121 ​ 10 ​ 35 ​ 166 Loans (ii) ​ — ​ — ​ — ​ — ​ — ​ 1,385 ​ 944 ​ 2,329 Derivatives financial instruments (i) ​ — ​ — ​ 283 ​ 283 ​ — ​ — ​ 242 ​ 242 Other liabilities ​ 188 ​ 120 ​ — ​ 308 ​ 235 ​ 48 ​ — ​ 283 (i) Refers to regular financial instruments with large financial institutions that are deemed related parties (ii) Refers to loans settled upon completion of the acquisition of NLC (note 12).

Basis of preparation of the i_2

Basis of preparation of the interim financial statements (Tables)	6 Months Ended
	Jun. 30, 2021
Basis of preparation of the interim financial statements
Schedule of exchange rates used to translate its foreign operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average rate ​ ​ Closing rate ​ Three-month period ended ​ Six-month period ended ​ ​ June 30, 2021 ​ December 31, 2020 ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 United States dollar ​ 5.0022 ​ 5.1967 ​ 5.2907 ​ 5.3854 ​ 5.3862 ​ 4.9218 Canadian dollar ("CAD") ​ 4.0334 ​ 4.0771 ​ 4.3096 ​ 3.8882 ​ 4.3209 ​ 3.5992 Euro ("EUR") ​ 5.9276 ​ 6.3779 ​ 6.3789 ​ 5.9279 ​ 6.4902 ​ 5.4211

Information by business segme_2

Information by business segment and by geographic area (Tables)	6 Months Ended
	Jun. 30, 2021
Information by business segment and by geographic area
Schedule of adjusted EBITDA	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30,2021 ​ ​ ​ Sales, ​ ​ Dividends ​ ​ ​ ​ ​ Cost of goods ​ administrative ​ ​ ​ ​ ​ received and ​ ​ ​ ​ ​ ​ sold and ​ and other ​ ​ ​ Pre operating ​ interest from ​ ​ ​ ​ Net operating ​ services ​ operating ​ Research and ​ and operational ​ associates and ​ Adjusted ​ ​ revenue ​ rendered ​ expenses ​ evaluation ​ stoppage ​ joint ventures ​ EBITDA Ferrous minerals ​ ​ ​ ​ Iron ore 12,200 ​ (2,816) ​ (61) ​ (43) ​ (74) ​ — ​ 9,206 Iron ore pellets 1,947 ​ (520) ​ 2 ​ — ​ (13) ​ 22 ​ 1,438 Ferroalloys and manganese 52 ​ (39) ​ (1) ​ — ​ (4) ​ — ​ 8 Other ferrous products and services 98 ​ (71) ​ 1 ​ (1) ​ — ​ — ​ 27 ​ 14,297 ​ (3,446) ​ (59) ​ (44) ​ (91) ​ 22 ​ 10,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 1,492 ​ (959) ​ (25) ​ (18) ​ (60) ​ — ​ 430 Copper 688 ​ (229) ​ (1) ​ (21) ​ (1) ​ — ​ 436 ​ 2,180 ​ (1,188) ​ (26) ​ (39) ​ (61) ​ — ​ 866 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal 161 ​ (323) ​ — ​ (2) ​ — ​ — ​ (164) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Others ​ 37 ​ (48) ​ (96) ​ (56) ​ — ​ 21 ​ (142) ​ ​ 16,675 ​ (5,005) ​ (181) ​ (141) ​ (152) ​ 43 ​ 11,239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brumadinho event — ​ — ​ (185) ​ — ​ — ​ — ​ (185) COVID-19 — ​ — ​ (16) ​ — ​ — ​ — ​ (16) Total 16,675 ​ (5,005) ​ (382) ​ (141) ​ (152) ​ 43 ​ 11,038 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30,2020 ​ ​ ​ Sales, ​ ​ Dividends ​ ​ ​ ​ ​ Cost of goods ​ administrative ​ ​ ​ ​ ​ received and ​ ​ ​ ​ ​ ​ sold and ​ and other ​ ​ ​ Pre operating ​ interest from ​ ​ ​ ​ Net operating ​ services ​ operating ​ Research and ​ and operational ​ associates and ​ Adjusted ​ ​ revenue ​ rendered ​ expenses ​ evaluation ​ stoppage ​ joint ventures ​ EBITDA Ferrous minerals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Iron ore 4,852 ​ (1,739) ​ (59) ​ (25) ​ (122) ​ — ​ 2,907 Iron ore pellets 900 ​ (377) ​ 2 ​ (1) ​ (17) ​ 53 ​ 560 Ferroalloys and manganese 68 ​ (42) ​ — ​ (1) ​ (10) ​ — ​ 15 Other ferrous products and services 75 ​ (56) ​ 1 ​ — ​ — ​ — ​ 20 ​ 5,895 ​ (2,214) ​ (56) ​ (27) ​ (149) ​ 53 ​ 3,502 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 891 ​ (546) ​ (16) ​ (9) ​ (29) ​ — ​ 291 Copper 523 ​ (185) ​ (3) ​ (15) ​ — ​ — ​ 320 ​ ​ 1,414 ​ (731) ​ (19) ​ (24) ​ (29) ​ — ​ 611 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal 94 ​ (361) ​ 3 ​ (5) ​ — ​ — ​ (269) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Others (i) ​ 115 ​ (172) ​ (190) ​ (34) ​ (1) ​ 24 ​ (258) ​ ​ 7,518 ​ (3,478) ​ (262) ​ (90) ​ (179) ​ 77 ​ 3,586 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brumadinho event ​ — ​ — ​ (130) ​ — ​ — ​ — ​ (130) COVID-19 ​ — ​ — ​ (85) ​ — ​ — ​ — ​ (85) Total ​ 7,518 ​ (3,478) ​ (477) ​ (90) ​ (179) ​ 77 ​ 3,371 (i) Includes the reclassification of the EBITDA of VNC in the amount of US$48. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30,2021 ​ ​ ​ Sales, ​ ​ Dividends ​ ​ ​ ​ ​ Cost of goods ​ administrative ​ ​ ​ ​ ​ received and ​ ​ ​ ​ ​ ​ sold and ​ and other ​ ​ ​ Pre operating ​ interest from ​ ​ ​ ​ Net operating ​ services ​ operating ​ Research and ​ and operational ​ associates and ​ Adjusted ​ ​ revenue ​ rendered ​ expenses ​ evaluation ​ stoppage ​ joint ventures ​ EBITDA Ferrous minerals Iron ore 21,354 ​ (4,903) ​ (83) ​ (76) ​ (166) ​ — ​ 16,126 Iron ore pellets 3,155 ​ (903) ​ 31 ​ (1) ​ (26) ​ 22 ​ 2,278 Ferroalloys and manganese 98 ​ (62) ​ (2) ​ — ​ (8) ​ — ​ 26 Other ferrous products and services 195 ​ (137) ​ 3 ​ (1) ​ — ​ — ​ 60 ​ 24,802 ​ (6,005) ​ (51) ​ (78) ​ (200) ​ 22 ​ 18,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 2,926 ​ (1,730) ​ (35) ​ (29) ​ (60) ​ — ​ 1,072 Copper 1,242 ​ (395) ​ (1) ​ (39) ​ (2) ​ — ​ 805 ​ ​ 4,168 ​ (2,125) ​ (36) ​ (68) ​ (62) ​ — ​ 1,877 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal 253 ​ (652) ​ 2 ​ (4) ​ — ​ 78 ​ (323) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Others (i) ​ 97 ​ (162) ​ (202) ​ (91) ​ (1) ​ 21 ​ (338) ​ ​ 29,320 ​ (8,944) ​ (287) ​ (241) ​ (263) ​ 121 ​ 19,706 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brumadinho event ​ — ​ — ​ (300) ​ — ​ — ​ — ​ (300) COVID-19 ​ — ​ — ​ (18) ​ — ​ — ​ — ​ (18) Total ​ 29,320 ​ (8,944) ​ (605) ​ (241) ​ (263) ​ 121 ​ 19,388 (i) Includes the EBITDA of VNC in the amount of US$65. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30,2020 ​ ​ ​ Sales, ​ ​ Dividends ​ ​ ​ ​ ​ Cost of goods ​ administrative ​ ​ ​ ​ ​ received and ​ ​ ​ ​ ​ ​ sold and ​ and other ​ ​ ​ Pre operating ​ interest from ​ ​ ​ ​ Net operating ​ services ​ operating ​ Research and ​ and operational ​ associates and ​ Adjusted ​ ​ revenue ​ rendered ​ expenses ​ evaluation ​ stoppage ​ joint ventures ​ EBITDA Ferrous minerals ​ ​ ​ ​ ​ ​ ​ Iron ore ​ 9,163 ​ (3,422) ​ (84) ​ (48) ​ (291) ​ — ​ 5,318 Iron ore pellets ​ 1,752 ​ (789) ​ 12 ​ (2) ​ (42) ​ 53 ​ 984 Ferroalloys and manganese 114 ​ (91) ​ — ​ (1) ​ (11) ​ — ​ 11 Other ferrous products and services 162 ​ (127) ​ 2 ​ (1) ​ — ​ — ​ 36 ​ 11,191 ​ (4,429) ​ (70) ​ (52) ​ (344) ​ 53 ​ 6,349 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base metals ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel and other products 1,847 ​ (1,074) ​ (35) ​ (22) ​ (29) ​ — ​ 687 Copper 906 ​ (392) ​ (2) ​ (32) ​ — ​ — ​ 480 ​ ​ 2,753 ​ (1,466) ​ (37) ​ (54) ​ (29) ​ — ​ 1,167 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal 242 ​ (735) ​ 5 ​ (14) ​ — ​ 75 ​ (427) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Others (i) ​ 301 ​ (397) ​ (320) ​ (65) ​ (5) ​ 24 ​ (462) ​ ​ 14,487 ​ (7,027) ​ (422) ​ (185) ​ (378) ​ 152 ​ 6,627 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brumadinho event — ​ — ​ (289) ​ — ​ — ​ — ​ (289) COVID-19 ​ — ​ — ​ (85) ​ — ​ — ​ — ​ (85) Total 14,487 ​ (7,027) ​ (796) ​ (185) ​ (378) ​ 152 ​ 6,253 (i) Includes the reclassification of the EBITDA of VNC in the amount of US$94. Adjusted EBITDA is reconciled to net income as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Net income attributable to Vale's stockholders ​ 7,586 ​ 995 ​ 13,132 ​ 1,234 Loss attributable to non-controlling interests ​ (49) ​ (76) ​ (118) ​ (154) Net income ​ 7,537 ​ 919 ​ 13,014 ​ 1,080 Depreciation, depletion and amortization ​ 849 ​ 807 ​ 1,580 ​ 1,622 Income taxes ​ 2,073 ​ 145 ​ 3,883 ​ (504) Financial results ​ (350) ​ 485 ​ (273) ​ 2,770 Equity results and other results in associates and joint ventures ​ 454 ​ 535 ​ 470 ​ 701 Dividends received and interest from associates and joint ventures (i) ​ 43 ​ 77 ​ 121 ​ 152 Impairment and disposal of non-current assets ​ 432 ​ 403 ​ 593 ​ 432 Adjusted EBITDA ​ 11,038 ​ 3,371 ​ 19,388 ​ 6,253 (i) Includes the remuneration of the financial instrument of the Coal segment.
Asset by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30,2021 ​ December 31,2020 ​ ​ ​ ​ Investments in ​ Property, plant ​ ​ ​ Investments in ​ Property, plant ​ ​ ​ ​ associates and ​ and equipment ​ ​ ​ associates and ​ and equipment ​ Product inventory joint ventures and intangibles (i) Product inventory joint ventures and intangibles (i) Ferrous minerals 2,403 ​ 1,250 ​ 30,567 ​ 2,017 ​ 1,154 ​ 29,436 Base metals 1,288 ​ 17 ​ 20,155 ​ 1,231 ​ 18 ​ 19,549 Coal (note 12) 89 ​ — ​ 2,342 ​ 25 ​ — ​ — Others — ​ 930 ​ 1,817 ​ — ​ 859 ​ 1,459 Total 3,780 ​ 2,197 ​ 54,881 ​ 3,273 ​ 2,031 ​ 50,444 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ ​ 2021 ​ 2020 ​ ​ Capital expenditures (ii) ​ ​ ​ Capital expenditures (ii) ​ ​ ​ ​ ​ ​ ​ ​ Depreciation, ​ ​ ​ ​ ​ Depreciation, ​ ​ Sustaining ​ Project ​ depletion and ​ Sustaining ​ Project ​ depletion and ​ capital execution amortization capital execution amortization Ferrous minerals ​ 535 ​ 113 ​ 455 ​ 482 ​ 59 ​ 478 Base metals ​ 357 ​ 69 ​ 367 ​ 295 ​ 63 ​ 309 Coal (note 12) ​ 36 ​ — ​ 17 ​ 31 ​ — ​ — Others (iii) ​ 1 ​ 28 ​ 10 ​ 35 ​ 2 ​ 20 Total ​ 929 ​ 210 ​ 849 ​ 843 ​ 124 ​ 807 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30, ​ ​ 2021 ​ 2020 ​ Capital expenditures (ii) ​ ​ ​ Capital expenditures (ii) ​ ​ ​ ​ ​ ​ ​ ​ Depreciation, ​ ​ ​ ​ ​ Depreciation, ​ ​ Sustaining ​ Project ​ depletion and ​ Sustaining ​ Project ​ depletion and ​ capital execution amortization capital execution amortization Ferrous minerals ​ 1,061 ​ 195 ​ 852 ​ 1,018 ​ 150 ​ 900 Base metals ​ 648 ​ 137 ​ 684 ​ 595 ​ 115 ​ 651 Coal (note 12) ​ 65 ​ — ​ 17 ​ 111 ​ — ​ 19 Others (iii) ​ 12 ​ 30 ​ 27 ​ 98 ​ 4 ​ 52 Total ​ 1,786 ​ 362 ​ 1,580 ​ 1,822 ​ 269 ​ 1,622 (i) Goodwill is allocated to ferrous minerals and base metals segments in the amount of US$1,426 and US$1,975 in June 30, 2021 and US$1,373 and US$1,926 in December 31, 2020, respectively. (ii) Cash outflows. (iii) Includes the reclassification of VNC under the captions “Sustaining capital” and “depreciation, depletion and amortization”, in the amount of US$34 and US$8, respectively, for the three-month period ended on June 30, 2020 and in the amount of US$95 and US$26, respectively, for the six-month period ended on June 30, 2020.
Assets and net operating revenue by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, 2021 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ ​ ​ minerals Base metals Coal Others Total Americas, except United States and Brazil 248 ​ 130 ​ — ​ — ​ 378 United States of America 161 ​ 288 ​ — ​ — ​ 449 Germany ​ 154 ​ 463 ​ — ​ — ​ 617 Europe, except Germany 988 ​ 581 ​ 5 ​ — ​ 1,574 Middle East, Africa and Oceania 672 ​ 7 ​ 21 ​ — ​ 700 Japan 943 ​ 119 ​ 20 ​ — ​ 1,082 China 8,665 ​ 264 ​ 47 ​ — ​ 8,976 Asia, except Japan and China 987 ​ 315 ​ 66 ​ — ​ 1,368 Brazil 1,479 ​ 13 ​ 2 ​ 37 ​ 1,531 Net operating revenue 14,297 ​ 2,180 ​ 161 ​ 37 ​ 16,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30,2020 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ ​ ​ minerals Base metals Coal Others (i) Total Americas, except United States and Brazil ​ 14 ​ 45 ​ — ​ 57 ​ 116 United States of America ​ 29 ​ 148 ​ — ​ — ​ 177 Germany ​ 67 ​ 284 ​ — ​ — ​ 351 Europe, except Germany ​ 223 ​ 370 ​ 34 ​ — ​ 627 Middle East, Africa and Oceania ​ 280 ​ 5 ​ 21 ​ — ​ 306 Japan ​ 288 ​ 108 ​ — ​ — ​ 396 China ​ 4,154 ​ 166 ​ — ​ — ​ 4,320 Asia, except Japan and China ​ 417 ​ 245 ​ 35 ​ — ​ 697 Brazil ​ 423 ​ 43 ​ 4 ​ 58 ​ 528 Net operating revenue ​ 5,895 ​ 1,414 ​ 94 ​ 115 ​ 7,518 (i) Includes the reclassification of VNC in the amount of US$57. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30,2021 ​ ​ Ferrous ​ ​ ​ ​ ​ ​ ​ ​ ​ minerals Base metals Coal Others (i) Total Americas, except United States and Brazil ​ 467 ​ 224 ​ — ​ 4 ​ 695 United States of America ​ 259 ​ 573 ​ — ​ — ​ 832 Germany ​ 323 ​ 929 ​ — ​ — ​ 1,252 Europe, except Germany ​ 1,579 ​ 1,287 ​ 23 ​ — ​ 2,889 Middle East, Africa and Oceania ​ 943 ​ 7 ​ 39 ​ — ​ 989 Japan ​ 1,470 ​ 215 ​ 20 ​ — ​ 1,705 China ​ 15,458 ​ 424 ​ 60 ​ — ​ 15,942 Asia, except Japan and China ​ 1,769 ​ 473 ​ 109 ​ — ​ 2,351 Brazil ​ 2,534 ​ 36 ​ 2 ​ 93 ​ 2,665 Net operating revenue ​ 24,802 ​ 4,168 ​ 253 ​ 97 ​ 29,320 (i) Includes the revenue of VNC in the amount of US$4. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30, 2020 ​ Ferrous ​ minerals Base metals Coal Others (i) Total Americas, except United States and Brazil ​ 114 ​ 99 ​ — ​ 145 ​ 358 United States of America 73 ​ 393 ​ — ​ — ​ 466 Germany 249 ​ 478 ​ — ​ — ​ 727 Europe, except Germany 509 ​ 805 ​ 81 ​ — ​ 1,395 Middle East, Africa and Oceania 522 ​ 13 ​ 49 ​ — ​ 584 Japan 665 ​ 202 ​ 13 ​ — ​ 880 China 7,218 ​ 282 ​ 16 ​ — ​ 7,516 Asia, except Japan and China 828 ​ 401 ​ 79 ​ — ​ 1,308 Brazil 1,013 ​ 80 ​ 4 ​ 156 ​ 1,253 Net operating revenue 11,191 ​ 2,753 ​ 242 ​ 301 ​ 14,487 (i) Includes the reclassification of VNC in the amount of US$145.
Summary of sensitivity of the Company's risk on final settlement of its provisionally priced accounts receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ ​ Provisional price ​ ​ ​ Thousand metric tons ​ (US$/tonne) ​ Change Effect on Revenue Iron ore 18,155 181.3 +/-10 % 329 Copper 65 11,627.7 +/-10 % 76

Costs and expenses by nature (T

Costs and expenses by nature (Tables)	6 Months Ended
	Jun. 30, 2021
Costs and expenses by nature
Schedule of cost of goods sold and services rendered	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three -month period ended June 30, ​ Six -month period ended June 30, ​ 2021 2020 2021 2020 Personnel ​ 444 ​ 362 ​ 834 ​ 775 Materials and services ​ 819 ​ 748 ​ 1,521 ​ 1,553 Fuel oil and gas ​ 267 ​ 206 ​ 475 ​ 485 Maintenance ​ 800 ​ 616 ​ 1,449 ​ 1,286 Royalties ​ 353 ​ 168 ​ 604 ​ 332 Energy ​ 169 ​ 147 ​ 318 ​ 336 Ores acquired from third parties (i) ​ 691 ​ 199 ​ 1,034 ​ 261 Depreciation,depletion and amortization ​ 800 ​ 734 ​ 1,488 ​ 1,463 Freight (ii) ​ 991 ​ 691 ​ 1,773 ​ 1,387 Others ​ 471 ​ 341 ​ 936 ​ 612 Total ​ 5,805 ​ 4,212 ​ 10,432 ​ 8,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold ​ 5,663 ​ 4,086 ​ 10,156 ​ 8,203 Cost of services rendered ​ 142 ​ 126 ​ 276 ​ 287 Total ​ 5,805 ​ 4,212 ​ 10,432 ​ 8,490 (i) The increase in “ Ores acquired from third parties ” is mainly due to the significant increase in the reference price of iron ore compared to 2020. (ii) The increase in "Freight" is mainly due to the significant increase in volumes of CFR sales and higher international freight prices.
Schedule of selling and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Selling ​ 25 ​ 20 ​ 43 ​ 37 Personnel ​ 52 ​ 40 ​ 99 ​ 87 Services ​ 22 ​ 33 ​ 39 ​ 51 Depreciation and amortization ​ 10 ​ 14 ​ 19 ​ 31 Others ​ 24 ​ 17 ​ 38 ​ 33 Total ​ 133 ​ 124 ​ 238 ​ 239
Schedule of other operating expenses (income), net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Provision for litigations ​ 28 ​ 44 ​ 44 ​ 63 Profit sharing program ​ 52 ​ 13 ​ 75 ​ 45 COVID-19 expenses ​ 16 ​ 85 ​ 18 ​ 85 Others (i) ​ (22) ​ 95 ​ (51) ​ 106 Total ​ 74 ​ 237 ​ 86 ​ 299 (i) Includes the gain related to the exclusion of ICMS from the PIS and COFINS computation tax base, as detailed in note 23(e).

Financial result (Tables)

Financial result (Tables)	6 Months Ended
	Jun. 30, 2021
Financial result
Schedule of financial result	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Financial income ​ ​ ​ ​ ​ ​ ​ ​ Short-term investments ​ 41 ​ 28 ​ 68 ​ 80 Others ​ 45 ​ 107 ​ 92 ​ 162 ​ ​ 86 ​ 135 ​ 160 ​ 242 Financial expenses ​ ​ ​ ​ ​ ​ ​ ​ Loans and borrowings gross interest (note 19) ​ (176) ​ (193) ​ (383) ​ (407) Capitalized loans and borrowing costs ​ 14 ​ 12 ​ 30 ​ 44 Participative stockholders' debentures (note 18) ​ (278) ​ (231) ​ (1,261) ​ (280) Interest on REFIS ​ (10) ​ (12) ​ (17) ​ (37) Interest on lease liabilities (note 19) ​ (16) ​ (17) ​ (35) ​ (35) Financial guarantees (i) ​ 401 ​ (31) ​ 364 ​ (172) Expenses with cash tender offer redemption (note 19) ​ — ​ — ​ (63) ​ — Others ​ (112) ​ (113) ​ (198) ​ (223) ​ ​ (177) ​ (585) ​ (1,563) ​ (1,110) ​ ​ ​ ​ ​ ​ ​ ​ ​ Other financial items, net ​ ​ ​ ​ ​ ​ ​ ​ Net foreign exchange gains (losses) ​ (390) ​ 107 ​ (70) ​ (357) Derivative financial instruments (note 16) ​ 856 ​ (86) ​ 417 ​ (1,470) Reclassification of cumulative translation adjustment on VNC sale (note 12) ​ — ​ — ​ 1,132 ​ — Indexation gains (losses), net ​ (25) ​ (56) ​ 197 ​ (75) ​ ​ 441 ​ (35) ​ 1,676 ​ (1,902) Total ​ 350 ​ (485) ​ 273 ​ (2,770) (i) Refers to the fair value adjustments on financial guarantees given to associates due to their rating improvement, leading to a decrease in the probability of default on the guaranteed loans. Further details are disclosed in note 13.

Income taxes (Tables)

Income taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Income taxes
Schedule of changes in deferred tax	​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities Deferred taxes, net Balance at December 31, 2020 ​ 10,335 ​ 1,770 ​ 8,565 Effect in income statement ​ (1,130) ​ 37 ​ (1,167) Translation adjustment ​ 196 ​ 43 ​ 153 Other comprehensive income ​ (63) ​ 135 ​ (198) Balance at June 30, 2021 ​ 9,338 ​ 1,985 ​ 7,353 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets Liabilities Deferred taxes, net Balance at December 31, 2019 ​ 9,217 ​ 1,882 ​ 7,335 Effect in income statement ​ 1,121 ​ (56) ​ 1,177 Translation adjustment ​ (2,352) ​ (127) ​ (2,225) Other comprehensive income ​ 1,818 ​ (68) ​ 1,886 Balance at June 30, 2020 ​ 9,804 ​ 1,631 ​ 8,173 ​
Schedule of amount presented as income taxes in the income statement reconciled to the rate established by law	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Income before income taxes ​ 9,610 ​ 1,064 ​ 16,897 ​ 576 Income taxes at statutory rate - 34% ​ (3,267) ​ (362) ​ (5,745) ​ (196) Adjustments that affect the basis of taxes: ​ ​ ​ ​ ​ ​ ​ ​ Tax incentives ​ 1,163 ​ 179 ​ 1,618 ​ 489 Equity results ​ 36 ​ 14 ​ 26 ​ (23) Addition (reversal) of tax loss carryforward ​ (63) ​ 22 ​ (109) ​ 448 Others ​ 58 ​ 2 ​ 327 ​ (214) Income taxes ​ (2,073) ​ (145) ​ (3,883) ​ 504
Schedule of income taxes settlement	​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Current liabilities 356 340 Non-current liabilities 2,336 2,404 REFIS liabilities 2,692 2,744 ​ ​ ​ ​ ​ SELIC rate 4.25% per year 2.00% per year

Basic and diluted earnings (l_2

Basic and diluted earnings (loss) per share (Tables)	6 Months Ended
	Jun. 30, 2021
Basic and diluted earnings per share
Schedule of basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Net income attributable to Vale's stockholders: ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ 7,586 ​ 995 ​ 13,132 ​ 1,234 ​ ​ ​ ​ ​ ​ ​ ​ ​ Thousands of shares ​ ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares outstanding - common shares ​ 5,097,908 ​ 5,129,911 ​ 5,113,959 ​ 5,129,254 ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per share: ​ ​ Common share (US$) 1.49 ​ 0.19 ​ 2.57 ​ 0.24

Accounts receivable (Tables)

Accounts receivable (Tables)	6 Months Ended
	Jun. 30, 2021
Accounts receivable
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 ​ Accounts receivable 5,002 5,043 ​ Expected credit loss ​ (48) ​ (50) ​ ​ 4,954 4,993 ​ ​ ​ ​ ​ ​ ​ Revenue related to the steel sector — % ​ 89.27 % 87.25 %
Schedule of impairment of accounts receivables recorded in income statement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Impairment of accounts receivable recorded in the income statement ​ 3 ​ (3) ​ 2 ​ 9

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Finished products 3,055 2,626 Work in progress ​ 725 ​ 647 Consumable inventory 921 788 Total 4,701 4,061
Schedule of reversal (provision) for net realizable value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Reversal (provision) for net realizable value ​ (12) ​ 23 ​ 1 ​ (39)

Other financial assets and li_2

Other financial assets and liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Other financial assets and liabilities
Schedule of other financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ Non-Current ​ June 30, December 31, June 30, December 31, ​ 2021 2020 2021 2020 Other financial assets ​ ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ — ​ — ​ 125 ​ 38 Derivative financial instruments (note 16) ​ 214 ​ 134 ​ 208 ​ 66 Investments in equity securities ​ — ​ — ​ 1,097 ​ 757 Related parties (i) ​ — ​ 195 ​ — ​ 923 ​ ​ 214 ​ 329 ​ 1,430 ​ 1,784 Other financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments (note 16) ​ 204 ​ 328 ​ 521 ​ 689 Related parties (i) ​ 188 ​ 725 ​ — ​ 895 Financial guarantees provided (note 13) ​ — ​ — ​ 550 ​ 877 Liabilities related to the concession grant (note 14) ​ 350 ​ 209 ​ 1,956 ​ 2,103 Advances received ​ 805 ​ 644 ​ — ​ — ​ ​ 1,547 ​ 1,906 ​ 3,027 ​ 4,564 ​ (i) The decrease refers to the settlement of the loans due to the transaction for the acquisition of NLC, as detailed in note 12.

Acquisitions and divestitures (

Acquisitions and divestitures (Tables)	6 Months Ended
	Jun. 30, 2021
Acquisitions and divestitures
Summary of fair values of identifiable assets acquired and liabilities assumed as a result of the acquisition	​ ​ ​ ​ ​ June 22, 2021 Acquired assets Cash and cash equivalents 172 Inventory, recoverable tax and other assets 423 Intangible 2,219 Property, plant and equipment 1,363 Assumed liabilities (158) Net identifiable assets acquired 4,019 Fair value adjustments (i) (1,590) Total identifiable net assets at fair value (ii) 2,429 ​ ​ ​ Pre-existing relationship (Loans receivable from NLC) 859 Loss on pre-existing relationship (771) ​ 2,517 ​ ​ ​ Cash consideration 2,517 (-) Balances acquired Cash and cash equivalents 172 Net cash outflow 2,345 (i) Of this amount, US $441 was allocated to property, plant and equipment and US $791 was allocated to intangible and the remaining amount was allocated to other assets. (ii) The fair value was assessed using the fair value less costs of disposal model, through discounted cash flow techniques, which is classified as “level 3” in the fair value hierarchy. The cash flows were discounted by using a post-tax discount rate expressed in real terms, which represents an estimate of the rate that a market participant would apply having regard to the time value of money and the asset’s specific risk.

Investments in associates and_2

Investments in associates and joint ventures (Tables)	6 Months Ended
	Jun. 30, 2021
Investments in associates and joint ventures
Schedule of investments in associates and joint ventures, equity results and dividends received	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ associates ​ Equity results in the income ​ ​ ​ ​ ​ ​ ​ and joint ventures ​ statement ​ Dividends received ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month ​ Six-month ​ Three-month ​ Six-month ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ period ended ​ period ended ​ period ended ​ period ended ​ ​ % ​ % voting ​ June 30, ​ December 31, ​ June 30, ​ June 30, ​ June 30, ​ June 30, Associates and joint ventures ​ ownership ​ capital ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ferrous minerals ​ ​ ​ ​ Baovale Mineração S.A. 50.00 50.00 23 20 ​ 1 1 3 2 ​ — — — — Companhia Coreano-Brasileira de Pelotização 50.00 50.00 61 48 ​ 10 2 16 5 ​ 2 17 2 17 Companhia Hispano-Brasileira de Pelotização (i) 50.89 50.89 41 43 ​ — — — 3 ​ 7 13 7 13 Companhia Ítalo-Brasileira de Pelotização (i) 50.90 51.00 58 44 ​ 9 5 13 10 ​ 6 23 6 23 Companhia Nipo-Brasileira de Pelotização (i) 51.00 51.11 135 121 ​ 9 6 13 8 ​ 7 — 7 — MRS Logística S.A. 48.16 46.75 442 398 ​ 19 14 36 12 ​ — — — — Samarco Mineração S.A. (note 21) 50.00 50.00 — — ​ — — — — ​ — — — ​ — VLI S.A. 29.60 29.60 490 480 ​ 7 8 (8) (22) ​ — — — — ​ ​ ​ ​ ​ 1,250 1,154 55 36 ​ 73 18 22 53 ​ 22 53 Base metals ​ ​ ​ ​ Korea Nickel Corp. 25.00 25.00 17 18 ​ — — — — ​ — — — — ​ ​ ​ ​ ​ 17 18 — — ​ — — — — ​ — — Others ​ ​ ​ ​ ​ Aliança Geração de Energia S.A. (i) 55.00 55.00 372 367 ​ 7 7 17 17 ​ 21 24 21 24 Aliança Norte Energia Participações S.A. (i) 51.00 51.00 118 117 ​ (2) (2) (3) (3) ​ — — — — California Steel Industries, Inc. 50.00 50.00 295 234 ​ 48 5 61 (2) ​ — — — — Companhia Siderúrgica do Pecém (“CSP”) (ii) 50.00 50.00 — — ​ — — (42) (75) ​ — — — — Mineração Rio do Norte S.A. 40.00 40.00 70 71 ​ 7 (2) (3) (12) ​ — — — — Others ​ ​ ​ ​ 75 70 ​ (10) (1) (26) (10) ​ — — — — ​ ​ ​ ​ ​ 930 859 ​ 50 7 4 (85) ​ 21 24 21 24 Total ​ ​ ​ ​ 2,197 2,031 ​ 105 43 77 (67) ​ 43 77 43 77 (i) Although the Company held a majority of the voting capital, the entities are accounted under the equity method due to the stockholders' agreement where relevant decisions are shared with other parties. (ii) CSP is a joint venture and its results are accounted for under the equity method, in which the accumulated losses are capped to the Company ́s interest in the investee’s capital based on the applicable law and requirements. That is, after the investment is reduced to zero, the Company does not recognize further losses nor liabilities associated with the investee. (iii) “Equity results and other results in associates and joint ventures” presented in the Income Statement considers, in addition to the equity results in associates and joint ventures shown in the table above, the results of Renova Foundation and Samarco (note 21) and other results with group entities.
Schedule of changes in investments in associates and joint ventures	​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1, 2,031 2,798 Capital contribution to CSP ​ 42 ​ 75 Translation adjustment 70 (645) Equity results in income statement 77 (67) Equity results in statement of comprehensive income — (2) Dividends declared (49) (100) Others 26 12 Balance at June 30, 2,197 2,071

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2021
Intangibles
Schedule of movements in intangibles	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ ​ ​ Goodwill ​ Concessions ​ Contract right ​ Software ​ project and patents ​ Total Balance at December 31, 2020 ​ 3,298 ​ 5,391 ​ — ​ 76 ​ 531 ​ 9,296 Additions ​ — ​ 57 ​ — ​ 21 ​ — ​ 78 Disposals ​ — ​ (5) ​ — ​ — ​ — ​ (5) Amortization ​ — ​ (115) ​ — ​ (16) ​ — ​ (131) Acquisition of NLC (note 12) ​ — ​ 1,428 ​ — ​ — ​ — ​ 1,428 Translation adjustment ​ 104 ​ 204 ​ — ​ 3 ​ 20 ​ 331 Balance at June 30, 2021 ​ 3,402 ​ 6,960 ​ — ​ 84 ​ 551 ​ 10,997 Cost ​ 3,402 ​ 8,097 ​ — ​ 789 ​ 551 ​ 12,839 Accumulated amortization ​ — ​ (1,137) ​ — ​ (705) ​ — ​ (1,842) Balance at June 30, 2021 ​ 3,402 ​ 6,960 ​ — ​ 84 ​ 551 ​ 10,997 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ ​ ​ Goodwill Concessions Contract right Software project and patents ​ Total Balance at December 31, 2019 3,629 3,970 140 76 684 ​ 8,499 Additions — 69 — 8 — ​ 77 Disposals — (3) — — — ​ (3) Amortization — (92) (1) (12) — ​ (105) Translation adjustment (514) (1,042) (11) (14) (181) ​ (1,762) Balance at June 30, 2020 3,115 2,902 128 58 503 ​ 6,706 Cost 3,115 3,792 223 683 503 ​ 8,316 Accumulated amortization — (890) (95) (625) — ​ (1,610) Balance at June 30, 2020 3,115 2,902 128 58 503 ​ 6,706

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Jun. 30, 2021
Property, plant and equipment
Schedule of movements in property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ ​ Mineral Railway Right of use ​ Constructions ​ ​ ​ land ​ Facilities ​ Equipment ​ properties ​ equipment ​ assets ​ Others ​ in progress ​ Total Balance at December 31, 2020 ​ 8,591 ​ 7,591 ​ 4,933 ​ 8,054 ​ 2,523 ​ 1,563 ​ 2,495 ​ 5,398 ​ 41,148 Additions (i) ​ — ​ — ​ — ​ — ​ — ​ 45 ​ ​ ​ 2,151 ​ 2,196 Disposals ​ (2) ​ (3) ​ (12) ​ — ​ (1) ​ — ​ ​ ​ (26) ​ (44) Assets retirement obligation (ii) ​ — ​ — ​ — ​ (237) ​ — ​ — ​ — ​ — ​ (237) Depreciation, depletion and amortization ​ (227) ​ (234) ​ (334) ​ (254) ​ (79) ​ (81) ​ (127) ​ — ​ (1,336) Impairment (iii) ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (88) ​ (88) Acquisition of NLC (note 12) ​ 235 ​ 456 ​ 102 ​ — ​ 2 ​ 33 ​ 2 ​ 92 ​ 922 Translation adjustment ​ 264 ​ 271 ​ 138 ​ 237 ​ 93 ​ 11 ​ 80 ​ 229 ​ 1,323 Transfers ​ 78 ​ 201 ​ 301 ​ 164 ​ 53 ​ — ​ 113 ​ (910) ​ — Balance at June 30, 2021 ​ 8,939 ​ 8,282 ​ 5,128 ​ 7,964 ​ 2,591 ​ 1,571 ​ 2,563 ​ 6,846 ​ 43,884 Cost ​ 15,905 ​ 12,739 ​ 11,251 ​ 17,406 ​ 4,047 ​ 2,011 ​ 5,712 ​ 6,846 ​ 75,917 Accumulated depreciation ​ (6,966) ​ (4,457) ​ (6,123) ​ (9,442) ​ (1,456) ​ (440) ​ (3,149) ​ — ​ (32,033) Balance at June 30, 2021 ​ 8,939 ​ 8,282 ​ 5,128 ​ 7,964 ​ 2,591 ​ 1,571 ​ 2,563 ​ 6,846 ​ 43,884 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Building and ​ ​ ​ ​ ​ Mineral Railway ​ Right of use ​ ​ Constructions ​ ​ ​ land Facilities Equipment properties ​ equipment assets ​ Others in progress Total Balance at December 31, 2019 ​ 10,702 ​ 9,604 ​ 5,686 ​ 8,261 ​ 3,241 ​ 1,692 ​ 3,012 ​ 4,378 ​ 46,576 Additions (i) — — — — ​ — 36 ​ — 1,812 1,848 Disposals (3) (4) (4) (8) ​ (1) — ​ (3) (32) (55) Assets retirement obligation — — — 343 ​ — — ​ — — 343 Depreciation, depletion and amortization (224) (276) (396) (259) ​ (117) (83) ​ (137) — (1,492) Impairment ​ (168) ​ (228) ​ (17) ​ (123) ​ — ​ — ​ (61) ​ (95) ​ (692) Translation adjustment (2,098) (2,116) (794) (972) ​ (837) (114) ​ (566) (819) (8,316) Transfers 128 178 286 359 ​ 107 — ​ 153 (1,211) — Balance at June 30, 2020 8,337 7,158 4,761 7,601 ​ 2,393 1,531 ​ 2,398 4,033 38,212 Cost 14,333 10,825 10,176 15,929 ​ 3,579 1,837 ​ 5,599 4,033 66,311 Accumulated depreciation (5,996) (3,667) (5,415) (8,328) ​ (1,186) (306) ​ (3,201) — (28,099) Balance at June 30, 2020 8,337 7,158 4,761 7,601 ​ 2,393 1,531 ​ 2,398 4,033 38,212 ​ (i) Includes capitalized borrowing costs. (ii) Refers to changes in discount rates. (iii) Due to the Company's assessment of the fair value of the coal assets, the assets acquired during the year are provided for impairment in full. In the current year, the Company recognized an impairment loss related to coal assets acquired this year in the amount of US$88.
Schedule of right-of-use assets (leases)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions and contract ​ ​ ​ Translation ​ ​ ​ ​ December 31, 2020 ​ modifications ​ Depreciation ​ adjustment ​ June 30, 2021 Ports ​ 718 ​ — ​ (23) ​ 4 ​ 699 Vessels 534 ​ — (20) — 514 Pellets plants 131 ​ 37 (18) 6 156 Properties 112 ​ 3 (13) 1 103 Energy plants 56 ​ — (3) — 53 Mining equipment and locomotives (i) 12 ​ 38 (4) — 46 Total 1,563 ​ 78 (81) 11 1,571 ​ (i) "Additions and contract modifications" includes the effects arising from the acquisition of NLC in the amount of US$33.

Financial and capital risk ma_2

Financial and capital risk management (Tables)	6 Months Ended
	Jun. 30, 2021
Ifrs Statement [Line Items]
Schedule of derivatives effects on statement of financial position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ June 30, 2021 ​ December 31, 2020 ​ Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 1 1 — — IPCA swap 9 42 7 38 Eurobonds swap — — — 3 Pre-dollar swap and forward (NDF) 98 144 — 9 Libor swap — 5 — — ​ 108 192 7 50 Commodities price risk Base metals products 6 1 30 — Gasoil, Brent and freight 100 — 97 — ​ 106 1 127 — ​ ​ ​ ​ ​ ​ ​ ​ ​ Others — 15 — 16 ​ — 15 — 16 Total 214 208 134 66 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ June 30, 2021 ​ December 31, 2020 ​ Current Non-current Current Non-current Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap 96 408 111 525 IPCA swap — 92 72 100 Eurobonds swap — — 4 — Pre-dollar swap and forward (NDF) 48 9 63 58 Libor swap 2 2 1 6 ​ 146 511 251 689 Commodities price risk Base metals products 46 — 46 — Gasoil, Brent and freight — — 13 — Thermal coal 2 10 — — ​ 48 10 59 — ​ ​ ​ ​ ​ ​ ​ ​ ​ Others 10 — 18 — Total 204 521 328 689 ​ a.i) Net exposure ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (502) (636) IPCA swap (41) (127) Eurobonds swap — (1) Pre-dollar swap and forward (NDF) 185 (112) Libor swap (i) 1 (7) ​ (357) (883) Commodities price risk Base metals products (39) (16) Gasoil, Brent and freight 100 84 Thermal coal (12) — ​ 49 68 ​ ​ ​ ​ ​ Others 5 (2) ​ 5 (2) Total (303) (817) (i) In July 2017, the U.K. Financial Conduct Authority (FCA), which regulates the London Interbank Offered Rate (‘‘LIBOR’’), announced the effective discontinuation of LIBOR. After June 30, 2023, the FCA will no longer require panel banks to submit quotes for any U.S. dollar LIBOR settings. The Company is currently evaluating the potential impact of the eventual replacement of the LIBOR interest rate.
Schedule of effects of derivatives on income statement and cash flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in the income statement ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Foreign exchange and interest rate risk ​ ​ ​ ​ CDI & TJLP vs. US$ fixed and floating rate swap 326 (185) 52 (865) IPCA swap 54 (24) 69 (256) Eurobonds swap — 7 (28) (27) Pre-dollar swap and forward (NDF) 411 (28) 206 (173) Libor swap (3) ​ 7 — ​ 788 (230) 306 (1,321) Commodities price risk Base metals products — — (2) (1) Gasoil, Brent and freight 64 99 108 (246) ​ 64 99 106 (247) Others 4 45 5 98 ​ 4 45 5 98 Total 856 (86) 417 (1,470) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial settlement inflows (outflows) ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ ​ 2021 2020 2021 2020 Foreign exchange and interest rate risk CDI & TJLP vs. US$ fixed and floating rate swap (9) (33) (99) (51) IPCA swap — — (18) — Eurobonds swap — — (29) (6) Pre-dollar swap and forward (NDF) (2) 8 (77) (13) Libor swap — — (1) — ​ (11) (25) (224) (70) Commodities price risk Base metals products (1) 38 (8) 292 Gasoil, Brent and freight 72 (129) 92 (130) ​ 71 (91) 84 162 Others — 2 1 67 ​ — 2 1 67 Total 60 (114) (139) 159
Schedule of effects of derivatives on other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) recognized in the other comprehensive income ​ ​ Three-month period ended June 30, ​ Six-month period ended June 30, ​ 2021 2020 2021 2020 Net investments hedge 202 (119) 42 (639) Thermal Coal Cash flow hedge (7) — (7) — Cash flow hedge (Nickel and Palladium) (28) (49) (19) 15
Schedule of sensitivity analysis of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument Instrument's main risk events Probable Scenario I Scenario II ​ ​ ​ ​ ​ ​ ​ ​ ​ CDI vs. US$ fixed rate swap R$ depreciation (368) (900) (1,433) ​ US$ interest rate inside Brazil decrease (368) (396) (425) ​ Brazilian interest rate increase (368) (402) (437) Protected item: R$denominated liabilities R$ depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ TJLP vs. US$ fixed rate swap R$ depreciation (134) (236) (338) ​ US$ interest rate inside Brazil decrease (134) (137) (140) ​ Brazilian interest rate increase (134) (145) (155) ​ TJLP interest rate decrease (134) (141) (149) Protected item: R$denominated debt R$ depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ R$fixed rate vs. US$ fixed rate swap R$ depreciation 62 (246) (553) ​ US$ interest rate inside Brazil decrease 62 53 45 ​ Brazilian interest rate increase 62 19 (21) Protected item: R$denominated debt R$ depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA vs. US$ fixed rate swap R$ depreciation (90) (199) (307) ​ US$ interest rate inside Brazil decrease (90) (96) (103) ​ Brazilian interest rate increase (90) (109) (127) ​ IPCA index decrease (90) (101) (112) Protected item: R$denominated debt R$ depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA vs. CDI swap Brazilian interest rate increase 49 46 44 ​ IPCA index decrease 49 47 45 Protected item: R$denominated debt linked to IPCA IPCA index decrease n.a. (47) (45) ​ ​ ​ ​ ​ ​ ​ ​ ​ US$floating rate vs. US$ fixed rate swap US$ Libor decrease 1 (4) (10) Protected item: Libor US$ indexed debt US$ Libor decrease n.a. 4 10 ​ ​ ​ ​ ​ ​ ​ ​ ​ NDF BRL/USD R$ depreciation 122 (166) (454) ​ US$ interest rate inside Brazil decrease 122 116 110 ​ Brazilian interest rate increase 122 93 66 Protected item: R$denominated liabilities R$depreciation n.a. — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument Instrument's main risk events Probable Scenario I Scenario II ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel oil protection ​ ​ ​ ​ ​ ​ ​ ​ Options Price input decrease 48 18 14 Protected item: Part of costs linked to fuel oil prices Price input decrease n.a. 18 14 ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Freight Agreement Forwards Freight price decrease 15 5 (4) Protected item: Part of costs linked to maritime freight prices Freight price decrease n.a. (5) 4 ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel sales fixed price protection Forwards Nickel price decrease 1 (2) (5) Protected item: Part of nickel revenues with fixed prices Nickel price decrease n.a. (2) (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel Revenue Hedging Program Options Nickel price increase (38) (160) (297) Protected item: Part of nickel future revenues Nickel price increase n.a. 160 297 ​ ​ ​ ​ ​ ​ ​ ​ ​ Palladium Revenue Hedging Program Options Palladium price increase 4 (23) (56) Protected item: Part of palladium future revenues Palladium price increase n.a. 23 56 ​ ​ ​ ​ ​ ​ ​ ​ ​ Thermal Coal Revenue Hedging Program Options Thermal coal price increase (11) (40) (69) Protected item: Part of thermal coal future revenues Thermal coal price increase n.a. 40 69 ​ ​ ​ ​ ​ ​ ​ ​ ​ Option - SPCs SPCs stock value decrease 15 5 — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Instrument Main risks Probable Scenario I Scenario II Embedded derivatives - Raw material purchase (nickel) Nickel price increase (3) (19) (34) Embedded derivatives - Raw material purchase (copper) Copper price increase — (3) (6) Embedded derivatives - Gas purchase Pellet price increase (4) (8) (13) Embedded derivatives - Guaranteed minimum return Stock value decrease (5) (61) (287) ​
Summary of ratings published by Moody's regarding the main financial institutions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated ​ ​ June 30, 2021 December 31, 2020 ​ ​ Cash and cash equivalents and ​ ​ ​ Cash and cash equivalents ​ ​ ​ short-term investment Derivatives and short-term investment Derivatives Aa1 94 — 2,210 36 Aa2 384 13 363 15 Aa3 603 41 1,681 41 A1 4,124 20 2,812 21 A2 4,429 130 4 20 A3 1,034 67 5 36 Baa1 — — 4 — Baa2 19 — 1 — Ba1 — 35 2,986 — Ba2 2,551 51 4,189 6 Ba3 1,279 13 — — Others 83 52 3 25 ​ 14,600 422 14,258 200
Eurobonds with derivative offset
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Value at Risk ​ Fair value by year ​ June 30, December 31, ​ Average June 30, December 31, June 30, June 30, ​ ​ ​ ​ ​ Flow 2021 2020 Index rate 2021 2020 2021 2021 2021 2022 2023+ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CDI vs. US$ fixed rate swap ​ ​ ​ ​ (368) (473) (30) ​ 43 ​ (26) ​ (78) ​ (264) Receivable R$8,841 R$9,445 CDI 100.53 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable US$2.072 US$2.213 Fix 2.57 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TJLP vs. US$ fixed rate swap ​ ​ ​ ​ (134) (163) (26) ​ 8 ​ (23) ​ (40) ​ (71) Receivable R$1,421 R$1,651 TJLP + 1.12 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable US$390 US$460 Fix 3.11 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ R$fixed rate vs. US$ fixed rate swap ​ ​ ​ ​ 62 (111) (85) ​ 26 ​ 10 ​ (26) ​ 78 Receivable R$6,671 R$2,512 Fix 3.58 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payable US$1.265 US$621 Fix (1.60) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA vs. US$ fixed rate swap ​ ​ ​ ​ (90) (173) (65) ​ 9 ​ 1 ​ — ​ (91) Receivable R$1,617 R$2,363 IPCA + 4.54 % Payable US$400 US$622 Fix 3.88 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IPCA vs. CDI swap ​ ​ ​ ​ 49 45 — — 7 42 — Receivable R$726 R$694 IPCA + 6.63 % Payable R$1,350 R$550 CDI 98.76 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EUR fixed rate vs. US$ fixed rate swap ​ ​ ​ ​ — (1) (29) — — — — Receivable — EUR 500 Fix 0.00 % Payable — US$613 Fix 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward R$7,020 R$916 B 5.98 122 (1) 13 23 17 64 41
Libor floating interest rate US$ denominated debt
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notional ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Value at Risk ​ Fair value by year Flow June 30, 2021 December 31, 2020 Index Average rate June 30, 2021 December 31, 2020 June 30, 2021 ​ June 30, 2021 2021 2022 2023+ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Libor vs. US$fixed rate swap ​ ​ ​ ​ ​ ​ ​ ​ 1 (7) (1) ​ 2 (1) — 2 Receivable US$950 US$950 Libor 0.13 % ​ ​ Payable US$950 US$950 Fix 0.48 % ​ ​
Protection programs for base metals raw materials and products - Therma Coal hedging program
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ ​ Notional (ton) ​ ​ ​ ​ ​ Fair value ​ Inflows ​ ​ ​ Fair value ​ ​ June 30, ​ December 31, ​ Bought / ​ Average strike ​ June 30, ​ December 31, ​ (Outflows) ​ Value at Risk ​ by year Flow ​ 2021 ​ 2020 Sold (US$/t oz) ​ 2021 ​ 2020 ​ June 30, 2021 ​ June 30, 2021 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coal Revenue Hedging Program ​ ​ ​ ​ ​ ​ Call Options ​ 600,000 ​ — S 108 ​ (10) ​ — ​ (2) ​ 3 (10) Put Options ​ 390,000 ​ — B 105 ​ (1) ​ — ​ (1) ​ 6 (1) Total ​ ​ ​ ​ ​ ​ ​ (11) ​ — ​ (3) ​ 9 (11)
Protection programs for base metals raw materials and products - Nickel revenue hedging program
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ Notional (ton) ​ ​ ​ ​ ​ Fair value (Outflows) ​ Value at Risk ​ Fair value by year ​ June 30, December 31, Bought / ​ Average strike June 30, December 31, June 30, June 30, ​ Flow 2021 2020 Sold (US$/ton) 2021 2020 2021 2021 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel Revenue Hedging Program (i) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options 35,120 58,620 S ​ 17,618 (41) (46) (9) 10 (41) Put options ​ 35,120 ​ 58,620 ​ B ​ 15,000 ​ 3 ​ 28 ​ — ​ 1 ​ 3 Total ​ ​ (38) (18) (9) 11 (38)
Protection program for product prices and input costs
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ Value at ​ value by ​ ​ Notional ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Risk ​ year ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ Bought / ​ strike ​ June 30, ​ December 31, ​ June 30, ​ June 30, ​ ​ Flow ​ 2021 ​ 2020 Sold (US$/bbl) ​ 2021 ​ 2020 ​ 2021 ​ 2021 2021+ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brent crude oil (bbl) ​ ​ ​ ​ ​ ​ Call options ​ 4,488,809 ​ 13,746,945 B 55 ​ 48 ​ 92 ​ 119 ​ 7 48 Put options ​ 4,488,809 ​ 13,746,945 S 29 ​ — ​ (12) ​ — ​ — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Forward Freight Agreement (days) ​ ​ ​ ​ ​ ​ Freight forwards (days) ​ 990 ​ 1,625 B 23,302 ​ 15 ​ 4 ​ 3 ​ 15 —
Protection programs for base metals raw materials and products - Palladium revenue hedging program
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial settlement ​ Fair value ​ ​ Notional (t oz) ​ ​ ​ ​ ​ Fair value ​ Inflows (Outflows) ​ Value at Risk ​ by year Flow ​ June 30, 2021 ​ December 31, 2020 ​ Bought / Sold ​ Average strike (US$/t oz) ​ June 30, 2021 ​ December 31, 2020 ​ June 30, 2021 ​ June 30, 2021 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Palladium Revenue Hedging Program ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call Options 67,362 7,200 S 3,437 (11) (1) — 3 (11) Put Options 67,362 7,200 B 2,397 14 — — 3 14 Total ​ ​ ​ ​ 3 (1) — 6 3
Embedded derivatives in contracts
Ifrs Statement [Line Items]
Schedule of protection program	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ settlement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inflows ​ ​ ​ ​ ​ ​ National ​ ​ ​ ​ ​ Fair value ​ (Outflows) ​ Value at Risk ​ Fair value ​ ​ ​ December 31, ​ Bought / ​ Average ​ June 30, December 31, ​ June 30, ​ June 30, ​ ​ Flow ​ June 30, 2021 ​ 2020 ​ Sold ​ strike ​ 2021 ​ 2020 ​ 2021 ​ 2021 ​ 2021+ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Option related to a Special Purpose Entity “SPE” (quantity) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call option 137,751,623 137,751,623 B 3.02 15 18 — 2 15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivatives in contracts for the sale of part of its shareholding (quantity) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Put option 1,105,070,863 1,105,070,863 S 4.38 (5) (19) — 2 (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded Derivative in natural gas purchase agreement (volume/month) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Call options 729,571 746,667 S 233 (4) — — 3 (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedge program for finished products ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards 604 — S 18,147 — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed prices sales protection ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards 626 — B 16,341 1 — 1 — 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded in raw material purchase contract (ton) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nickel forwards 3,436 1,979 S 17,120 (3) 2 — 2 (3) Copper forwards 1,247 976 S 9,620 — — — — —

Financial assets and liabilit_2

Financial assets and liabilities (Tables)	6 Months Ended
	Jun. 30, 2021
Financial assets and liabilities
Schedule of financial instruments classification based on its recognition	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ At fair value ​ ​ ​ ​ ​ ​ ​ At fair value ​ ​ ​ ​ Amortized ​ At fair value ​ through ​ ​ ​ Amortized ​ At fair value ​ through profit ​ ​ Financial assets cost through OCI profit or loss Total cost through OCI or loss Total Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents (note 19) ​ 13,649 ​ — ​ — ​ 13,649 ​ 13,487 ​ — ​ — 13,487 Short-term investments (note 19) ​ — ​ — ​ 951 ​ 951 ​ — ​ — ​ 771 ​ 771 Derivative financial instruments (note 16) ​ — ​ — ​ 214 ​ 214 ​ — ​ — ​ 134 134 Accounts receivable (note 9) ​ 2,266 ​ — ​ 2,688 ​ 4,954 ​ 1,514 ​ — ​ 3,479 4,993 Related parties (note 26) ​ — ​ — ​ — ​ — ​ 195 ​ — ​ — 195 ​ ​ 15,915 ​ — ​ 3,853 ​ 19,768 ​ 15,196 ​ — ​ 4,384 19,580 Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Judicial deposits (note 23) ​ 1,326 ​ — ​ — ​ 1,326 ​ 1,268 ​ — ​ — ​ 1,268 Restricted cash ​ 125 ​ — ​ — ​ 125 ​ 38 ​ — ​ — ​ 38 Derivative financial instruments (note 16) ​ — ​ — ​ 208 ​ 208 ​ — ​ — ​ 66 66 Investments in equity securities ​ — ​ 1,097 ​ — ​ 1,097 ​ — ​ 757 ​ — 757 Related parties (note 26) ​ — ​ — ​ — ​ — ​ 923 ​ — ​ — 923 ​ ​ 1,451 ​ 1,097 ​ 208 ​ 2,756 ​ 2,229 ​ 757 ​ 66 3,052 Total of financial assets ​ 17,366 ​ 1,097 ​ 4,061 ​ 22,524 ​ 17,425 ​ 757 ​ 4,450 22,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Suppliers and contractors ​ 3,777 ​ — ​ — ​ 3,777 ​ 3,367 ​ — ​ — 3,367 Derivative financial instruments (note 16) ​ — ​ — ​ 204 ​ 204 ​ — ​ — ​ 328 328 Loans, borrowings and leases (note 19) ​ 992 ​ — ​ — ​ 992 ​ 1,136 ​ — ​ — 1,136 Dividends payable ​ 27 ​ — ​ — ​ 27 ​ 1,220 ​ — ​ — ​ 1,220 Liabilities related to the concession grant (note 14) ​ 350 ​ — ​ — ​ 350 ​ 209 ​ — ​ — ​ 209 Related parties (note 26) ​ 188 ​ — ​ — ​ 188 ​ 725 ​ — ​ — 725 Other financial liabilities (note 11) ​ 805 ​ — ​ — ​ 805 ​ 644 ​ ​ ​ ​ ​ 644 ​ ​ 6,139 ​ — ​ 204 ​ 6,343 ​ 7,301 ​ — ​ 328 7,629 Non-current ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments (note 16) ​ — ​ — ​ 521 ​ 521 ​ — ​ — ​ 689 689 Loans, borrowings and leases (note 19) ​ 12,870 ​ — ​ — ​ 12,870 ​ 13,891 ​ — ​ — 13,891 Related parties (note 26) ​ — ​ — ​ — ​ — ​ 895 ​ — ​ — 895 Participative stockholders' debentures (note 18) ​ — ​ — ​ 4,687 ​ 4,687 ​ — ​ — ​ 3,413 3,413 Liabilities related to the concession grant (note 14) ​ 1,956 ​ — ​ — ​ 1,956 ​ 2,103 ​ — ​ — ​ 2,103 Financial guarantees (note 13) ​ — ​ — ​ 550 ​ 550 ​ — ​ — ​ 877 ​ 877 ​ ​ 14,826 ​ — ​ 5,758 ​ 20,584 ​ 16,889 ​ — ​ 4,979 ​ 21,868 Total of financial liabilities ​ 20,965 ​ — ​ 5,962 ​ 26,927 ​ 24,190 ​ — ​ 5,307 29,497
Schedule of assets and liabilities measured and recognized at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets ​ ​ ​ ​ Short-term investments ​ 951 ​ — ​ — ​ 951 ​ 771 ​ — ​ — ​ 771 Derivative financial instruments ​ — 407 ​ 15 ​ 422 ​ — ​ 182 ​ 18 ​ 200 Accounts receivable ​ — ​ 2,688 ​ — ​ 2,688 ​ — ​ 3,479 ​ — ​ 3,479 Investments in equity securities ​ 1,097 ​ — ​ — ​ 1,097 ​ 757 ​ — ​ — ​ 757 Total ​ 2,048 3,095 ​ 15 ​ 5,158 ​ 1,528 ​ 3,661 ​ 18 ​ 5,207 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ — 719 ​ 6 ​ 725 ​ — ​ 998 ​ 19 ​ 1,017 Participative stockholders' debentures ​ — 4,687 ​ — ​ 4,687 ​ — ​ 3,413 ​ — ​ 3,413 Financial guarantees ​ — ​ 550 ​ — ​ 550 ​ — ​ 877 ​ — ​ 877 Total ​ — 5,956 ​ 6 ​ 5,962 ​ — ​ 5,288 ​ 19 ​ 5,307
Schedule of changes in Level 3 assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ Financial assets Financial liabilities Balance at December 31, 2020 18 19 Gain and losses recognized in income statement (4) (13) Translation adjustments 1 — Balance at June 30, 2021 15 6
Schedule of fair value and carrying amounts of loans and financing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Carrying amount Fair value Carrying amount Fair value Quoted in the secondary market: ​ ​ ​ ​ ​ ​ ​ ​ Bonds 7,448 9,277 7,448 10,025 Eurobonds — — 920 985 Debentures 428 435 496 496 Debt contracts in Brazil in: R$, indexed to TJLP, TR, IPCA, IGP-M and CDI 460 679 860 857 R$, with fixed interest 25 25 34 35 Basket of currencies and bonds in US$ indexed to LIBOR 33 54 56 56 Debt contracts in the international market in: US$, with variable and fixed interest 3,398 3,401 3,225 3,278 Other currencies, with variable interest 96 96 — — Other currencies, with fixed interest 110 123 120 134 Total 11,998 14,090 13,159 15,866

Loans, borrowings, leases, ca_2

Loans, borrowings, leases, cash and cash equivalents and short-term investments (Tables)	6 Months Ended
	Jun. 30, 2021
Loans, borrowings, leases, cash and cash equivalents and short-term investments
Schedule of net debt	​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Debt contracts in the international markets 11,194 11,890 Debt contracts in Brazil 960 1,470 Leases ​ 1,708 ​ 1,667 Total of loans, borrowings and leases 13,862 15,027 (-) Cash and cash equivalents 13,649 13,487 (-) Short-term investments ​ 951 ​ 771 Net debt (cash) (738) 769
Schedule of total debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Current liabilities ​ Non-current liabilities ​ interest rate (i) ​ June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Quoted in the secondary market: ​ ​ Bonds 6.01 % — ​ — ​ 7,448 ​ 7,448 Eurobonds ​ ​ — ​ — ​ — ​ 920 Debentures 10.48 % 50 ​ 107 ​ 378 ​ 389 Debt contracts in Brazil in: ​ ​ ​ ​ ​ ​ ​ ​ ​ R$, indexed to TJLP, TR, IPCA, IGP-M and CDI (ii) 9.29 % 128 ​ 320 ​ 332 ​ 540 R$, with fixed interest 2.76 % 19 ​ 20 ​ 6 ​ 14 Basket of currencies and bonds in US$ indexed to LIBOR ​ 2.32 % 33 ​ 45 ​ — ​ 11 Debt contracts in the international market in: ​ ​ ​ ​ ​ ​ ​ ​ ​ US$, with variable and fixed interest 2.26 % 325 ​ 182 ​ 3,073 ​ 3,044 Other currencies, with variable interest 4.09 % 86 ​ — ​ 10 ​ — Other currencies, with fixed interest ​ 3.35 % 12 ​ 12 ​ 98 ​ 107 Accrued charges ​ ​ 156 ​ 201 ​ — ​ — Total ​ ​ 809 ​ 887 ​ 11,345 ​ 12,473 (i) In order to determine the average interest rate for debt contracts with floating rates, the Company used the rate applicable as at June 30, 2021. (ii) R$ denominated debt that bears interest at IPCA, CDI, TR or TJLP, plus spread. For a total of US$892 the Company entered into derivative transactions to mitigate the exposure to the cash flow variations of the floating rate debt denominated in R$, resulting in an average cost of 2.92% per year in US$.
Schedule of future flows of debt payments, principal and interest	​ ​ ​ ​ ​ ​ ​ ​ Estimated future ​ ​ Principal ​ interest payments (i) 2021 173 ​ 300 2022 1,254 ​ 593 2023 298 ​ 555 2024 2,014 ​ 537 Between 2025 and 2029 2,142 ​ 1,008 2030 onwards 6,117 ​ 3,641 Total 11,998 ​ 6,634 (i) Based on interest rate curves and foreign exchange rates applicable as at June 30, 2021 and considering that the payments of principal will be made on their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the interim financial statements.
Schedule of reconciliation of debt to cash flows arising from financing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted in the ​ Debt contracts on the ​ ​ ​ secondary market ​ Debt contracts in Brazil ​ international market ​ Total December 31, 2020 9,046 ​ 959 ​ 3,355 ​ 13,360 Additions — ​ — ​ 300 ​ 300 Payments (i) (922) ​ (269) ​ (221) ​ (1,412) Interest paid (279) ​ (79) ​ (68) ​ (426) Cash flow from financing activities (1,201) ​ (348) ​ 11 ​ (1,538) ​ ​ ​ ​ ​ ​ ​ ​ ​ Effect of exchange rate (50) ​ (153) ​ 196 ​ (7) Interest accretion 222 ​ 63 ​ 54 ​ 339 Non-cash changes 172 ​ (90) ​ 250 ​ 332 ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 8,017 ​ 521 ​ 3,616 ​ 12,154 (i) Includes expenses with the redemption in the amount of US$63.
Schedule of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions and contract ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 modifications Payments (i) Interest (ii) Translation adjustment June 30, 2021 Ports 743 — (40) 14 1 718 Vessels 533 — (31) 11 — 513 Pellets plants 137 37 (2) 3 8 183 Properties 142 3 (24) 2 1 124 Energy plants 62 — (2) 3 — 63 Mining equipment and locomotives (iii) 50 58 (5) 2 2 107 Total 1,667 98 (104) 35 12 1,708 (i) The total amount of the variable lease payments not included in the measurement of lease liabilities, which have been recognized straight to the income statement, for the three and six-month periods ended June 30, 2021 was US$78 and US$111 (US$10 and US$38 for the three and six-month periods ended June 30, 2020), respectively. (ii) The interest accretion recognized in the income statement is disclosed in note 6. (iii) "Additions and contract modifications" includes the effects arising from the acquisition of NLC in the amount of US$53.
Summary of annual minimum payments related	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 2024 2025 onwards Total Ports 35 63 62 61 802 1,023 Vessels 33 63 62 60 405 623 Pellets plants 44 40 13 13 116 226 Properties 24 29 23 22 41 139 Energy plants 3 7 7 6 61 84 Mining equipment and locomotives 11 21 16 15 79 142 Total 150 223 183 177 1,504 2,237

Brumadinho dam failure (Tables)

Brumadinho dam failure (Tables)	6 Months Ended
	Jun. 30, 2021
Brumadinho dam failure
Summary of changes in the provision to carry out the de-characterization of the upstream structures, certain center line structures and dikes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impact on the ​ ​ ​ ​ ​ ​ December 31, ​ income ​ Present value ​ ​ ​ Translation ​ ​ ​ ​ 2020 ​ statement ​ adjustment ​ Disbursements (ii) ​ adjustment ​ June 30, 2021 Global Settlement for Brumadinho 3,989 — (83) (26) 141 4,021 Provision for individual indemnification and other commitments 586 — (6) (123) 13 470 Liabilities related to Brumadinho 4,575 — (89) (149) 154 4,491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ De-characterization of dams 2,289 — (43) (163) 72 2,155 Incurred expenses (i) — 300 — (300) — — ​ 6,864 300 (132) (612) 226 6,646 (i) The Company has incurred expenses, which have been recognized straight to the income statement, in relation to communication services, accommodation and humanitarian assistance, equipment, legal services, water, food aid, taxes, among others. For the three and six-month periods ended June 30, of 2021, the Company incurred expenses in the amount of US$185 and US$300, respectively (US$109 and US$268 for the three and six-month periods ended June 30, 2020). (ii) Disbursement is presented net of the judicial deposits utilization.
Summary of provisions related to dam failure	​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Cash settlement obligation, net of judicial deposits 2,380 2,343 Provision for socio-economic reparation and others 853 860 Provision for social and environmental reparation 788 786 ​ 4,021 3,989 ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Current liabilities 1,956 1,561 Non-current liabilities 2,065 2,428 Liabilities 4,021 3,989

Liabilities related to associ_2

Liabilities related to associates and joint ventures (Tables)	6 Months Ended
	Jun. 30, 2021
Dam failure of Samarco
Liabilities related to associates and joint ventures
Schedule of movements of provision related to the Fundo dam rupture and to the de-characterization of Germano dam	​ ​ ​ ​ ​ ​ ​ 2021 2020 Balance at January 1, 2,074 1,700 Provision 560 566 Disbursements (137) (169) Present value valuation (71) 40 Translation adjustment 65 (468) Balance at June 30, 2,491 1,669 ​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Current liabilities 1,467 876 Non-current liabilities 1,024 1,198 Liabilities 2,491 2,074

Provisions (Tables)

Provisions (Tables)	6 Months Ended
	Jun. 30, 2021
Provisions
Schedule of provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ Non-current liabilities ​ June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Payroll, related charges and other remunerations ​ 692 ​ 877 ​ — ​ — Onerous contracts ​ 53 ​ 58 ​ 842 ​ 838 Environmental obligations ​ 95 ​ 102 ​ 214 ​ 200 Asset retirement obligations (i) ​ 102 ​ 99 ​ 3,974 ​ 4,121 Provision related to VNC sale (note 12) ​ — ​ 500 ​ — ​ — Provisions for litigation (note 23) ​ 102 ​ 87 ​ 1,074 ​ 1,004 Employee postretirement obligations (note 24) ​ 112 ​ 103 ​ 1,899 ​ 2,271 Provisions ​ 1,156 ​ 1,826 ​ 8,003 ​ 8,434 ​ (i) The Company has issued letters of credit and surety bonds for US$621 as at June 30, 2021 in connection with the Asset retirement obligations for its Base Metals operations.

Litigations (Tables)

Litigations (Tables)	6 Months Ended
	Jun. 30, 2021
Litigations
Schedule of changes in provision for litigations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental Total of ​ Tax litigation Civil litigation Labor litigation litigation litigation provision Balance at December 31, 2020 ​ 485 ​ 260 ​ 335 ​ 11 ​ 1,091 Additions and reversals, net (2) ​ (1) ​ 46 ​ 1 ​ 44 Payments — ​ (15) ​ (29) ​ (4) ​ (48) Indexation and interest 3 ​ 10 ​ 23 ​ — ​ 36 Translation adjustment 19 ​ 11 ​ 17 ​ — ​ 47 Acquisition of NLC (note 12) ​ — ​ 1 ​ 5 ​ — ​ 6 Balance at June 30, 2021 ​ 505 ​ 266 ​ 397 ​ 8 ​ 1,176 Current liabilities ​ 9 ​ 17 ​ 76 ​ — ​ 102 Non-current liabilities ​ 496 ​ 249 ​ 321 ​ 8 ​ 1,074 ​ ​ 505 ​ 266 ​ 397 ​ 8 ​ 1,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Environmental Total of ​ ​ Tax litigation Civil litigation ​ Labor litigation ​ litigation ​ litigation provision Balance at December 31, 2019 696 300 455 11 1,462 Additions and reversals, net 19 28 14 2 63 Payments (10) (11) (34) — (55) Indexation and interest 13 16 13 — 42 Translation adjustment (168) (77) (120) (3) (368) Balance at June 30, 2020 550 256 328 10 1,144 Current liabilities ​ 7 ​ 14 ​ 63 ​ — ​ 84 Non-current liabilities ​ 543 ​ 242 ​ 265 ​ 10 ​ 1,060 ​ ​ 550 ​ 256 ​ 328 ​ 10 ​ 1,144
Schedule of contingent liabilities	​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Tax litigations ​ 8,166 ​ 6,911 Civil litigations ​ 1,644 ​ 1,348 Labor litigations ​ 572 ​ 563 Environmental litigations ​ 1,006 ​ 907 Total ​ 11,388 ​ 9,729
Schedule of judicial deposits	​ ​ ​ ​ ​ ​ ​ June 30, 2021 December 31, 2020 Tax litigations ​ 1,052 ​ 988 Civil litigations ​ 83 ​ 85 Labor litigations ​ 168 ​ 177 Environmental litigations ​ 23 ​ 18 Total ​ 1,326 ​ 1,268

Employee benefits (Tables)

Employee benefits (Tables)	6 Months Ended
	Jun. 30, 2021
Employee benefits
Summary of reconciliation of net liabilities recognized in the statement of financial position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Overfunded ​ Underfunded ​ ​ ​ Overfunded ​ Underfunded ​ ​ ​ pension plans pension plans Other benefits pension plans pension plans Other benefits Amount recognized in the statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of actuarial liabilities ​ (3,183) ​ (4,440) ​ (1,668) ​ (3,105) ​ (4,632) ​ (1,733) Fair value of assets ​ 4,045 ​ 4,097 ​ — ​ 3,969 ​ 3,991 ​ — Effect of the asset ceiling ​ (862) ​ — ​ — ​ (864) ​ — ​ — Liabilities ​ — ​ (343) ​ (1,668) ​ — ​ (641) ​ (1,733) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current liabilities ​ — ​ (41) ​ (72) ​ — ​ (47) ​ (96) Non-current liabilities ​ — ​ (302) ​ (1,596) ​ — ​ (594) ​ (1,637) Liabilities ​ — ​ (343) ​ (1,668) ​ — ​ (641) ​ (1,733)
Summary of assumptions used in the Monte Carlo simulation to estimate the fair value of the TSR indicator	​ ​ ​ ​ ​ PSU 2021 Granted shares 1,474,723 ​ Date shares were granted 04/30/2021 ​ VALE (BRL) 109.02 ​ VALE ON (USD) 20.12 ​ Expected volatility 39.00%p.y. ​ Expected dividend yield (i) 3.18%p.y. ​ Expected term (in years) 3 ​ Expected value of the total shareholder return (TSR) 51.20 % Expected value of the performance factor (Total) 60.96 % ​ (i) Source: Bloomberg 04/30/2021
Summary of reclassification from cash-settled to equity-settled	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Matching April 30, 2021 Remeasurement Reclassification May 1, 2021 Expense June 30, 2021 Liability 33 5 (38) — — — Stockholders' equity — — 38 38 5 43 Net income — (5) — (5) (5) (10) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ PSU April 30, 2021 Remeasurement Reclassification May 1, 2021 Expense June 30, 2021 Liability 3 (1) (2) — — — Stockholders' equity — — 2 2 1 3 Net income — 1 — 1 (1) —

Stockholders' equity (Tables)

Stockholders' equity (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders' equity
Schedule of share capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Stockholders Common shares Golden shares Total ​ ​ ​ ​ ​ ​ ​ Shareholders with more than 5% of total capital ​ 1,904,734,340 ​ — ​ 1,904,734,340 Previ ​ 447,780,782 ​ — ​ 447,780,782 Capital World Investors ​ 302,201,922 ​ — ​ 302,201,922 Capital Research Global Investors ​ 294,934,543 ​ — ​ 294,934,543 Bradespar ​ 293,907,266 ​ — ​ 293,907,266 Mitsui&co ​ 286,347,055 ​ — ​ 286,347,055 Blackrock, Inc ​ 279,562,772 ​ — ​ 279,562,772 Others ​ 3,132,978,884 ​ — ​ 3,132,978,884 Golden shares ​ — ​ 12 ​ 12 Total outstanding (without shares in treasury) ​ 5,037,713,224 ​ 12 ​ 5,037,713,236 Shares in treasury ​ 246,761,546 ​ — ​ 246,761,546 Total capital ​ 5,284,474,770 ​ 12 ​ 5,284,474,782

Related parties (Tables)

Related parties (Tables)	6 Months Ended
	Jun. 30, 2021
Related parties
Schedule of transactions with related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three-month period ended June 30, ​ ​ 2021 ​ 2020 ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Ventures Associates Stockholders Total Ventures Associates Stockholders Total Net operating revenue ​ 180 ​ 67 ​ 61 ​ 308 ​ 68 ​ 57 ​ 55 ​ 180 Cost and operating expenses ​ (152) ​ (4) ​ — ​ (156) ​ (261) ​ (5) ​ — ​ (266) Financial result ​ (21) ​ (1) ​ 141 ​ 119 ​ 8 ​ 2 ​ (13) ​ (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six-month period ended June 30, ​ ​ 2021 ​ 2020 ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Ventures Associates Stockholders Total Ventures Associates Stockholders Total Net operating revenue ​ 341 ​ 127 ​ 114 ​ 582 ​ 137 ​ 118 ​ 87 ​ 342 Cost and operating expenses ​ (329) ​ (9) ​ — ​ (338) ​ (528) ​ (11) ​ — ​ (539) Financial result ​ (8) ​ (1) ​ (380) ​ (389) ​ 29 ​ 4 ​ (36) ​ (3)
Schedule of outstanding balances with related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Joint ​ ​ ​ ​ ​ ​ ​ Ventures Associates Stockholders Total Ventures Associates Stockholders Total Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents (i) ​ — ​ — ​ 1,352 ​ 1,352 ​ — ​ — ​ 2,082 ​ 2,082 Accounts receivable ​ 175 ​ 28 ​ 2 ​ 205 ​ 109 ​ 45 ​ 2 ​ 156 Dividends receivable ​ 26 ​ — ​ — ​ 26 ​ 19 ​ — ​ — ​ 19 Loans (ii) ​ — ​ — ​ — ​ — ​ 1,118 ​ — ​ — ​ 1,118 Derivatives financial instruments (i) ​ — ​ — ​ 112 ​ 112 ​ — ​ — ​ 2 ​ 2 Other assets ​ 38 ​ 3 ​ — ​ 41 ​ 68 ​ 2 ​ — ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ — ​ — ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ Supplier and contractors ​ 157 ​ 4 ​ 23 ​ 184 ​ 121 ​ 10 ​ 35 ​ 166 Loans (ii) ​ — ​ — ​ — ​ — ​ — ​ 1,385 ​ 944 ​ 2,329 Derivatives financial instruments (i) ​ — ​ — ​ 283 ​ 283 ​ — ​ — ​ 242 ​ 242 Other liabilities ​ 188 ​ 120 ​ — ​ 308 ​ 235 ​ 48 ​ — ​ 283 (i) Refers to regular financial instruments with large financial institutions that are deemed related parties (ii) Refers to loans settled upon completion of the acquisition of NLC (note 12).

Basis of preparation of the i_3

Basis of preparation of the interim financial statements - Presentation currency (Details)	3 Months Ended						6 Months Ended
	Jun. 30, 2021R$ / $	Jun. 30, 2021R$ / $R$ / $	Jun. 30, 2021R$ / $R$ / €	Jun. 30, 2020R$ / $	Jun. 30, 2020R$ / $	Jun. 30, 2020R$ / €	Jun. 30, 2021R$ / $	Jun. 30, 2021R$ / $R$ / $	Jun. 30, 2021R$ / $R$ / €	Jun. 30, 2020R$ / $	Jun. 30, 2020R$ / $	Jun. 30, 2020R$ / €	Jun. 30, 2021R$ / $	Jun. 30, 2021R$ / €	Dec. 31, 2020R$ / $	Dec. 31, 2020R$ / $	Dec. 31, 2020R$ / €
Exchange rates used to translate operations
Closing rate	5.0022	5.0022	5.0022				5.0022	5.0022	5.0022				4.0334	5.9276	5.1967	4.0771	6.3779
Average rate	5.2907	4.3096	6.3789	5.3854	3.8882	5.9279	5.3862	4.3209	6.4902	4.9218	3.5992	5.4211

Significant events in the cur_2

Significant events in the current year (Details) R$ in Millions, $ in Millions	Jun. 22, 2021USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2021USD ($)shares	Jun. 30, 2021BRL (R$)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2021BRL (R$)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Apr. 30, 2021shares
Disclosure of non-adjusting events after reporting period [line items]
Value of shares acquired						$ 2,004	R$ 10407
Pre-operating and operational stoppage			$ 152		$ 179	263		$ 378
Renova Foundation
Disclosure of non-adjusting events after reporting period [line items]
Provision			560	R$ 2820
United Steelworkers
Disclosure of non-adjusting events after reporting period [line items]
Term for collective bargaining agreement		5 years
Pre-operating and operational stoppage		$ 59
Nacala Logistics Corridor
Disclosure of non-adjusting events after reporting period [line items]
Payments in relation to Project Finance	$ 2,517	2,517	$ 2,517			2,517
Loss on pre-existing relationship	$ (771)	$ (771)				$ (771)			$ (798)
Common share
Disclosure of non-adjusting events after reporting period [line items]
Share buyback program, number of shares authorized to be repurchased | shares										270,000,000
Number of shares repurchased | shares		93,088,200	93,088,200			93,088,200
Value of shares acquired			$ 2,004
Dividends paid		$ 2,200

Information by business segme_3

Information by business segment and by geographic area - Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Information by business segment and by geographic area
Net operating revenue	$ 16,675	$ 7,518	$ 29,320	$ 14,487
Cost of goods sold and services rendered	(5,005)	(3,478)	(8,944)	(7,027)
Sales, administrative and other operating expenses	(382)	(477)	(605)	(796)
Research and evaluation expenses	(141)	(90)	(241)	(185)
Pre operating and operational stoppage	(152)	(179)	(263)	(378)
Dividends received and interest from associates and joint ventures	43	77	121	152
Total of continuing operations Adjusted EBITDA	11,038	3,371	19,388	6,253
EBITDA	11,038	3,371	19,388	6,253
Total Segment [Member]
Information by business segment and by geographic area
Net operating revenue	16,675	7,518	29,320	14,487
Cost of goods sold and services rendered	(5,005)	(3,478)	(8,944)	(7,027)
Sales, administrative and other operating expenses	(181)	(262)	(287)	(422)
Research and evaluation expenses	(141)	(90)	(241)	(185)
Pre operating and operational stoppage	(152)	(179)	(263)	(378)
Dividends received and interest from associates and joint ventures	43	77	121	152
Total of continuing operations Adjusted EBITDA	11,239	3,586	19,706	6,627
EBITDA	11,239	3,586	19,706	6,627
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue	14,297	5,895	24,802	11,191
Cost of goods sold and services rendered	(3,446)	(2,214)	(6,005)	(4,429)
Sales, administrative and other operating expenses	(59)	(56)	(51)	(70)
Research and evaluation expenses	(44)	(27)	(78)	(52)
Pre operating and operational stoppage	(91)	(149)	(200)	(344)
Dividends received and interest from associates and joint ventures	22	53	22	53
Total of continuing operations Adjusted EBITDA	10,679	3,502	18,490	6,349
EBITDA	10,679	3,502	18,490	6,349
Ferrous minerals | Iron ore
Information by business segment and by geographic area
Net operating revenue	12,200	4,852	21,354	9,163
Cost of goods sold and services rendered	(2,816)	(1,739)	(4,903)	(3,422)
Sales, administrative and other operating expenses	(61)	(59)	(83)	(84)
Research and evaluation expenses	(43)	(25)	(76)	(48)
Pre operating and operational stoppage	(74)	(122)	(166)	(291)
Total of continuing operations Adjusted EBITDA	9,206	2,907	16,126	5,318
EBITDA	9,206	2,907	16,126	5,318
Ferrous minerals | Iron ore Pellets
Information by business segment and by geographic area
Net operating revenue	1,947	900	3,155	1,752
Cost of goods sold and services rendered	(520)	(377)	(903)	(789)
Sales, administrative and other operating expenses	2	2	31	12
Research and evaluation expenses		(1)	(1)	(2)
Pre operating and operational stoppage	(13)	(17)	(26)	(42)
Dividends received and interest from associates and joint ventures	22	53	22	53
Total of continuing operations Adjusted EBITDA	1,438	560	2,278	984
EBITDA	1,438	560	2,278	984
Ferrous minerals | Ferroalloys and manganese
Information by business segment and by geographic area
Net operating revenue	52	68	98	114
Cost of goods sold and services rendered	(39)	(42)	(62)	(91)
Sales, administrative and other operating expenses	(1)		(2)
Research and evaluation expenses		(1)		(1)
Pre operating and operational stoppage	(4)	(10)	(8)	(11)
Total of continuing operations Adjusted EBITDA	8	15	26	11
EBITDA	8	15	26	11
Ferrous minerals | Other ferrous products and services
Information by business segment and by geographic area
Net operating revenue	98	75	195	162
Cost of goods sold and services rendered	(71)	(56)	(137)	(127)
Sales, administrative and other operating expenses	1	1	3	2
Research and evaluation expenses	(1)		(1)	(1)
Total of continuing operations Adjusted EBITDA	27	20	60	36
EBITDA	27	20	60	36
Base metals
Information by business segment and by geographic area
Net operating revenue	2,180	1,414	4,168	2,753
Cost of goods sold and services rendered	(1,188)	(731)	(2,125)	(1,466)
Sales, administrative and other operating expenses	(26)	(19)	(36)	(37)
Research and evaluation expenses	(39)	(24)	(68)	(54)
Pre operating and operational stoppage	(61)	(29)	(62)	(29)
Total of continuing operations Adjusted EBITDA	866	611	1,877	1,167
EBITDA	866	611	1,877	1,167
Base metals | Nickel and other products
Information by business segment and by geographic area
Net operating revenue	1,492	891	2,926	1,847
Cost of goods sold and services rendered	(959)	(546)	(1,730)	(1,074)
Sales, administrative and other operating expenses	(25)	(16)	(35)	(35)
Research and evaluation expenses	(18)	(9)	(29)	(22)
Pre operating and operational stoppage	(60)	(29)	(60)	(29)
Total of continuing operations Adjusted EBITDA	430	291	1,072	687
EBITDA	430	291	1,072	687
Base metals | Copper
Information by business segment and by geographic area
Net operating revenue	688	523	1,242	906
Cost of goods sold and services rendered	(229)	(185)	(395)	(392)
Sales, administrative and other operating expenses	(1)	(3)	(1)	(2)
Research and evaluation expenses	(21)	(15)	(39)	(32)
Pre operating and operational stoppage	(1)		(2)
Total of continuing operations Adjusted EBITDA	436	320	805	480
EBITDA	436	320	805	480
Coal
Information by business segment and by geographic area
Net operating revenue	161	94	253	242
Cost of goods sold and services rendered	(323)	(361)	(652)	(735)
Sales, administrative and other operating expenses		3	2	5
Research and evaluation expenses	(2)	(5)	(4)	(14)
Dividends received and interest from associates and joint ventures			78	75
Total of continuing operations Adjusted EBITDA	(164)	(269)	(323)	(427)
EBITDA	(164)	(269)	(323)	(427)
Others
Information by business segment and by geographic area
Net operating revenue	37	115	97	301
Cost of goods sold and services rendered	(48)	(172)	(162)	(397)
Sales, administrative and other operating expenses	(96)	(190)	(202)	(320)
Research and evaluation expenses	(56)	(34)	(91)	(65)
Pre operating and operational stoppage		(1)	(1)	(5)
Dividends received and interest from associates and joint ventures	21	24	21	24
Total of continuing operations Adjusted EBITDA	(142)	(258)	(338)	(462)
EBITDA	(142)	(258)	(338)	(462)
Brumadinho event
Information by business segment and by geographic area
Sales, administrative and other operating expenses	(185)	(130)	(300)	(289)
Total of continuing operations Adjusted EBITDA	(185)	(130)	(300)	(289)
EBITDA	(185)	(130)	(300)	(289)
COVID-19
Information by business segment and by geographic area
Sales, administrative and other operating expenses	(16)	(85)	(18)	(85)
Total of continuing operations Adjusted EBITDA	(16)	(85)	(18)	(85)
EBITDA	$ (16)	(85)	(18)	(85)
Reclassification of VNC to others
Information by business segment and by geographic area
Net operating revenue		57	4	145
Total of continuing operations Adjusted EBITDA		48	65	94
EBITDA		$ 48	$ 65	$ 94

Information by business segme_4

Information by business segment and by geographic area - Adjusted EBITDA reconciled to net income (loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Information by business segment and by geographic area
Net income (loss) attributable to Vale's stockholders	$ 7,586	$ 995	$ 13,132	$ 1,234
Loss attributable to noncontrolling interests	(49)	(76)	(118)	(154)
Net income (loss) from continuing operations	7,537	919	13,014	1,080
Depreciation, depletion and amortization	849	807	1,580	1,622
Income taxes	2,073	145	3,883	(504)
Financial results	(350)	485	(273)	2,770
Equity results and other results in associates and joint ventures	454	535	470	701
Dividends received and interest from associates and joint ventures	43	77	121	152
Impairment and disposal of non-current assets	432	403	593	432
Adjusted EBITDA	$ 11,038	$ 3,371	$ 19,388	$ 6,253

Information by business segme_5

Information by business segment and by geographic area - Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Information by business segment and by geographic area
Product inventory	$ 3,780		$ 3,780		$ 3,273
Investments in associates and joint ventures	2,197	$ 2,071	2,197	$ 2,071	2,031	$ 2,798
Property, plant and equipment and intangible	54,881		54,881		50,444
Capital expenditures - Sustaining capital	929	843	1,786	1,822
Capital expenditures - Project execution	210	124	362	269
Depreciation, depletion and amortization	849	807	1,580	1,622
Ferrous minerals
Information by business segment and by geographic area
Product inventory	2,403		2,403		2,017
Investments in associates and joint ventures	1,250		1,250		1,154
Property, plant and equipment and intangible	30,567		30,567		29,436
Capital expenditures - Sustaining capital	535	482	1,061	1,018
Capital expenditures - Project execution	113	59	195	150
Depreciation, depletion and amortization	455	478	852	900
Goodwill	1,426		1,426		1,373
Base metals
Information by business segment and by geographic area
Product inventory	1,288		1,288		1,231
Investments in associates and joint ventures	17		17		18
Property, plant and equipment and intangible	20,155		20,155		19,549
Capital expenditures - Sustaining capital	357	295	648	595
Capital expenditures - Project execution	69	63	137	115
Depreciation, depletion and amortization	367	309	684	651
Goodwill	1,975		1,975		1,926
Coal
Information by business segment and by geographic area
Product inventory	89		89		25
Property, plant and equipment and intangible	2,342		2,342
Capital expenditures - Sustaining capital	36	31	65	111
Depreciation, depletion and amortization	17		17	19
Others
Information by business segment and by geographic area
Investments in associates and joint ventures	930		930		859
Property, plant and equipment and intangible	1,817		1,817		$ 1,459
Capital expenditures - Sustaining capital	1	35	12	98
Capital expenditures - Project execution	28	2	30	4
Depreciation, depletion and amortization	$ 10	20	$ 27	52
Reclassification of VNC to others
Information by business segment and by geographic area
Capital expenditures - Sustaining capital		34		95
Depreciation, depletion and amortization		$ 8		$ 26

Information by business segme_6

Information by business segment and by geographic area - Net operating revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Information by business segment and by geographic area
Net operating revenue	$ 16,675	$ 7,518	$ 29,320	$ 14,487
Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	378	116	695	358
United States of America
Information by business segment and by geographic area
Net operating revenue	449	177	832	466
Germany
Information by business segment and by geographic area
Net operating revenue	617	351	1,252	727
Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	1,574	627	2,889	1,395
Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	700	306	989	584
Japan
Information by business segment and by geographic area
Net operating revenue	1,082	396	1,705	880
China
Information by business segment and by geographic area
Net operating revenue	8,976	4,320	15,942	7,516
Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	1,368	697	2,351	1,308
Brazil
Information by business segment and by geographic area
Net operating revenue	1,531	528	2,665	1,253
Ferrous minerals
Information by business segment and by geographic area
Net operating revenue	14,297	5,895	24,802	11,191
Ferrous minerals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	248	14	467	114
Ferrous minerals | United States of America
Information by business segment and by geographic area
Net operating revenue	161	29	259	73
Ferrous minerals | Germany
Information by business segment and by geographic area
Net operating revenue	154	67	323	249
Ferrous minerals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	988	223	1,579	509
Ferrous minerals | Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	672	280	943	522
Ferrous minerals | Japan
Information by business segment and by geographic area
Net operating revenue	943	288	1,470	665
Ferrous minerals | China
Information by business segment and by geographic area
Net operating revenue	8,665	4,154	15,458	7,218
Ferrous minerals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	987	417	1,769	828
Ferrous minerals | Brazil
Information by business segment and by geographic area
Net operating revenue	1,479	423	2,534	1,013
Base metals
Information by business segment and by geographic area
Net operating revenue	2,180	1,414	4,168	2,753
Base metals | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue	130	45	224	99
Base metals | United States of America
Information by business segment and by geographic area
Net operating revenue	288	148	573	393
Base metals | Germany
Information by business segment and by geographic area
Net operating revenue	463	284	929	478
Base metals | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	581	370	1,287	805
Base metals | Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	7	5	7	13
Base metals | Japan
Information by business segment and by geographic area
Net operating revenue	119	108	215	202
Base metals | China
Information by business segment and by geographic area
Net operating revenue	264	166	424	282
Base metals | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	315	245	473	401
Base metals | Brazil
Information by business segment and by geographic area
Net operating revenue	13	43	36	80
Coal
Information by business segment and by geographic area
Net operating revenue	161	94	253	242
Coal | Europe, except Germany
Information by business segment and by geographic area
Net operating revenue	5	34	23	81
Coal | Middle East, Africa and Oceania
Information by business segment and by geographic area
Net operating revenue	21	21	39	49
Coal | Japan
Information by business segment and by geographic area
Net operating revenue	20		20	13
Coal | China
Information by business segment and by geographic area
Net operating revenue	47		60	16
Coal | Asia, except Japan and China
Information by business segment and by geographic area
Net operating revenue	66	35	109	79
Coal | Brazil
Information by business segment and by geographic area
Net operating revenue	2	4	2	4
Others
Information by business segment and by geographic area
Net operating revenue	37	115	97	301
Others | Americas, except United States and Brazil
Information by business segment and by geographic area
Net operating revenue		57	4	145
Others | Brazil
Information by business segment and by geographic area
Net operating revenue	$ 37	58	93	156
Reclassification of VNC to others
Information by business segment and by geographic area
Net operating revenue		$ 57	$ 4	$ 145

Information by business segme_7

Information by business segment and by geographic area - Provisionally priced commodities sales (Details) t in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)t$ / t
Iron ore
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Thousand metric tons | t	18,155
Provisional price | $ / t	181.3
Change +-	10.00%
Effect on Revenue | $	$ 329
Copper
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Thousand metric tons | t	65
Provisional price | $ / t	11,627.7
Change +-	10.00%
Effect on Revenue | $	$ 76

Costs and expenses by nature -

Costs and expenses by nature - Cost of goods sold and services (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Costs and expenses by nature
Personnel	$ 444	$ 362	$ 834	$ 775
Materials and services	819	748	1,521	1,553
Fuel oil and gas	267	206	475	485
Maintenance	800	616	1,449	1,286
Royalties	353	168	604	332
Energy	169	147	318	336
Ores acquired from third parties	691	199	1,034	261
Depreciation, depletion and amortization	800	734	1,488	1,463
Freight	991	691	1,773	1,387
Others	471	341	936	612
Total	5,805	4,212	10,432	8,490
Cost of goods sold	5,663	4,086	10,156	8,203
Cost of services rendered	142	126	276	287
Total	$ 5,805	$ 4,212	$ 10,432	$ 8,490

Costs and expenses by nature _2

Costs and expenses by nature - Tax on mineral production (Details) - bbl	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Disclosure of operating segments [line items]
Increase in state decree rate per metric ton	11.19
Until the production of 10 million metric tons
Disclosure of operating segments [line items]
Rates per metric ton		3.72
Over the production of 10 million metric tons
Disclosure of operating segments [line items]
Rates per metric ton	0.74
Minimum
Disclosure of operating segments [line items]
Rates per metric ton		0.50
Maximum
Disclosure of operating segments [line items]
Rates per metric ton		3.72

Costs and expenses by nature _3

Costs and expenses by nature - Selling and administrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Costs and expenses by nature
Selling	$ 25	$ 20	$ 43	$ 37
Personnel	52	40	99	87
Services	22	33	39	51
Depreciation and amortization	10	14	19	31
Others	24	17	38	33
Selling and administrative expenses	133	124	238	239
Total	$ 133	$ 124	$ 238	$ 239

Costs and expenses by nature _4

Costs and expenses by nature - Other (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Costs and expenses by nature
Profit sharing program	$ 52	$ 13	$ 75	$ 45
COVID-19 expenses	16	85	18	85
Others	(22)	95	(51)	106
Total	74	237	86	299
Provisions for litigation
Costs and expenses by nature
Provision	$ 28	$ 44	$ 44	$ 63

Financial result (Details)

Financial result (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Financial income
Short-term investments	$ 41	$ 28	$ 68	$ 80
Others	45	107	92	162
Total financial income	86	135	160	242
Financial expenses
Loans and borrowings gross interest	(176)	(193)	(383)	(407)
Capitalized loans and borrowing costs	14	12	30	44
Participative stockholders' debentures	(278)	(231)	(1,261)	(280)
Interest on REFIS	(10)	(12)	(17)	(37)
Interest on lease liabilities	(16)	(17)	(35)	(35)
Financial guarantees	401	(31)	364	(172)
Expenses with cash tender offer redemption			(63)
Others	(112)	(113)	(198)	(223)
Total financial expenses	(177)	(585)	(1,563)	(1,110)
Other financial items, net
Net foreign exchange gains (losses)	(390)	107	(70)	(357)
Derivative financial instruments	856	(86)	417	(1,470)
Reclassification of cumulative translation adjustment on VNC sale			1,132
Indexation losses, net	(25)	(56)	197	(75)
Other financial items	441	(35)	1,676	(1,902)
Financial results	$ 350	$ (485)	$ 273	$ (2,770)

Income taxes - Changes in defer

Income taxes - Changes in deferred tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total
Balance at beginning of period			$ 8,565	$ 7,335
Effect in income statement	$ (872)	$ 181	(1,167)	1,177
Translation adjustment			153	(2,225)
Other comprehensive income			(198)	1,886
Balance at end of period	7,353	8,173	7,353	8,173
Assets
Balance at beginning of period			10,335	9,217
Effect in income statement			(1,130)	1,121
Translation adjustment			196	(2,352)
Other comprehensive income			(63)	1,818
Balance at end of period	9,338	9,804	9,338	9,804
Liabilities
Balance at beginning of period			1,770	1,882
Effect in income statement			37	(56)
Translation adjustment			43	(127)
Other comprehensive income			135	(68)
Balance at end of period	$ 1,985	$ 1,631	$ 1,985	$ 1,631

Income taxes - Income tax recon

Income taxes - Income tax reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income taxes
Income before income taxes	$ 9,610	$ 1,064	$ 16,897	$ 576
Income taxes at statutory rate (as a percent)	34.00%	34.00%	34.00%	34.00%
Income taxes at statutory rate	$ (3,267)	$ (362)	$ (5,745)	$ (196)
Adjustments that affect the basis of taxes:
Tax incentives	1,163	179	1,618	489
Equity results	36	14	26	(23)
Addition (reversal) of tax loss carryforward	(63)	22	(109)	448
Others	58	2	327	(214)
Income taxes	$ (2,073)	$ (145)	$ (3,883)	$ 504

Income taxes - Settlement progr

Income taxes - Settlement program (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)installment	Dec. 31, 2020USD ($)
Income taxes
Current income tax and social contribution settlement liability	$ 356	$ 340
Non-current income tax and social contribution settlement liability	2,336	2,404
REFIS liabilities	$ 2,692	$ 2,744
SELIC rate (in percentage)	4.25%	2.00%
Remaining monthly installments of settlement liability | installment	88

Basic and diluted earnings (l_3

Basic and diluted earnings (loss) per share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net income attributable to Vale's stockholders:
Net income attributable to Vale's stockholders	$ 7,586	$ 995	$ 13,132	$ 1,234
Thousands of shares
Weighted average number of shares outstanding - common shares	5,097,908	5,129,911	5,113,959	5,129,254
Common share
Basic and diluted earnings per share:
Common share (US$)	$ 1.49	$ 0.19	$ 2.57	$ 0.24

Accounts receivable (Details)

Accounts receivable (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Accounts receivable
Accounts receivable	$ 4,954		$ 4,954		$ 4,993
Impairment of accounts receivable recorded in the income statement	3	$ (3)	$ 2	$ 9
Steel industry market
Accounts receivable
Percentage of revenue			89.27%		87.25%
One Customer | Ferrous minerals
Accounts receivable
Percentage of revenue					10.10%
Accounts receivable
Accounts receivable
Expected credit loss	(48)		$ (48)		$ (50)
Carrying amount
Accounts receivable
Accounts receivable	$ 5,002		$ 5,002		$ 5,043

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Inventories
Finished products	$ 3,055		$ 3,055		$ 2,626
Work in progress	725		725		647
Consumable inventory	921		921		788
Total	4,701		4,701		$ 4,061
Reversal (provision) for net realizable value	$ (12)	$ 23	$ 1	$ (39)

Other financial assets and li_3

Other financial assets and liabilities (Details) R$ in Millions, $ in Millions	Apr. 01, 2021USD ($)	Apr. 01, 2021BRL (R$)	Jun. 30, 2021USD ($)shares	Dec. 31, 2020USD ($)
Other financial assets
Derivative financial instruments- current			$ 214	$ 134
Related parties - Loans - Current				195
Total other financial assets - Current			214	329
Restricted cash-noncurrent			125	38
Derivative financial instruments - Non-Current			208	66
Investments in equity securities -Non- Current			1,097	757
Related parties - Loans - Non-current				923
Total other financial assets - Non-Current			1,430	1,784
Other financial liabilities
Derivative financial instruments - Current			204	328
Related parties - Current			188	725
Advance received-Current			805	644
Liabilities related to the concession grant-Current			350	209
Total other financial liabilities - Current			1,547	1,906
Derivative financial instruments - Non-Current			521	689
Related parties- Non-Current				895
Financial guarantees provided -Non current			550	877
Liabilities related to the concession grant-Non current			1,956	2,103
Total other financial liabilities - Non-Current			$ 3,027	$ 4,564
Number of debentures issued (in shares) | shares			388,559,056
Remuneration paid to the participative stockholders debentures	$ 193	R$ 1073
Mosaic
Other financial liabilities
Financial instrument measured at fair value through other comprehensive income			$ 34.2

Acquisitions and divestitures -

Acquisitions and divestitures - Vale Moambique (Details)	6 Months Ended
	Jun. 30, 2021
Nacala Logistics Corridor
Disclosure of joint ventures [line items]
Ownership interest in joint venture (as a percent)	50.00%

Acquisitions and divestitures_2

Acquisitions and divestitures - Acquisition of non-controlling interest in Vale Moambique (Details) - Vale Mocambique $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Disclosure of detailed information about business combination [line items]
Percentage of voting capital acquired	15.00%
Loss due to negative reserves	$ 331
Ownership interest in subsidiary (as a percent)	95.00%

Acquisitions and divestitures_3

Acquisitions and divestitures - Business combinations - NLC (Details) - Nacala Logistics Corridor - USD ($) $ in Millions	Jun. 22, 2021	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about business combination [line items]
Settlement of loans with third parties	$ 2,517	$ 2,517	$ 2,517
Percentage of voting capital acquired	50.00%
Loss on pre-existing relationship	$ (771)	$ (771)	$ (771)	$ (798)
Discount rate		11.60%	11.60%

Acquisitions and divestitures_4

Acquisitions and divestitures - Fair values of identifiable assets acquired and liabilities (Details) - USD ($) $ in Millions	Jun. 22, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair values of identifiable assets acquired and liabilities assumed
Cash and cash equivalents		$ 13,649	$ 13,649	$ 13,649	$ 13,487	$ 12,883	$ 12,113	$ 11,788	$ 7,350
Net cash outflow			2,345	2,345
Reclassification of cumulative translation adjustment to net income			424	1,542
Nacala Logistics Corridor
Fair values of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$ 172
Inventory, recoverable tax and other assets	423
Intangibles	2,219
Property, plant and equipment	1,363
Assumed liabilities	(158)
Net identifiable assets acquired	4,019
Fair value adjustments (i)	(1,590)
Total identifiable net assets at fair value (ii)	2,429
Pre-existing relationship (Loans receivable from NLC)	859
Loss on pre-existing relationship	(771)	$ (771)		$ (771)	$ (798)
Best estimate at acquisition date of contractual cash flows not expected to be collected for acquired receivables	2,517
Cash consideration	2,517
(-) Balances acquired, Cash and cash equivalents	172
Cash and cash equivalents	172
Net cash outflow	2,345
Property, plant and equipment, fair value adjustments	441
Intangible assets, fair value adjustments	$ 791
Reclassification of cumulative translation adjustment to net income			$ 424

Acquisitions and divestitures_5

Acquisitions and divestitures - Boston Metal (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 28, 2021	Jun. 30, 2021	Jun. 30, 2021
Disclosure of non-adjusting events after reporting period [line items]
Purchase amount		$ 2,345	$ 2,345
Boston Electrometallurgical Company
Disclosure of non-adjusting events after reporting period [line items]
Purchase amount	$ 6
Proportion of ownership interests held in non-controlling interests	3.24%

Acquisitions and divestitures_6

Acquisitions and divestitures - Vale Nouvelle-Caldonie S.A.S. (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Disclosure of associates [line items]
Gain (Loss) arising from the accumulated exchange differences reclassified from the stockholders' equity to the income statement		$ 1,132
VNC
Disclosure of associates [line items]
Amount of liability that will be recognized at completion of transaction			$ 500
Increase in amount of liability that will be recognized at completion of transaction	$ 55
Additional loss recorded as impairment and disposals of non-current assets	98
Cash consideration from divestment of shares in associate	$ 555
Annual nickel production term		13 years
Gain (Loss) arising from the accumulated exchange differences reclassified from the stockholders' equity to the income statement		$ 1,132

Investments in associates and_3

Investments in associates and joint ventures - Guarantees provided (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Investments in associates and joint ventures
Investments in associates and joint ventures	$ 2,197	$ 2,071	$ 2,197	$ 2,071	$ 2,031	$ 2,798
Equity results in income statement	105	43	77	(67)
Dividends received	43	77	43	77
Ferrous minerals
Investments in associates and joint ventures
Investments in associates and joint ventures	1,250		1,250		1,154
Equity results in income statement	55	36	73	18
Dividends received	22	53	$ 22	53
Ferrous minerals | VLI S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			29.60%
% Voting capital			29.60%
Investments in associates and joint ventures	490		$ 490		480
Equity results in income statement	7	8	$ (8)	(22)
Ferrous minerals | Baovale Mineracao S.A
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			50.00%
% Voting capital			50.00%
Investments in associates and joint ventures	23		$ 23		20
Equity results in income statement	1	1	$ 3	2
Ferrous minerals | Companhia Coreano-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			50.00%
% Voting capital			50.00%
Investments in associates and joint ventures	61		$ 61		48
Equity results in income statement	10	2	16	5
Dividends received	2	17	$ 2	17
Ferrous minerals | Companhia Hispano-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			50.89%
% Voting capital			50.89%
Investments in associates and joint ventures	41		$ 41		43
Equity results in income statement				3
Dividends received	7	13	$ 7	13
Ferrous minerals | Companhia Italo-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			50.90%
% Voting capital			51.00%
Investments in associates and joint ventures	58		$ 58		44
Equity results in income statement	9	5	13	10
Dividends received	6	23	$ 6	23
Ferrous minerals | Companhia Nipo-Brasileira de Pelotizacao
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			51.00%
% Voting capital			51.11%
Investments in associates and joint ventures	135		$ 135		121
Equity results in income statement	9	6	13	8
Dividends received	7		$ 7
Ferrous minerals | MRS Logistica S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			48.16%
% Voting capital			46.75%
Investments in associates and joint ventures	442		$ 442		398
Equity results in income statement	19	14	$ 36	12
Ferrous minerals | Samarco Mineracao S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			50.00%
% Voting capital			50.00%
Base metals
Investments in associates and joint ventures
Investments in associates and joint ventures	17		$ 17		18
Base metals | Korea Nickel Corp
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			25.00%
% Voting capital			25.00%
Investments in associates and joint ventures	17		$ 17		18
Others
Investments in associates and joint ventures
Investments in associates and joint ventures	930		930		859
Equity results in income statement	50	7	4	(85)
Dividends received	21	24	$ 21	24
Others | Mineracao Rio Grande do Norte S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			40.00%
% Voting capital			40.00%
Investments in associates and joint ventures	70		$ 70		71
Equity results in income statement	7	(2)	(3)	(12)
Others | Others
Investments in associates and joint ventures
Investments in associates and joint ventures	75		75		70
Equity results in income statement	(10)	(1)	$ (26)	(10)
Others | Alianca Geracao de Energia S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			55.00%
% Voting capital			55.00%
Investments in associates and joint ventures	372		$ 372		367
Equity results in income statement	7	7	17	17
Dividends received	21	24	$ 21	24
Others | Alianca Norte Energia Participacoes S.A.
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			51.00%
% Voting capital			51.00%
Investments in associates and joint ventures	118		$ 118		117
Equity results in income statement	(2)	(2)	$ (3)	(3)
Others | California Steel Industries, Inc
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			50.00%
% Voting capital			50.00%
Investments in associates and joint ventures	295		$ 295		$ 234
Equity results in income statement	$ 48	$ 5	$ 61	(2)
Others | Companhia Siderurgica do Pecem
Investments in associates and joint ventures
Ownership interest in joint venture (as a percent)			50.00%
% Voting capital			50.00%
Equity results in income statement			$ (42)	$ (75)

Investments in associates and_4

Investments in associates and joint ventures - Changes during the year (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Investments in associates and joint ventures
Balance at the beginning			$ 2,031	$ 2,798
Capital contribution to CSP			42	75
Additions			42	75
Translation adjustment			70	(645)
Equity results in income statement	$ 105	$ 43	77	(67)
Equity results in statement of comprehensive income				(2)
Dividends declared			(49)	(100)
Others			26	12
Balance at the end	2,197	$ 2,071	2,197	$ 2,071
Notional amount	$ 1,559		$ 1,559		$ 1,557

Intangibles - (Details)

Intangibles - (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Changes in intangibles
Balance at beginning of year	$ 9,296	$ 8,499
Additions	78	77
Disposals	(5)	(3)
Amortization	(131)	(105)
Acquisition of NLC	1,428
Translation adjustment	331	(1,762)
Balance at end of year	10,997	6,706
Goodwill
Changes in intangibles
Balance at beginning of year	3,298	3,629
Translation adjustment	104	(514)
Balance at end of year	3,402	3,115
Concessions
Changes in intangibles
Balance at beginning of year	5,391	3,970
Additions	57	69
Disposals	(5)	(3)
Amortization	(115)	(92)
Acquisition of NLC	1,428
Translation adjustment	204	(1,042)
Balance at end of year	6,960	2,902
Contract right
Changes in intangibles
Balance at beginning of year		140
Amortization		(1)
Translation adjustment		(11)
Balance at end of year		128
Software
Changes in intangibles
Balance at beginning of year	76	76
Additions	21	8
Amortization	(16)	(12)
Translation adjustment	3	(14)
Balance at end of year	84	58
Research and development project and patents
Changes in intangibles
Balance at beginning of year	531	684
Translation adjustment	20	(181)
Balance at end of year	551	503
Carrying amount
Changes in intangibles
Balance at end of year	12,839	8,316
Carrying amount | Goodwill
Changes in intangibles
Balance at end of year	3,402	3,115
Carrying amount | Concessions
Changes in intangibles
Balance at end of year	8,097	3,792
Carrying amount | Contract right
Changes in intangibles
Balance at end of year		223
Carrying amount | Software
Changes in intangibles
Balance at end of year	789	683
Carrying amount | Research and development project and patents
Changes in intangibles
Balance at end of year	551	503
Accumulated amortization
Changes in intangibles
Balance at end of year	(1,842)	(1,610)
Accumulated amortization | Concessions
Changes in intangibles
Balance at end of year	(1,137)	(890)
Accumulated amortization | Contract right
Changes in intangibles
Balance at end of year		(95)
Accumulated amortization | Software
Changes in intangibles
Balance at end of year	$ (705)	$ (625)

Property, plant and equipment -

Property, plant and equipment - Movements (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Property, plant and equipment
Balance at beginning of year	$ 41,148	$ 46,576
Additions (i)	2,196	1,848
Disposals	(44)	(55)
Assets retirement obligation	(237)	343
Depreciation, depletion and amortization	(1,336)	(1,492)
Impairment (iii)	(88)	(692)
Acquisition of NLC (note 12)	922
Translation adjustment	1,323	(8,316)
Balance at end of year	43,884	38,212
Building and land
Property, plant and equipment
Balance at beginning of year	8,591	10,702
Disposals	(2)	(3)
Depreciation, depletion and amortization	(227)	(224)
Impairment (iii)		(168)
Acquisition of NLC (note 12)	235
Translation adjustment	264	(2,098)
Transfers	78	128
Balance at end of year	8,939	8,337
Facilities
Property, plant and equipment
Balance at beginning of year	7,591	9,604
Disposals	(3)	(4)
Depreciation, depletion and amortization	(234)	(276)
Impairment (iii)		(228)
Acquisition of NLC (note 12)	456
Translation adjustment	271	(2,116)
Transfers	201	178
Balance at end of year	8,282	7,158
Equipment
Property, plant and equipment
Balance at beginning of year	4,933	5,686
Disposals	(12)	(4)
Depreciation, depletion and amortization	(334)	(396)
Impairment (iii)		(17)
Acquisition of NLC (note 12)	102
Translation adjustment	138	(794)
Transfers	301	286
Balance at end of year	5,128	4,761
Mineral properties
Property, plant and equipment
Balance at beginning of year	8,054	8,261
Disposals		(8)
Assets retirement obligation	(237)	343
Depreciation, depletion and amortization	(254)	(259)
Impairment (iii)		(123)
Translation adjustment	237	(972)
Transfers	164	359
Balance at end of year	7,964	7,601
Railway equipment
Property, plant and equipment
Balance at beginning of year	2,523	3,241
Disposals	(1)	(1)
Depreciation, depletion and amortization	(79)	(117)
Acquisition of NLC (note 12)	2
Translation adjustment	93	(837)
Transfers	53	107
Balance at end of year	2,591	2,393
Right of use assets
Property, plant and equipment
Balance at beginning of year	1,563	1,692
Additions (i)	45	36
Depreciation, depletion and amortization	(81)	(83)
Acquisition of NLC (note 12)	33
Translation adjustment	11	(114)
Balance at end of year	1,571	1,531
Others
Property, plant and equipment
Balance at beginning of year	2,495	3,012
Disposals		(3)
Depreciation, depletion and amortization	(127)	(137)
Impairment (iii)		(61)
Acquisition of NLC (note 12)	2
Translation adjustment	80	(566)
Transfers	113	153
Balance at end of year	2,563	2,398
Constructions in progress
Property, plant and equipment
Balance at beginning of year	5,398	4,378
Additions (i)	2,151	1,812
Disposals	(26)	(32)
Impairment (iii)	(88)	(95)
Acquisition of NLC (note 12)	92
Translation adjustment	229	(819)
Transfers	(910)	(1,211)
Balance at end of year	6,846	4,033
Coal asset
Property, plant and equipment
Impairment (iii)	(88)
Carrying amount
Property, plant and equipment
Balance at end of year	75,917	66,311
Carrying amount | Building and land
Property, plant and equipment
Balance at end of year	15,905	14,333
Carrying amount | Facilities
Property, plant and equipment
Balance at end of year	12,739	10,825
Carrying amount | Equipment
Property, plant and equipment
Balance at end of year	11,251	10,176
Carrying amount | Mineral properties
Property, plant and equipment
Balance at end of year	17,406	15,929
Carrying amount | Railway equipment
Property, plant and equipment
Balance at end of year	4,047	3,579
Carrying amount | Right of use assets
Property, plant and equipment
Balance at end of year	2,011	1,837
Carrying amount | Others
Property, plant and equipment
Balance at end of year	5,712	5,599
Carrying amount | Constructions in progress
Property, plant and equipment
Balance at end of year	6,846	4,033
Accumulated amortization
Property, plant and equipment
Balance at end of year	(32,033)	(28,099)
Accumulated amortization | Building and land
Property, plant and equipment
Balance at end of year	(6,966)	(5,996)
Accumulated amortization | Facilities
Property, plant and equipment
Balance at end of year	(4,457)	(3,667)
Accumulated amortization | Equipment
Property, plant and equipment
Balance at end of year	(6,123)	(5,415)
Accumulated amortization | Mineral properties
Property, plant and equipment
Balance at end of year	(9,442)	(8,328)
Accumulated amortization | Railway equipment
Property, plant and equipment
Balance at end of year	(1,456)	(1,186)
Accumulated amortization | Right of use assets
Property, plant and equipment
Balance at end of year	(440)	(306)
Accumulated amortization | Others
Property, plant and equipment
Balance at end of year	$ (3,149)	$ (3,201)

Property, plant and equipment_2

Property, plant and equipment - Right-of-use assets (Leases) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Property, plant and equipment
Right-of-use assets
Beginning balance	$ 1,563
Additions and contract modifications	78
Depreciation	(81)
Translation adjustment	11
Ending balance	1,571
Ports
Right-of-use assets
Beginning balance	718
Depreciation	(23)
Translation adjustment	4
Ending balance	699
Vessels
Right-of-use assets
Beginning balance	534
Depreciation	(20)
Ending balance	514
Pellets plants
Right-of-use assets
Beginning balance	131
Additions and contract modifications	37
Depreciation	(18)
Translation adjustment	6
Ending balance	156
Properties
Right-of-use assets
Beginning balance	112
Additions and contract modifications	3
Depreciation	(13)
Translation adjustment	1
Ending balance	103
Energy plants
Right-of-use assets
Beginning balance	56
Depreciation	(3)
Ending balance	53
Mining equipment and locomotives (i)
Right-of-use assets
Beginning balance	12
Additions and contract modifications	38
Depreciation	(4)
Ending balance	46
Nacala Logistics Corridor
Right-of-use assets
Additions and contract modifications	$ 33

Financial and capital risk ma_3

Financial and capital risk management - Effects of derivatives on statement of financial position and Net exposure (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financial instruments classification
Current assets	$ 214	$ 134
Non-current assets	208	66
Current liabilities	204	328
Non-current liabilities	521	689
Derivative financial assets (liabilities)	(303)	(817)
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Financial instruments classification
Current assets	108	7
Non-current assets	192	50
Current liabilities	146	251
Non-current liabilities	511	689
Derivative financial assets (liabilities)	(357)	(883)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | CDI & TJLP vs. US$ fixed and floating rate swap
Financial instruments classification
Current assets	1
Non-current assets	1
Current liabilities	96	111
Non-current liabilities	408	525
Derivative financial assets (liabilities)	(502)	(636)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Financial instruments classification
Current assets	9	7
Non-current assets	42	38
Current liabilities		72
Non-current liabilities	92	100
Derivative financial assets (liabilities)	(41)	(127)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Financial instruments classification
Non-current assets		3
Current liabilities		4
Derivative financial assets (liabilities)		(1)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre-dollar swap and forward (NDF)
Financial instruments classification
Current assets	98
Non-current assets	144	9
Current liabilities	48	63
Non-current liabilities	9	58
Derivative financial assets (liabilities)	185	(112)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Libor swap
Financial instruments classification
Non-current assets	5
Current liabilities	2	1
Non-current liabilities	2	6
Derivative financial assets (liabilities)	1	(7)
Derivatives not designated as hedge | Commodities price risk
Financial instruments classification
Current assets	106	127
Non-current assets	1
Current liabilities	48	59
Non-current liabilities	10
Derivative financial assets (liabilities)	49	68
Derivatives not designated as hedge | Commodities price risk | Base metals products
Financial instruments classification
Current assets	6	30
Non-current assets	1
Current liabilities	46	46
Derivative financial assets (liabilities)	(39)	(16)
Derivatives not designated as hedge | Commodities price risk | Gasoil Brent and Freight
Financial instruments classification
Current assets	100	97
Current liabilities		13
Derivative financial assets (liabilities)	100	84
Derivatives not designated as hedge | Commodities price risk | Thermal coal
Financial instruments classification
Current liabilities	2
Non-current liabilities	10
Derivative financial assets (liabilities)	(12)
Derivatives not designated as hedge | Others
Financial instruments classification
Non-current assets	15	16
Derivative financial assets (liabilities)	5	(2)
Derivatives not designated as hedge | Others | Others
Financial instruments classification
Non-current assets	15	16
Current liabilities	10	18
Derivative financial assets (liabilities)	$ 5	$ (2)

Financial and capital risk ma_4

Financial and capital risk management - Effects of derivatives on the income statement, cash flow and other comprehensive income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Financial instruments classification
Gain (loss) recognized in the income statement	$ 856	$ (86)	$ 417	$ (1,470)
Financial settlement inflows (outflows)	60	(114)	(139)	159
Net investments hedge
Financial instruments classification
Gain recognized in other comprehensive income	202	(119)	42	(639)
Thermal Coal Cash flow hedge
Financial instruments classification
Gain recognized in other comprehensive income	(7)		(7)
Cash flow hedge (Nickel and Palladium)
Financial instruments classification
Gain recognized in other comprehensive income	(28)	(49)	(19)	15
Others
Financial instruments classification
Financial settlement inflows (outflows)		2	1	67
Derivatives not designated as hedge | Foreign exchange and interest rate risk
Financial instruments classification
Gain (loss) recognized in the income statement	788	(230)	306	(1,321)
Financial settlement inflows (outflows)	(11)	(25)	(224)	(70)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | CDI & TJLP vs. US$ fixed and floating rate swap
Financial instruments classification
Gain (loss) recognized in the income statement	326	(185)	52	(865)
Financial settlement inflows (outflows)	(9)	(33)	(99)	(51)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | IPCA swap
Financial instruments classification
Gain (loss) recognized in the income statement	54	(24)	69	(256)
Financial settlement inflows (outflows)			(18)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Eurobonds Swap
Financial instruments classification
Gain (loss) recognized in the income statement		7	(28)	(27)
Financial settlement inflows (outflows)			(29)	(6)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Pre-dollar swap and forward (NDF)
Financial instruments classification
Gain (loss) recognized in the income statement	411	(28)	206	(173)
Financial settlement inflows (outflows)	(2)	8	(77)	(13)
Derivatives not designated as hedge | Foreign exchange and interest rate risk | Libor swap
Financial instruments classification
Gain (loss) recognized in the income statement	(3)		7
Financial settlement inflows (outflows)			(1)
Derivatives not designated as hedge | Commodities price risk
Financial instruments classification
Gain (loss) recognized in the income statement	64	99	106	(247)
Financial settlement inflows (outflows)	71	(91)	84	162
Derivatives not designated as hedge | Commodities price risk | Base metals products
Financial instruments classification
Gain (loss) recognized in the income statement			(2)	(1)
Financial settlement inflows (outflows)	(1)	38	(8)	292
Derivatives not designated as hedge | Commodities price risk | Gasoil Brent and Freight
Financial instruments classification
Gain (loss) recognized in the income statement	64	99	108	(246)
Financial settlement inflows (outflows)	72	(129)	92	(130)
Derivatives not designated as hedge | Others
Financial instruments classification
Gain (loss) recognized in the income statement	4	45	5	98
Derivatives not designated as hedge | Others | Others
Financial instruments classification
Gain (loss) recognized in the income statement	4	45	5	98
Financial settlement inflows (outflows)		$ 2	1	$ 67
Vale S.A. International | Designated hedge
Financial instruments classification
Financial instruments designated as hedging instruments, at fair value	$ 2,331		$ 2,331

Financial and capital risk ma_5

Financial and capital risk management - Cash flow hedge and Protection program for product prices and input costs (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)ozT$ / Tbbl	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)ozT$ / Tbbl	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)ozTbbl
Derivative financial instruments.
Financial settlement inflows (outflows)	$ 60	$ (114)	$ (139)	$ 159
Forwards contract - Bunker Oil - bought
Derivative financial instruments.
Notional amount (bbl) | bbl	990		990		1,625
Average strike per barrel			23,302
Fair value of liabilities	$ 15		$ 15		$ 4
Financial settlement inflows (outflows)			3
Value at risk	$ 15		$ 15
Call options - Brent Crude Oil -bought
Derivative financial instruments.
Notional amount (bbl) | bbl	4,488,809		4,488,809		13,746,945
Average strike per barrel			55
Fair value of liabilities	$ 48		$ 48		$ 92
Financial settlement inflows (outflows)			119
Value at risk	7		7
Call options - Brent Crude Oil -bought | 2021+
Derivative financial instruments.
Fair value of assets	$ 48		$ 48
Put options - Brent Crude Oil - sold
Derivative financial instruments.
Notional amount (bbl) | bbl	4,488,809		4,488,809		13,746,945
Average strike per barrel			29
Fair value of liabilities					$ (12)
Call Options - Coal Revenue Hedging - Sold
Derivative financial instruments.
Notional amount (ton) | T	600,000		600,000
Average strike per ton			108
Fair value of assets	$ (10)		$ (10)
Financial settlement inflows (outflows)			(2)
Value at risk	3		3
Call Options - Coal Revenue Hedging - Sold | 2021
Derivative financial instruments.
Fair value of liabilities	$ (10)		$ (10)
Put Options - Coal Revenue Hedging - Bought
Derivative financial instruments.
Notional amount (ton) | T	390,000		390,000
Average strike per ton			105
Fair value of assets	$ (1)		$ (1)
Financial settlement inflows (outflows)			(1)
Value at risk	6		6
Put Options - Coal Revenue Hedging - Bought | 2021
Derivative financial instruments.
Fair value of liabilities	(1)		(1)
Coal Revenue Hedging Program
Derivative financial instruments.
Fair value of assets	(11)		(11)
Financial settlement inflows (outflows)			(3)
Value at risk	9		9
Coal Revenue Hedging Program | 2021
Derivative financial instruments.
Fair value of liabilities	$ (11)		$ (11)
Call options - Nickel Revenue Hedging - Sold
Derivative financial instruments.
Notional amount (ton) | T	35,120		35,120		58,620
Average strike per ton			17,618
Fair value of assets	$ (41)		$ (41)		$ (46)
Financial settlement inflows (outflows)			(9)
Value at risk	$ 10		$ 10
Call options - Nickel Revenue Hedging - Sold | Minimum
Derivative financial instruments.
Price ensure in sales volum program (in USD per ton) | $ / T	15,000		15,000
Call options - Nickel Revenue Hedging - Sold | Maximum
Derivative financial instruments.
Price ensure in sales volum program (in USD per ton) | $ / T	17,618		17,618
Call options - Nickel Revenue Hedging - Sold | 2021
Derivative financial instruments.
Fair value of liabilities	$ (41)		$ (41)
Put options - Nickel Revenue Hedging - Bought
Derivative financial instruments.
Notional amount (ton) | T	35,120		35,120		58,620
Average strike per ton			15,000
Fair value of assets	$ 3		$ 3		$ 28
Value at risk	1		1
Put options - Nickel Revenue Hedging - Bought | 2021
Derivative financial instruments.
Fair value of liabilities	3		3
Nickel Revenue Hedging Program
Derivative financial instruments.
Fair value of assets	(38)		(38)		$ (18)
Financial settlement inflows (outflows)			(9)
Value at risk	11		11
Nickel Revenue Hedging Program | 2021
Derivative financial instruments.
Fair value of liabilities	$ (38)		$ (38)
Call options - Palladium Revenue Hedging - Sold
Derivative financial instruments.
Notional amount (t oz) | oz	67,362		67,362		7,200
Average strike per ton			3,437
Fair value of assets	$ (11)		$ (11)		$ (1)
Value at risk	3		3
Call options - Palladium Revenue Hedging - Sold | 2021
Derivative financial instruments.
Fair value of liabilities	$ (11)		$ (11)
Put options - Palladium Revenue Hedging - Bought
Derivative financial instruments.
Notional amount (t oz) | oz	67,362		67,362		7,200
Average strike per ton			2,397
Fair value of assets	$ 14		$ 14
Value at risk	3		3
Put options - Palladium Revenue Hedging - Bought | 2021
Derivative financial instruments.
Fair value of liabilities	14		14
Palladium Revenue Hedging Program
Derivative financial instruments.
Fair value of assets	3		3		$ (1)
Value at risk	6		6
Palladium Revenue Hedging Program | 2021
Derivative financial instruments.
Fair value of liabilities	$ 3		$ 3

Financial and capital risk ma_6

Financial and capital risk management - Protection programs for the R$ and EUR denominated debt instruments and other liabilities (Details) $ in Thousands, € in Millions, R$ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021BRL (R$)	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)	Dec. 31, 2020EUR (€)
Derivative financial instruments.
Financial settlement inflows (outflows)	$ 60,000	$ (114,000)	$ (139,000)	$ 159,000
CDI vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$					R$ 8841		R$ 9445
Payable	$ 2,072		$ 2,072			$ 2,213
Average receivable rate	100.53%		100.53%		100.53%
Average payable rate	2.57%		2.57%		2.57%
Fair value of liabilities	$ (368,000)		$ (368,000)			(473,000)
Financial settlement inflows (outflows)			(30,000)
Value at risk	43,000		43,000
CDI vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities	(26,000)		(26,000)
CDI vs. US$ fixed rate swap | 2022
Derivative financial instruments.
Fair value of liabilities	(78,000)		(78,000)
CDI vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of liabilities	(264,000)		(264,000)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$					R$ 1421		1,651
Payable	$ 390,000		$ 390,000			460,000
Average receivable rate	1.12%		1.12%		1.12%
Average payable rate	3.11%		3.11%		3.11%
Fair value of liabilities	$ (134,000)		$ (134,000)			(163,000)
Financial settlement inflows (outflows)			(26,000)
Value at risk	8,000		8,000
TJLP vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities	(23,000)		(23,000)
TJLP vs. US$ fixed rate swap | 2022
Derivative financial instruments.
Fair value of liabilities	(40,000)		(40,000)
TJLP vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of liabilities	(71,000)		(71,000)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$					R$ 6671		2,512
Payable	$ 1,265		$ 1,265			621,000
Average receivable rate	3.58%		3.58%		3.58%
Average payable rate	(1.60%)		(1.60%)		(1.60%)
Fair value of liabilities	$ 62,000		$ 62,000			(111,000)
Financial settlement inflows (outflows)			(85,000)
Value at risk	26,000		26,000
R$ fixed rate vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities	10,000		10,000
R$ fixed rate vs. US$ fixed rate swap | 2022
Derivative financial instruments.
Fair value of liabilities	(26,000)		(26,000)
R$ fixed rate vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of liabilities	78,000		78,000
IPCA vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | R$					R$ 1617		2,363
Payable	$ 400,000		$ 400,000			622,000
Average receivable rate	4.54%		4.54%		4.54%
Average payable rate	3.88%		3.88%		3.88%
Fair value of liabilities	$ (90,000)		$ (90,000)			(173,000)
Financial settlement inflows (outflows)			(65,000)
Value at risk	9,000		9,000
IPCA vs. US$ fixed rate swap | 2021
Derivative financial instruments.
Fair value of liabilities	1,000		1,000
IPCA vs. US$ fixed rate swap | 2023+
Derivative financial instruments.
Fair value of liabilities	$ (91,000)		$ (91,000)
IPCA vs. CDI swap
Derivative financial instruments.
Receivable | R$					R$ 726		694
Payable | R$					R$ 1350		550
Average receivable rate	6.63%		6.63%		6.63%
Average payable rate	98.76%		98.76%		98.76%
Fair value of liabilities	$ 49,000		$ 49,000			45,000
IPCA vs. CDI swap | 2021
Derivative financial instruments.
Fair value of liabilities	7,000		7,000
IPCA vs. CDI swap | 2022
Derivative financial instruments.
Fair value of liabilities	$ 42,000		42,000
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Receivable | €								€ 500
Payable						613,000
Fair value of liabilities						(1,000)
Financial settlement inflows (outflows)			$ (29,000)
Forward
Derivative financial instruments.
Payable | R$					R$ 7020		R$ 916
Average payable rate	5.98%		5.98%		5.98%
Fair value of liabilities	$ 122,000		$ 122,000			$ (1,000)
Financial settlement inflows (outflows)			13,000
Value at risk	23,000		23,000
Forward | 2021
Derivative financial instruments.
Fair value of liabilities	17,000		17,000
Forward | 2022
Derivative financial instruments.
Fair value of liabilities	64,000		64,000
Forward | 2023+
Derivative financial instruments.
Fair value of liabilities	$ 41,000		$ 41,000

Financial and capital risk ma_7

Financial and capital risk management - Protection program for Libor floating interest rate US$ denominated debt (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivative financial instruments.
Financial settlement inflows (outflows)	$ 60	$ (114)	$ (139)	$ 159
Libor floating interest rate US$ denominated debt
Derivative financial instruments.
Receivable	950		950		$ 950
Payable	$ 950		$ 950		950
Average receivable rate	0.13%		0.13%
Average payable rate	0.48%		0.48%
Fair value of liabilities	$ 1		$ 1		$ (7)
Financial settlement inflows (outflows)			(1)
Value at risk	2		2
Libor floating interest rate US$ denominated debt | 2021
Derivative financial instruments.
Fair value of liabilities	(1)		(1)
Libor floating interest rate US$ denominated debt | 2023+
Derivative financial instruments.
Fair value of liabilities	2		2
Put options - Nickel Revenue Hedging - Bought
Derivative financial instruments.
Value at risk	1		1
Put options - Nickel Revenue Hedging - Bought | 2021
Derivative financial instruments.
Fair value of liabilities	$ 3		$ 3
EUR fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Average receivable rate	0.00%		0.00%
Average payable rate	0.00%		0.00%

Financial and capital risk ma_8

Financial and capital risk management - Embedded derivatives in contracts (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)itemEquityInstruments	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)itemEquityInstruments	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)EquityInstruments
Derivative financial instruments.
Financial settlement inflows (outflows)	$ 60	$ (114)	$ (139)	$ 159
Embedded Derivatives - Put Options - Sold
Derivative financial instruments.
Notional | EquityInstruments	1,105,070,863		1,105,070,863		1,105,070,863
Average strike rate per share | item	4.38		4.38
Fair value of liabilities	$ (5)		$ (5)		$ (19)
Value at risk	2		2
Embedded Derivatives - Put Options - Sold | 2021+
Derivative financial instruments.
Fair value of liabilities	$ (5)		$ (5)
Embedded Derivatives - Call Options - Bought
Derivative financial instruments.
Notional | EquityInstruments	137,751,623		137,751,623		137,751,623
Average strike rate per share | item	3.02		3.02
Fair value of liabilities	$ 15		$ 15		$ 18
Value at risk	2		2
Embedded Derivatives - Call Options - Bought | 2021+
Derivative financial instruments.
Fair value of liabilities	$ 15		$ 15
Hedge Program for Finished Products Nickel Forwards Sold
Derivative financial instruments.
Notional | EquityInstruments	604		604
Average strike rate per share | item	18,147		18,147
Embedded - Nickel forwards - Bought
Derivative financial instruments.
Notional | EquityInstruments	626		626
Average strike rate per share | item	16,341		16,341
Fair value of liabilities	$ 1		$ 1
Financial settlement inflows (outflows)			1
Embedded - Nickel forwards - Bought | 2021+
Derivative financial instruments.
Fair value of liabilities	$ 1		$ 1
Embedded derivatives - Nickel forwards
Derivative financial instruments.
Notional | EquityInstruments	3,436		3,436		1,979
Average strike rate per share | item	17,120		17,120
Fair value of liabilities	$ (3)		$ (3)		$ 2
Value at risk	2		2
Embedded derivatives - Nickel forwards | 2021+
Derivative financial instruments.
Fair value of liabilities	$ (3)		$ (3)
Embedded derivatives - Copper forwards
Derivative financial instruments.
Notional | EquityInstruments	1,247		1,247		976
Average strike rate per share | item	9,620		9,620
Embedded derivatives - natural gas call options
Derivative financial instruments.
Notional | EquityInstruments	729,571		729,571		746,667
Average strike rate per share | item	233		233
Fair value of liabilities	$ (4)		$ (4)
Value at risk	3		3
Embedded derivatives - natural gas call options | 2021+
Derivative financial instruments.
Fair value of liabilities	$ (4)		$ (4)

Financial and capital risk ma_9

Financial and capital risk management - Sensitivity analysis of derivative financial instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Scenario I
Derivative financial instruments.
Percentage of deterioration of risk variables	25.00%
Scenario II
Derivative financial instruments.
Percentage of deterioration of risk variables	50.00%
CDI vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	$ (368)	$ (473)
CDI vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(368)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(900)
CDI vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(1,433)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(368)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(396)
CDI vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(425)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(368)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(402)
CDI vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(437)
TJLP vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(134)	(163)
TJLP vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(134)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(236)
TJLP vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(338)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(134)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(137)
TJLP vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(140)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(134)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(145)
TJLP vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(155)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(134)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(141)
TJLP vs. US$ fixed rate swap | TJLP interest rate decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(149)
R$ fixed rate vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	62	(111)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of assets	62
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(246)
R$ fixed rate vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(553)
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of assets	62
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of assets	53
R$ fixed rate vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of assets	45
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of assets	62
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of assets	19
R$ fixed rate vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(21)
IPCA vs. US$ fixed rate swap
Derivative financial instruments.
Fair value of liabilities	(90)	$ (173)
IPCA vs. US$ fixed rate swap | R$ depreciation | Probable
Derivative financial instruments.
Fair value of liabilities	(90)
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(199)
IPCA vs. US$ fixed rate swap | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(307)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(90)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(96)
IPCA vs. US$ fixed rate swap | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(103)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of liabilities	(90)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(109)
IPCA vs. US$ fixed rate swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(127)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(90)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(101)
IPCA vs. US$ fixed rate swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(112)
IPCA vs. CDI swap | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of assets	49
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of assets	46
IPCA vs. CDI swap | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of assets	44
IPCA vs. CDI swap | IPCA index decrease | Probable
Derivative financial instruments.
Fair value of assets	49
IPCA vs. CDI swap | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of assets	47
IPCA vs. CDI swap | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of assets	45
US$ floating rate vs. US$ fixed rate swap | US$ Libor decrease | Probable
Derivative financial instruments.
Fair value of assets	1
US$ floating rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(4)
US$ floating rate vs. US$ fixed rate swap | US$ Libor decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(10)
Protected item: Libor US$ indexed debt | US$ Libor decrease | Scenario I
Derivative financial instruments.
Fair value of assets	4
Protected item: Libor US$ indexed debt | US$ Libor decrease | Scenario II
Derivative financial instruments.
Fair value of assets	10
NDF | R$ depreciation | Probable
Derivative financial instruments.
Fair value of assets	122
NDF | R$ depreciation | Scenario I
Derivative financial instruments.
Fair value of liabilities	(166)
NDF | R$ depreciation | Scenario II
Derivative financial instruments.
Fair value of liabilities	(454)
NDF | US$ interest rate inside Brazil decrease | Probable
Derivative financial instruments.
Fair value of assets	122
NDF | US$ interest rate inside Brazil decrease | Scenario I
Derivative financial instruments.
Fair value of assets	116
NDF | US$ interest rate inside Brazil decrease | Scenario II
Derivative financial instruments.
Fair value of assets	110
NDF | Brazilian interest rate increase | Probable
Derivative financial instruments.
Fair value of assets	122
NDF | Brazilian interest rate increase | Scenario I
Derivative financial instruments.
Fair value of assets	93
NDF | Brazilian interest rate increase | Scenario II
Derivative financial instruments.
Fair value of assets	66
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(47)
Protected item: R$ denominated debt linked to IPCA | IPCA index decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(45)
Fuel oil protection - Options | Price input decrease | Probable
Derivative financial instruments.
Fair value of assets	48
Fuel oil protection - Options | Price input decrease | Scenario I
Derivative financial instruments.
Fair value of assets	18
Fuel oil protection - Options | Price input decrease | Scenario II
Derivative financial instruments.
Fair value of assets	14
Protected item: Part of costs linked to fuel oil prices | Price input decrease | Scenario I
Derivative financial instruments.
Fair value of assets	18
Protected item: Part of costs linked to fuel oil prices | Price input decrease | Scenario II
Derivative financial instruments.
Fair value of assets	14
Forward Freight Agreement | Freight price decrease | Probable
Derivative financial instruments.
Fair value of assets	15
Forward Freight Agreement | Freight price decrease | Scenario I
Derivative financial instruments.
Fair value of assets	5
Forward Freight Agreement | Freight price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(4)
Protected item: Part of costs linked to maritime freight prices | Freight price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(5)
Protected item: Part of costs linked to maritime freight prices | Freight price decrease | Scenario II
Derivative financial instruments.
Fair value of assets	4
Protected item: Part of nickel revenues with fixed prices | Nickel price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(2)
Protected item: Part of nickel revenues with fixed prices | Nickel price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(5)
Nickel sales fixed price protection - Forwards | Nickel price decrease | Probable
Derivative financial instruments.
Fair value of assets	1
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(2)
Nickel sales fixed price protection - Forwards | Nickel price decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	(5)
Nickel Revenue Hedging Program - Option | Nickel price increase | Probable
Derivative financial instruments.
Fair value of liabilities	(38)
Nickel Revenue Hedging Program - Option | Nickel price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(160)
Nickel Revenue Hedging Program - Option | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(297)
Protected item: Part of nickel future revenues | Nickel price increase | Scenario I
Derivative financial instruments.
Fair value of assets	160
Protected item: Part of nickel future revenues | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of assets	297
Palladium Revenue Hedging Program - Options | Palladium price increase | Probable
Derivative financial instruments.
Fair value of assets	4
Palladium Revenue Hedging Program - Options | Palladium price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(23)
Palladium Revenue Hedging Program - Options | Palladium price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(56)
Protected item: Part of palladium future revenues | Palladium price increase | Scenario I
Derivative financial instruments.
Fair value of assets	23
Protected item: Part of palladium future revenues | Palladium price increase | Scenario II
Derivative financial instruments.
Fair value of assets	56
Thermal Coal Revenue Hedging Program - Option | Thermal coal price increase | Probable
Derivative financial instruments.
Fair value of liabilities	(11)
Thermal Coal Revenue Hedging Program - Option | Thermal coal price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(40)
Thermal Coal Revenue Hedging Program - Option | Thermal coal price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(69)
Thermal Coal Revenue Hedging Program Protected item: Part of thermal coal future revenue | Thermal coal price increase | Scenario I
Derivative financial instruments.
Fair value of assets	40
Thermal Coal Revenue Hedging Program Protected item: Part of thermal coal future revenue | Thermal coal price increase | Scenario II
Derivative financial instruments.
Fair value of assets	69
Option - SPCs | SPCs stock value decrease | Probable
Derivative financial instruments.
Fair value of assets	15
Option - SPCs | SPCs stock value decrease | Scenario I
Derivative financial instruments.
Fair value of assets	5
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Probable
Derivative financial instruments.
Fair value of liabilities	(3)
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(19)
Embedded derivatives - Raw material purchase (nickel) | Nickel price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(34)
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(3)
Embedded derivatives - Raw material purchase (copper) | Copper price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(6)
Embedded derivatives - Gas purchase | Pellet price increase | Probable
Derivative financial instruments.
Fair value of liabilities	(4)
Embedded derivatives - Gas purchase | Pellet price increase | Scenario I
Derivative financial instruments.
Fair value of liabilities	(8)
Embedded derivatives - Gas purchase | Pellet price increase | Scenario II
Derivative financial instruments.
Fair value of liabilities	(13)
Embedded derivatives - Guaranteed minimum return (VLI) | SPCs stock value decrease | Probable
Derivative financial instruments.
Fair value of liabilities	(5)
Embedded derivatives - Guaranteed minimum return (VLI) | SPCs stock value decrease | Scenario I
Derivative financial instruments.
Fair value of liabilities	(61)
Embedded derivatives - Guaranteed minimum return (VLI) | SPCs stock value decrease | Scenario II
Derivative financial instruments.
Fair value of liabilities	$ (287)

Financial and capital risk m_10

Financial and capital risk management - Financial counterparties' ratings (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Cash and cash equivalents
Disclosure of external credit grades [line items]
Credit exposure	$ 14,600	$ 14,258
Cash and cash equivalents | Aa1
Disclosure of external credit grades [line items]
Credit exposure	94	2,210
Cash and cash equivalents | Aa2
Disclosure of external credit grades [line items]
Credit exposure	384	363
Cash and cash equivalents | Aa3
Disclosure of external credit grades [line items]
Credit exposure	603	1,681
Cash and cash equivalents | A1
Disclosure of external credit grades [line items]
Credit exposure	4,124	2,812
Cash and cash equivalents | A2
Disclosure of external credit grades [line items]
Credit exposure	4,429	4
Cash and cash equivalents | A3
Disclosure of external credit grades [line items]
Credit exposure	1,034	5
Cash and cash equivalents | Baa1
Disclosure of external credit grades [line items]
Credit exposure		4
Cash and cash equivalents | Baa2
Disclosure of external credit grades [line items]
Credit exposure	19	1
Cash and cash equivalents | Ba1
Disclosure of external credit grades [line items]
Credit exposure		2,986
Cash and cash equivalents | Ba2
Disclosure of external credit grades [line items]
Credit exposure	2,551	4,189
Cash and cash equivalents | Ba3
Disclosure of external credit grades [line items]
Credit exposure	1,279
Cash and cash equivalents | Others
Disclosure of external credit grades [line items]
Credit exposure	83	3
Derivatives
Disclosure of external credit grades [line items]
Credit exposure	422	200
Derivatives | Aa1
Disclosure of external credit grades [line items]
Credit exposure		36
Derivatives | Aa2
Disclosure of external credit grades [line items]
Credit exposure	13	15
Derivatives | Aa3
Disclosure of external credit grades [line items]
Credit exposure	41	41
Derivatives | A1
Disclosure of external credit grades [line items]
Credit exposure	20	21
Derivatives | A2
Disclosure of external credit grades [line items]
Credit exposure	130	20
Derivatives | A3
Disclosure of external credit grades [line items]
Credit exposure	67	36
Derivatives | Ba1
Disclosure of external credit grades [line items]
Credit exposure	35
Derivatives | Ba2
Disclosure of external credit grades [line items]
Credit exposure	51	6
Derivatives | Ba3
Disclosure of external credit grades [line items]
Credit exposure	13
Derivatives | Others
Disclosure of external credit grades [line items]
Credit exposure	$ 52	$ 25

Financial assets and liabilit_3

Financial assets and liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Financial instruments classification
Total current financial assets	$ 19,768	$ 19,580
Total noncurrent financial assets	2,756	3,052
Total of financial assets	22,524	22,632
Total current financial liabilities	6,343	7,629
Total noncurrent financial liabilities	20,584	21,868
Total of financial liabilities	26,927	29,497
Amortized cost
Financial instruments classification
Total current financial liabilities	6,139	7,301
Total noncurrent financial liabilities	14,826	16,889
Total of financial liabilities	20,965	24,190
At fair value through profit or loss
Financial instruments classification
Total current financial liabilities	204	328
Total noncurrent financial liabilities	5,758	4,979
Total of financial liabilities	5,962	5,307
Amortized cost
Financial instruments classification
Total current financial assets	15,915	15,196
Total noncurrent financial assets	1,451	2,229
Total of financial assets	17,366	17,425
At fair value through OCI
Financial instruments classification
Total noncurrent financial assets	1,097	757
Total of financial assets	1,097	757
At fair value through profit or loss
Financial instruments classification
Total current financial assets	3,853	4,384
Total noncurrent financial assets	208	66
Total of financial assets	4,061	4,450
Cash and cash equivalents
Financial instruments classification
Total current financial assets	13,649	13,487
Cash and cash equivalents | Amortized cost
Financial instruments classification
Total current financial assets	13,649	13,487
Short-term investments
Financial instruments classification
Total current financial assets	951	771
Short-term investments | At fair value through profit or loss
Financial instruments classification
Total current financial assets	951	771
Financial instruments classification
Financial instruments classification
Total current financial assets	214	134
Financial instruments classification | At fair value through profit or loss
Financial instruments classification
Total current financial assets	214	134
Accounts receivable
Financial instruments classification
Total current financial assets	4,954	4,993
Accounts receivable | Amortized cost
Financial instruments classification
Total current financial assets	2,266	1,514
Accounts receivable | At fair value through profit or loss
Financial instruments classification
Total current financial assets	2,688	3,479
Related parties
Financial instruments classification
Total current financial assets		195
Related parties | Amortized cost
Financial instruments classification
Total current financial assets		195
Judicial deposits
Financial instruments classification
Total noncurrent financial assets	1,326	1,268
Judicial deposits | Amortized cost
Financial instruments classification
Total noncurrent financial assets	1,326	1,268
Restricted cash
Financial instruments classification
Total noncurrent financial assets	125	38
Restricted cash | Amortized cost
Financial instruments classification
Total noncurrent financial assets	125	38
Financial instruments classification
Financial instruments classification
Total noncurrent financial assets	208	66
Financial instruments classification | At fair value through profit or loss
Financial instruments classification
Total noncurrent financial assets	208	66
Investments in equity securities
Financial instruments classification
Total noncurrent financial assets	1,097	757
Investments in equity securities | At fair value through OCI
Financial instruments classification
Total noncurrent financial assets	1,097	757
Related parties
Financial instruments classification
Total noncurrent financial assets		923
Related parties | Amortized cost
Financial instruments classification
Total noncurrent financial assets		923
Suppliers and contractors
Financial instruments classification
Total current financial liabilities	3,777	3,367
Suppliers and contractors | Amortized cost
Financial instruments classification
Total current financial liabilities	3,777	3,367
Liabilities related to the concession grant
Financial instruments classification
Total current financial liabilities	350	209
Total noncurrent financial liabilities	1,956	2,103
Financial instruments classification
Financial instruments classification
Total current financial liabilities	204	328
Financial instruments classification | At fair value through profit or loss
Financial instruments classification
Total current financial liabilities	204	328
Loans and borrowings
Financial instruments classification
Total current financial liabilities	992	1,136
Loans and borrowings | Amortized cost
Financial instruments classification
Total current financial liabilities	992	1,136
Interest on capital
Financial instruments classification
Total current financial liabilities	27	1,220
Interest on capital | Amortized cost
Financial instruments classification
Total current financial liabilities	27	1,220
Related parties
Financial instruments classification
Total current financial liabilities	188	725
Related parties | Amortized cost
Financial instruments classification
Total current financial liabilities	188	725
Financial instruments classification
Financial instruments classification
Total noncurrent financial liabilities	521	689
Financial instruments classification | At fair value through profit or loss
Financial instruments classification
Total noncurrent financial liabilities	521	689
Loans and borrowings
Financial instruments classification
Total noncurrent financial liabilities	12,870	13,891
Loans and borrowings | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities	12,870	13,891
Related parties
Financial instruments classification
Total noncurrent financial liabilities		895
Related parties | Amortized cost
Financial instruments classification
Total noncurrent financial liabilities		895
Other financial liabilities
Financial instruments classification
Total current financial liabilities	805	644
Participative stockholders' debentures
Financial instruments classification
Total noncurrent financial liabilities	4,687	3,413
Participative stockholders' debentures | At fair value through profit or loss
Financial instruments classification
Total noncurrent financial liabilities	4,687	3,413
Financial guarantees
Financial instruments classification
Total noncurrent financial liabilities	$ 550	$ 877

Financial assets and liabilit_4

Financial assets and liabilities - Hierarchy of fair value (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Financial instruments classification
Financial assets	$ 5,158	$ 5,207
Financial liabilities	5,962	5,307
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period	0
Transfers out of Level 1 into Level 2 of fair value hierarchy, liabilities held at end of reporting period	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period	0
Transfers out of Level 2 into Level 1 of fair value hierarchy, liabilities held at end of reporting period	0
Transfers out of Level 3 of fair value hierarchy, assets	0
Transfers out of Level 3 of fair value hierarchy, liabilities	0
Level 1
Financial instruments classification
Financial assets	2,048	1,528
Level 2
Financial instruments classification
Financial assets	3,095	3,661
Financial liabilities	5,956	5,288
Level 3
Financial instruments classification
Financial assets	15	18
Financial liabilities	6	19
Derivatives
Financial instruments classification
Financial liabilities	725	1,017
Derivatives | Level 2
Financial instruments classification
Financial liabilities	719	998
Derivatives | Level 3
Financial instruments classification
Financial liabilities	6	19
Participative stockholders' debentures
Financial instruments classification
Financial liabilities	4,687	3,413
Participative stockholders' debentures | Level 2
Financial instruments classification
Financial liabilities	4,687	3,413
Financial guarantees
Financial instruments classification
Financial liabilities	550	877
Financial guarantees | Level 2
Financial instruments classification
Financial liabilities	550	877
Short-term investments
Financial instruments classification
Financial assets	951	771
Short-term investments | Level 1
Financial instruments classification
Financial assets	951	771
Accounts receivable
Financial instruments classification
Financial assets	2,688	3,479
Accounts receivable | Level 2
Financial instruments classification
Financial assets	2,688	3,479
Derivatives
Financial instruments classification
Financial assets	422	200
Derivatives | Level 2
Financial instruments classification
Financial assets	407	182
Derivatives | Level 3
Financial instruments classification
Financial assets	15	18
Investments in equity securities
Financial instruments classification
Financial assets	1,097	757
Investments in equity securities | Level 1
Financial instruments classification
Financial assets	$ 1,097	$ 757

Financial assets and liabilit_5

Financial assets and liabilities - Changes in Level 3 assets and liabilities - (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Disclosure of detailed information about borrowings [line items]
Financial assets at beginning of period	$ 92,007
Financial assets at end of period	96,716
Financial liabilities at beginning of period	57,186
Financial liabilities at end of period	54,357
Level 3
Disclosure of detailed information about borrowings [line items]
Financial assets at beginning of period	18
Gain and losses recognized in income statement	(4)
Translation adjustments	1
Financial assets at end of period	15
Financial liabilities at beginning of period	19
Gain and losses recognized in income statement	(13)
Financial liabilities at end of period	$ 6

Financial assets and liabilit_6

Financial assets and liabilities - Loans and financing (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Disclosure of detailed information about borrowings [line items]
Loans and financing	$ 13,862	$ 15,027
Debt contracts in Brazil
Disclosure of detailed information about borrowings [line items]
Loans and financing	960	1,470
Debt contracts in the international markets
Disclosure of detailed information about borrowings [line items]
Loans and financing	11,194	11,890
Carrying amount
Disclosure of detailed information about borrowings [line items]
Loans and financing	11,998	13,159
Carrying amount | Quoted in the secondary market | Bonds
Disclosure of detailed information about borrowings [line items]
Loans and financing	7,448	7,448
Carrying amount | Quoted in the secondary market | Eurobonds
Disclosure of detailed information about borrowings [line items]
Loans and financing		920
Carrying amount | Quoted in the secondary market | Debentures
Disclosure of detailed information about borrowings [line items]
Loans and financing	428	496
Carrying amount | Debt contracts in Brazil | TJLP, TR, IPCA, IGP-M and CDI | R$
Disclosure of detailed information about borrowings [line items]
Loans and financing	460	860
Carrying amount | Debt contracts in Brazil | Fixed interest | R$
Disclosure of detailed information about borrowings [line items]
Loans and financing	25	34
Carrying amount | Debt contracts in Brazil | LIBOR | US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	33	56
Carrying amount | Debt contracts in the international markets | Fixed interest | US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	3,398	3,225
Carrying amount | Debt contracts in the international markets | Fixed interest | Other currencies
Disclosure of detailed information about borrowings [line items]
Loans and financing	110	120
Carrying amount | Debt contracts in the international markets | LIBOR | Other currencies
Disclosure of detailed information about borrowings [line items]
Loans and financing	96
Fair value
Disclosure of detailed information about borrowings [line items]
Loans and financing	14,090	15,866
Fair value | Quoted in the secondary market | Bonds
Disclosure of detailed information about borrowings [line items]
Loans and financing	9,277	10,025
Fair value | Quoted in the secondary market | Eurobonds
Disclosure of detailed information about borrowings [line items]
Loans and financing		985
Fair value | Quoted in the secondary market | Debentures
Disclosure of detailed information about borrowings [line items]
Loans and financing	435	496
Fair value | Debt contracts in Brazil | TJLP, TR, IPCA, IGP-M and CDI | R$
Disclosure of detailed information about borrowings [line items]
Loans and financing	679	857
Fair value | Debt contracts in Brazil | Fixed interest | R$
Disclosure of detailed information about borrowings [line items]
Loans and financing	25	35
Fair value | Debt contracts in Brazil | LIBOR | US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	54	56
Fair value | Debt contracts in the international markets | Fixed interest | US$
Disclosure of detailed information about borrowings [line items]
Loans and financing	3,401	3,278
Fair value | Debt contracts in the international markets | Fixed interest | Other currencies
Disclosure of detailed information about borrowings [line items]
Loans and financing	123	$ 134
Fair value | Debt contracts in the international markets | LIBOR | Other currencies
Disclosure of detailed information about borrowings [line items]
Loans and financing	$ 96

Participative stockholders' d_2

Participative stockholders' debentures (Details) R$ / shares in Units, R$ in Millions, $ in Millions	Apr. 01, 2021USD ($)	Apr. 01, 2021BRL (R$)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021R$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2020R$ / shares	Jun. 30, 2020R$ / shares
Participative stockholders' debentures
Number of debentures issued | shares			388,559,056		388,559,056
Remuneration paid to the participative stockholders debentures	$ 193	R$ 1073
Average Price Per Debenture | R$ / shares							R$ 60.34		R$ 45.65	R$ 29.04
Expense Related To Debenture			$ 278	$ 231	$ 1,261	$ 280
Liability Related To Debenture			$ 4,687		$ 4,687			$ 3,413

Impairment and onerous contract

Impairment and onerous contracts - Ferrous Minerals (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Impairment and onerous contracts
Impairment and disposal of non-current assets	$ 432	$ 403	$ 593	$ 432

Loans, borrowings, leases, ca_3

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Net debt and Short-term investments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Loans and borrowings
Leases	$ 1,708		$ 1,667
Total of loans, borrowings and leases	13,862		15,027
Cash and cash equivalents	13,649	$ 12,883	13,487	$ 12,113	$ 11,788	$ 7,350
Short-term investments	951		771
Net debt (cash)	(738)		769
Debt contracts in the international markets
Loans and borrowings
Total of loans, borrowings and leases	11,194		11,890
Debt contracts in Brazil
Loans and borrowings
Total of loans, borrowings and leases	$ 960		$ 1,470

Loans, borrowings, leases, ca_4

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Cash and cash equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
R$
Cash and cash equivalents
Cash and cash equivalents	$ 3,375	$ 2,849
US$
Cash and cash equivalents
Cash and cash equivalents	9,973	10,195
Other currencies
Cash and cash equivalents
Cash and cash equivalents	$ 301	$ 443

Loans, borrowings, cash and cas

Loans, borrowings, cash and cash equivalents and short-term investments - Total Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Loans and borrowings
Current debt, accrued charges	$ 156	$ 201
Current debt	809	887
Non-current debt	11,345	12,473
Notional amount	1,559	1,557
R$
Loans and borrowings
Notional amount	$ 892
Average cost (as a percent)	2.92%
Quoted in the secondary market | Bonds | Floating rate | US$
Loans and borrowings
Borrowings, interest rate	6.01%
Non-current debt, before accrued charges	$ 7,448	7,448
Quoted in the secondary market | Eurobonds | Floating rate | EUR
Loans and borrowings
Non-current debt, before accrued charges		920
Quoted in the secondary market | Debentures | Fixed interest | US$
Loans and borrowings
Borrowings, interest rate	10.48%
Current debt, before accrued charges	$ 50	107
Non-current debt, before accrued charges	$ 378	389
Debt contracts in Brazil | Fixed interest | R$
Loans and borrowings
Borrowings, interest rate	2.76%
Current debt, before accrued charges	$ 19	20
Non-current debt, before accrued charges	$ 6	14
Debt contracts in Brazil | TJLP, TR, IPCA, IGP-M and CDI | R$
Loans and borrowings
Borrowings, interest rate	9.29%
Current debt, before accrued charges	$ 128	320
Non-current debt, before accrued charges	$ 332	540
Debt contracts in Brazil | Bonds | LIBOR | Basket of currencies and US$
Loans and borrowings
Borrowings, interest rate	2.32%
Current debt, before accrued charges	$ 33	45
Non-current debt, before accrued charges		11
Debt contracts in the international markets | Floating rate | Other currencies
Loans and borrowings
Borrowings, interest rate	4.09%
Current debt, accrued charges	$ 86
Non-current debt, accrued charges	$ 10
Debt contracts in the international markets | Fixed interest | US$
Loans and borrowings
Borrowings, interest rate	2.26%
Current debt, before accrued charges	$ 325	182
Non-current debt, before accrued charges	$ 3,073	3,044
Debt contracts in the international markets | Fixed interest | Other currencies
Loans and borrowings
Borrowings, interest rate	3.35%
Current debt, before accrued charges	$ 12	12
Non-current debt, before accrued charges	$ 98	$ 107

Loans, borrowings, leases, ca_5

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Debt payments (Details) $ in Millions	Jun. 30, 2021USD ($)
Loans and borrowings
Principal	$ 11,998
Estimated future interest payments	6,634
2021
Loans and borrowings
Principal	173
Estimated future interest payments	300
2022
Loans and borrowings
Principal	1,254
Estimated future interest payments	593
2023
Loans and borrowings
Principal	298
Estimated future interest payments	555
2024
Loans and borrowings
Principal	2,014
Estimated future interest payments	537
Between 2025 and 2029
Loans and borrowings
Principal	2,142
Estimated future interest payments	1,008
2030 onwards
Loans and borrowings
Principal	6,117
Estimated future interest payments	$ 3,641

Loans, borrowings, leases, ca_6

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Credit and financing lines (Details) - Revolving credit facilities $ in Millions	Jun. 30, 2021USD ($)
Loans and borrowings
Available amount	$ 5,000
Maturing On June 2022
Loans and borrowings
Available amount	2,000
Maturing On December 2024
Loans and borrowings
Available amount	$ 3,000

Loans, borrowings, leases, ca_7

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Funding (Details) € in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021EUR (€)	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Disclosure of detailed information about borrowings [line items]
Notional amount		$ 1,559			$ 1,557
Premium on bonds		63
Borrowings		$ 13,862			$ 15,027
Bonds due January 2023
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 884		€ 750
Coupon rate	3.75%		3.75%
Premium on bonds	$ 63
Borrowings With Line Of Credit Member
Disclosure of detailed information about borrowings [line items]
Borrowings				$ 300
Borrowings With Line Of Credit Member | LIBOR
Disclosure of detailed information about borrowings [line items]
Borrowings, adjustment to interest rate basis				2.49%

Loans, borrowings, leases, ca_8

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Reconciliation of debt to cash flows arising from financing activities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Loans and borrowings
Loans and borrowings at beginning of the period			$ 13,360
Additions	$ 10		300	$ 5,000
Payments	(179)	$ (116)	(1,412)	$ (491)
Interest paid			(426)
Cash flow from financing activities			(1,538)
Effect of exchange rate			(7)
Interest accretion			339
Non-cash changes			332
Loans and borrowings at end of the period	12,154		12,154
Expenses with the redemption			63
Quoted in the secondary market
Loans and borrowings
Loans and borrowings at beginning of the period			9,046
Payments			(922)
Interest paid			(279)
Cash flow from financing activities			(1,201)
Effect of exchange rate			(50)
Interest accretion			222
Non-cash changes			172
Loans and borrowings at end of the period	8,017		8,017
Debt contracts in Brazil
Loans and borrowings
Loans and borrowings at beginning of the period			959
Payments			(269)
Interest paid			(79)
Cash flow from financing activities			(348)
Effect of exchange rate			(153)
Interest accretion			63
Non-cash changes			(90)
Loans and borrowings at end of the period	521		521
Debt contracts in the international markets
Loans and borrowings
Loans and borrowings at beginning of the period			3,355
Additions			300
Payments			(221)
Interest paid			(68)
Cash flow from financing activities			11
Effect of exchange rate			196
Interest accretion			54
Non-cash changes			250
Loans and borrowings at end of the period	$ 3,616		$ 3,616

Loans, borrowings, leases, ca_9

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Lease liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance			$ 1,667
Additions and contact modifications			98
Payments	$ (49)	$ (49)	(104)	$ (99)
Interest	16	17	35	35
Translation adjustment			12
Ending balance	1,708		1,708
Variable lease payments not included in the measurement of lease liabilities	78	$ 10	111	$ 38
Ports
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance			743
Payments			(40)
Interest			14
Translation adjustment			1
Ending balance	718		718
Vessels
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance			533
Payments			(31)
Interest			11
Ending balance	513		513
Pellets plants
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance			137
Additions and contact modifications			37
Payments			(2)
Interest			3
Translation adjustment			8
Ending balance	183		183
Properties
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance			142
Additions and contact modifications			3
Payments			(24)
Interest			2
Translation adjustment			1
Ending balance	124		124
Energy plants
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance			62
Payments			(2)
Interest			3
Ending balance	63		63
Mining equipment and locomotives (i)
Disclosure Of Lease Liabilities Rollforward Abstract
Beginning balance			50
Additions and contact modifications			58
Payments			(5)
Interest			2
Translation adjustment			2
Ending balance	$ 107		107
Nacala Logistics Corridor
Disclosure Of Lease Liabilities Rollforward Abstract
Additions and contact modifications			$ 53

Loans, borrowings, leases, c_10

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Annual minimum payments (Details) $ in Millions	Jun. 30, 2021USD ($)
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 2,237
2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	150
2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	223
2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	183
2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	177
2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	1,504
Ports
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	1,023
Ports | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	35
Ports | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	63
Ports | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	62
Ports | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	61
Ports | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	802
Vessels
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	623
Vessels | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	33
Vessels | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	63
Vessels | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	62
Vessels | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	60
Vessels | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	405
Pellets plants
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	226
Pellets plants | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	44
Pellets plants | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	40
Pellets plants | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	13
Pellets plants | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	13
Pellets plants | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	116
Properties
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	139
Properties | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	24
Properties | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	29
Properties | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	23
Properties | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	22
Properties | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	41
Energy plants
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	84
Energy plants | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	3
Energy plants | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	7
Energy plants | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	7
Energy plants | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	6
Energy plants | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	61
Mining equipment and locomotives (i)
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	142
Mining equipment and locomotives (i) | 2021
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	11
Mining equipment and locomotives (i) | 2022
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	21
Mining equipment and locomotives (i) | 2023
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	16
Mining equipment and locomotives (i) | 2024
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	15
Mining equipment and locomotives (i) | 2025 onwards
Disclosure of maturity analysis of operating lease payments [line items]
Annual minimum payments	$ 79

Loans, borrowings, leases, c_11

Loans, borrowings, leases, cash and cash equivalents and short-term investments - Guarantees (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Vale Overseas Limited
Disclosure of detailed information about borrowings [line items]
Loans and borrowings, secured by property, plant and equipment	$ 88	$ 176

Brumadinho dam failure (Details

Brumadinho dam failure (Details)	Jan. 25, 2019km
Brumadinho dam failure
Tailings released extension (in km)	315
Number of fatalities or presumed fatalities	270
Number of victims missing	10

Brumadinho dam failure - De-cha

Brumadinho dam failure - De-characterization of the upstream dams (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Provisions.
Balance at beginning of the period			$ 3,989
Balance at end of the period	$ 4,021		4,021
Expense incurred in relation to Brumadinho event	185	$ 109	300	$ 268
Brumadinho event
Provisions.
Balance at beginning of the period			6,864
Impact on the income statement			300
Present value adjustment			(132)
Disbursements			(612)
Translation adjustment			226
Balance at end of the period	6,646		6,646
Expense incurred in relation to Brumadinho event	185	$ 109	300	$ 268
Global Settlement for Brumadinho | Brumadinho event
Provisions.
Balance at beginning of the period			3,989
Present value adjustment			(83)
Disbursements			(26)
Translation adjustment			141
Balance at end of the period	4,021		4,021
Provision for individual indemnification and other commitments | Brumadinho event
Provisions.
Balance at beginning of the period			586
Present value adjustment			(6)
Disbursements			(123)
Translation adjustment			13
Balance at end of the period	470		470
De-characterization of dams | Brumadinho event
Provisions.
Balance at beginning of the period			2,289
Present value adjustment			(43)
Disbursements			(163)
Translation adjustment			72
Balance at end of the period	2,155		2,155
Incurred expenses | Brumadinho event
Provisions.
Impact on the income statement			300
Disbursements			(300)
Liabilities related to Brumadinho | Brumadinho event
Provisions.
Balance at beginning of the period			4,575
Present value adjustment			(89)
Disbursements			(149)
Translation adjustment			154
Balance at end of the period	$ 4,491		$ 4,491

Brumadinho dam failure - Global

Brumadinho dam failure - Global Settlement for Brumadinho (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Provisions.
Provision	$ 4,021	$ 3,989
Current liabilities	1,956	1,561
Non-current liabilities	$ 2,065	$ 2,428
Global Settlement for Brumadinho
Provisions.
Discount rate applied to cash flow projections	3.70%	2.00%
Provision for socio-economic reparation and others
Provisions.
Provision	$ 853	$ 860
Provision for social and environmental reparation
Provisions.
Provision	788	786
Cash settlement obligation, net of judicial deposits
Provisions.
Provision	$ 2,380	$ 2,343

Brumadinho dam failure - Cash s

Brumadinho dam failure - Cash settlement obligation (Details) - 6 months ended Jun. 30, 2021 R$ in Millions, $ in Millions	USD ($)	BRL (R$)
Global Settlement for Brumadinho
Provisions.
Income transfer program	$ 880	R$ 4400
Payment obligations
Provisions.
Present value of the semiannual fixed payments obligation	$ 1,500	R$ 7505
Period for payments of semiannual fixed payments obligation	5 years

Brumadinho dam failure - Provis

Brumadinho dam failure - Provision for socio-economic reparation and others (Details)	6 Months Ended
	Jun. 30, 2021
Provision for socio-economic reparation and others
Provisions.
Project average term	3 years
Provision for social and environmental reparation
Provisions.
Project average term	5 years

Brumadinho dam failure - Prov_2

Brumadinho dam failure - Provision for individual indemnification and other commitments (Details) ha in Thousands, R$ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)haitem	Jun. 30, 2021BRL (R$)	Dec. 31, 2020USD ($)	Jul. 31, 2020USD ($)	Jul. 31, 2020BRL (R$)
Provisions.
Provision	$ 4,021		$ 3,989
Geotechnical safety of the remaining structures
Provisions.
Provision	158		179
Individual indemnification
Provisions.
Provision	252		$ 267
IBAMA fines
Provisions.
Provision	$ 50	R$ 250		$ 30	R$ 150
Environmental projects
Provisions.
Number of parks in which environmental projects will be done | item	7
Area of property in which environmental projects will be done | ha	794
Sanitation programs
Provisions.
Provision	$ 20	R$ 100

Brumadinho dam failure - De-c_2

Brumadinho dam failure - De-characterization of other dams in Brazil (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
De-characterization of dams
Provisions.
Provisions	$ 2,155		$ 2,155		$ 2,289
Discount rate applied to cash flow projections	4.40%		4.40%		3.50%
De-characterization of upstream structures
Provisions.
Provision for total expected costs to carry out all de-characterization projects	$ 80	$ 104	$ 193	$ 267

Brumadinho dam failure - Operat

Brumadinho dam failure - Operation Stoppages (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
De-characterization of upstream structures
Contingencies
Loss related to operational stoppage and idle capacity	$ 80	$ 104	$ 193	$ 267

Brumadinho dam failure - Contin

Brumadinho dam failure - Contingencies and other legal matters (Details) ha in Thousands, R$ in Billions, $ in Billions	6 Months Ended
	Jun. 30, 2021haitem	Aug. 26, 2020USD ($)	Aug. 26, 2020BRL (R$)	May 31, 2020USD ($)	May 31, 2020BRL (R$)
Contingencies
Provision of bank or insurance guarantee		$ 5.1	R$ 26.7	$ 1.4	R$ 7.9
Environmental projects
Contingencies
Number of parks in which environmental projects will be done | item	7
Area of property in which environmental projects will be done | ha	794

Brumadinho dam failure - Reques

Brumadinho dam failure - Requests for fines or forfeit of assets (Details) R$ in Billions, $ in Billions	Aug. 26, 2020USD ($)	Aug. 26, 2020BRL (R$)	May 31, 2020USD ($)	May 31, 2020BRL (R$)
Brumadinho dam failure
Provision of bank or insurance guarantee	$ 5.1	R$ 26.7	$ 1.4	R$ 7.9

Brumadinho dam failure - Arbitr

Brumadinho dam failure - Arbitration proceedings in Brazil filed by shareholders and a class association (Details) $ in Thousands, R$ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)employeeindividual	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)lawsuititememployeeindividual	Jun. 30, 2021BRL (R$)lawsuititememployeeindividual	Jun. 30, 2020USD ($)	Dec. 31, 2020
Contingencies
Expense incurred in relation to Brumadinho event | $	$ 185,000	$ 109,000	$ 300,000		$ 268,000
Arbitration proceedings in Brazil filed by shareholders and a class association
Contingencies
Number of arbitration filed by minority shareholders			1	1
Number of minority shareholders who filled one arbitration | item			166	166
Number of arbitration filed by class association allegedly representing all minority shareholders			1	1
Number of arbitration filed by foreign investment funds			1	1
Total number of proceedings			3	3
Estimated losses on legal proceedings			$ 346,000	R$ 1800.0
De-characterization of dams
Contingencies
Discount rate applied to cash flow projections	4.40%		4.40%	4.40%		3.50%
Labor Collective Civil Action
Contingencies
Number of workers represented | employee	246		246	246
Number of employee fatal victims | employee	131		131	131
Expense incurred in relation to Brumadinho event			$ 200	R$ 1.0
Criminal lawsuit
Contingencies
Number of individuals charged | individual	16		16	16
Minimum | Labor Collective Civil Action
Contingencies
Expense incurred in relation to Brumadinho event			$ 300	R$ 1.5
Maximum | Labor Collective Civil Action
Contingencies
Expense incurred in relation to Brumadinho event			$ 600	R$ 3.0

Brumadinho dam failure - Financ

Brumadinho dam failure - Financial guarantees (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Brumadinho event
Provisions.
Financial guarantees	$ 1,124

Liabilities related to associ_3

Liabilities related to associates and joint ventures - Movements (Details) R$ in Millions, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021BRL (R$)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Events with significant effect on the income statement
Balance at beginning of the period			$ 3,989
Balance at end of the period	$ 4,021		4,021		$ 3,989
Current liabilities	14,335		14,335		14,594
Non-current liabilities	40,022		40,022		42,592
Total liabilities	54,357		54,357		57,186
Fundao dam rupture and de-characterization of germano dam
Events with significant effect on the income statement
Balance at beginning of the period			2,074	$ 1,700	1,700
Provision			560	566
Payments			(137)	(169)
Present value valuation			(71)	40
Translation adjustment			65	(468)
Balance at end of the period	2,491		2,491	$ 1,669	2,074
Current liabilities	1,467		1,467		876
Non-current liabilities	1,024		1,024		1,198
Total liabilities	2,491		$ 2,491		$ 2,074
Renova Foundation
Events with significant effect on the income statement
Provision	$ 560	R$ 2820

Liabilities related to associ_4

Liabilities related to associates and joint ventures - Additional Information (Details) R$ in Millions, $ in Millions	3 Months Ended					6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021BRL (R$)	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Framework agreement
Equity results and other results in associates and joint ventures	$ (454)			$ (535)		$ (470)	$ (701)
Samarco
Framework agreement
Proceeds from debt used for working capital	0		$ 21	$ 20	$ 56
Short-term facilities available for operations	64					64
Equity results and other results in associates and joint ventures						33
De-characterization of Germano dam
Framework agreement
Provision						$ 225		$ 221
Renova Foundation
Framework agreement
Provision	$ 560	R$ 2820

Provisions (Details)

Provisions (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Provisions
Provisions, current liabilities	$ 1,156	$ 1,826
Provisions, non-current liabilities	8,003	8,434
Payroll, related charges and other remunerations
Provisions
Provisions, current liabilities	692	877
Onerous contracts
Provisions
Provisions, current liabilities	53	58
Provisions, non-current liabilities	842	838
Environmental obligations
Provisions
Provisions, current liabilities	95	102
Provisions, non-current liabilities	214	200
Asset retirement obligations (i)
Provisions
Provisions, current liabilities	102	99
Provisions, non-current liabilities	3,974	4,121
Provision related to VNC sale (note 12)
Provisions
Provisions, current liabilities		500
Provisions for litigation
Provisions
Provisions, current liabilities	102	87	$ 84
Provisions, non-current liabilities	1,074	1,004	$ 1,060
Employee postretirement obligations (note 24)
Provisions
Provisions, current liabilities	112	103
Provisions, non-current liabilities	$ 1,899	$ 2,271

Provisions - Additional Informa

Provisions - Additional Information (Details) $ in Millions	Jun. 30, 2021USD ($)
Asset retirement obligations (i) | Base metals
Provisions.
Letters of credit and surety bonds issued in relation to asset retirement obligation	$ 621

Litigations - Changes (Details)

Litigations - Changes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Changes in provision
Balance at beginning of the period			$ 3,989
Balance at end of the period	$ 4,021		4,021		$ 3,989
Provisions, current liabilities	1,156		1,156		1,826
Provisions, non-current liabilities	8,003		8,003		8,434
Legal proceedings reserved			442		423
Legal proceedings guaranteed			509		487
Provisions for litigation
Changes in provision
Balance at beginning of the period			1,091	$ 1,462	1,462
Additions and reversals, net	28	$ 44	44	63
Payments			(48)	(55)
Indexation and interest			36	42
Translation adjustment			47	(368)
Acquisition of NLC (note 12)			6
Balance at end of the period	1,176	1,144	1,176	1,144	1,091
Provisions, current liabilities	102	84	102	84	87
Provisions, non-current liabilities	1,074	1,060	1,074	1,060	1,004
Provisions	1,176	1,144	1,176	1,144
Tax litigation
Changes in provision
Balance at beginning of the period			485	696	696
Additions and reversals, net				19
Additions and reversals, net			(2)
Payments				(10)
Indexation and interest			3	13
Translation adjustment			19	(168)
Balance at end of the period	505	550	505	550	485
Provisions, current liabilities	9	7	9	7
Provisions, non-current liabilities	496	543	496	543
Provisions	505	550	505	550
Civil litigation
Changes in provision
Balance at beginning of the period			260	300	300
Additions and reversals, net				28
Additions and reversals, net			(1)
Payments			(15)	(11)
Indexation and interest			10	16
Translation adjustment			11	(77)
Acquisition of NLC (note 12)			1
Balance at end of the period	266	256	266	256	260
Provisions, current liabilities	17	14	17	14
Provisions, non-current liabilities	249	242	249	242
Provisions	266	256	266	256
Labor litigation
Changes in provision
Balance at beginning of the period			335	455	455
Additions and reversals, net			46	14
Payments			(29)	(34)
Indexation and interest			23	13
Translation adjustment			17	(120)
Acquisition of NLC (note 12)			5
Balance at end of the period	397	328	397	328	335
Provisions, current liabilities	76	63	76	63
Provisions, non-current liabilities	321	265	321	265
Provisions	397	328	397	328
Environmental litigation
Changes in provision
Balance at beginning of the period			11	11	11
Additions and reversals, net			1	2
Payments			(4)
Translation adjustment				(3)
Balance at end of the period	8	10	8	10	$ 11
Provisions, non-current liabilities	8	10	8	10
Provisions	$ 8	$ 10	$ 8	$ 10

Litigations - Contingent liabil

Litigations - Contingent liabilities (Details) R$ in Millions, $ in Millions	1 Months Ended		6 Months Ended
	Feb. 28, 2021USD ($)	Feb. 28, 2021BRL (R$)	Jun. 30, 2021USD ($)	Jun. 30, 2021BRL (R$)	Mar. 31, 2021USD ($)	Mar. 31, 2021BRL (R$)	Dec. 31, 2020USD ($)
Tax litigation
Contingent liabilities
Contingent liabilities			$ 8,166				$ 6,911
Civil litigation
Contingent liabilities
Contingent liabilities			1,644				1,348
Labor litigation
Contingent liabilities
Contingent liabilities			572				563
Environmental litigation
Contingent liabilities
Contingent liabilities			1,006				907
Provisions for litigation
Contingent liabilities
Contingent liabilities			11,388				$ 9,729
Assessment On JCP
Contingent liabilities
New litigation	$ 685	R$ 3426
Reduction of tax losses			$ 140	R$ 698
Proceeding related to income tax paid abroad
Contingent liabilities
Loss contingency, collection due disregard of taxes					$ 434	R$ 2171

Litigations - Judicial deposits

Litigations - Judicial deposits (Details) $ in Millions, R$ in Billions	Jun. 30, 2021USD ($)	Jun. 30, 2021BRL (R$)	Dec. 31, 2020USD ($)
Judicial deposits
Deposits with court	$ 1,326		$ 1,268
Bank guarantees for judicial deposits	2,400	R$ 11.8
Tax litigation
Judicial deposits
Deposits with court	1,052		988
Civil litigation
Judicial deposits
Deposits with court	83		85
Labor litigation
Judicial deposits
Deposits with court	168		177
Environmental litigation
Judicial deposits
Deposits with court	$ 23		$ 18

Litigations - Contingencies ass

Litigations - Contingencies assets (Details) - ICMS included in PIS and COFINS tax base R$ in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)case	Jun. 30, 2021BRL (R$)case	Dec. 31, 2020USD ($)	Dec. 31, 2020BRL (R$)
Contingent assets
Number of judicial proceedings	2	2
Number of proceedings with definitive favorable decision	1	1
Contingent asset recognized	$ 162	R$ 808	$ 63	R$ 313
Addition gain	$ 29	R$ 146

Employee benefits - Long-term i

Employee benefits - Long-term incentive programs (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021R$ / shares	Jun. 30, 2021$ / shares	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of defined benefit plans [line items]
Vesting period (in years)	3 years
Expected volatility
Disclosure of defined benefit plans [line items]
Measurement unit	39
Expected dividend yield (i)
Disclosure of defined benefit plans [line items]
Measurement unit	3.18
Matching Program
Disclosure of defined benefit plans [line items]
Vesting period (in years)	3 years
Matching Program | Granted shares
Disclosure of defined benefit plans [line items]
Measurement unit				1,046,255	2,154,534	1,222,721
Matching Program | VALE share price
Disclosure of defined benefit plans [line items]
Measurement unit		109.02	20.12
Performance Share Unit Program - PSU
Disclosure of defined benefit plans [line items]
Vesting period (in years)	3 years
Percentage of performance factor based on total return to shareholder metrics	80
percentage of performance factor based on environmental, social and governance indicator	20
Performance Share Unit Program - PSU | Granted shares
Disclosure of defined benefit plans [line items]
Measurement unit				1,474,723
Performance Share Unit Program - PSU | VALE share price
Disclosure of defined benefit plans [line items]
Measurement unit		109.02	20.12
Performance Share Unit Program - PSU | Expected term (in years)
Disclosure of defined benefit plans [line items]
Measurement unit				3
Performance Share Unit Program - PSU | Expected value of the total shareholder return (TSR)
Disclosure of defined benefit plans [line items]
Measurement unit	51.20
Performance Share Unit Program - PSU | Expected value of the performance factor (Total)
Disclosure of defined benefit plans [line items]
Measurement unit	60.96

Employee benefits - Reclassific

Employee benefits - Reclassification from cash-settled to equity-settled (Details) - USD ($) $ in Millions	May 01, 2021	Jun. 30, 2021
Matching Program | Net income
Disclosure of defined benefit plans [line items]
Reclassification From Cash-Settled To Equity Settled, Beginning	$ 0	$ 0
Remeasurement	(5)
Expense		(5)
Reclassification From Cash-Settled To Equity Settled, Ending	(5)	(10)
Matching Program | Liability
Disclosure of defined benefit plans [line items]
Reclassification From Cash-Settled To Equity Settled, Beginning	33	33
Remeasurement	5
Reclassification	(38)
Reclassification From Cash-Settled To Equity Settled, Ending	0	0
Matching Program | Stockholders' equity
Disclosure of defined benefit plans [line items]
Reclassification From Cash-Settled To Equity Settled, Beginning	0	0
Reclassification	38
Expense		5
Reclassification From Cash-Settled To Equity Settled, Ending	38	43
Performance Share Unit Program - PSU | Net income
Disclosure of defined benefit plans [line items]
Reclassification From Cash-Settled To Equity Settled, Beginning	0	0
Remeasurement	1
Expense		(1)
Reclassification From Cash-Settled To Equity Settled, Ending	1	0
Performance Share Unit Program - PSU | Liability
Disclosure of defined benefit plans [line items]
Reclassification From Cash-Settled To Equity Settled, Beginning	3	3
Remeasurement	(1)
Reclassification	(2)
Reclassification From Cash-Settled To Equity Settled, Ending	0	0
Performance Share Unit Program - PSU | Stockholders' equity
Disclosure of defined benefit plans [line items]
Reclassification From Cash-Settled To Equity Settled, Beginning	0	0
Reclassification	2
Expense		1
Reclassification From Cash-Settled To Equity Settled, Ending	$ 2	$ 3

Employee benefits - Reconciliat

Employee benefits - Reconciliation of net liabilities recognized in the statement of financial position (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Overfunded pension plans | Present value of actuarial liabilities
Reconciliation of net liabilities recognized in the statement of financial position
Net liabilities recognized	$ (3,183)	$ (3,105)
Overfunded pension plans | Fair value of assets
Reconciliation of net liabilities recognized in the statement of financial position
Net liabilities recognized	4,045	3,969
Overfunded pension plans | Effect of the asset ceiling
Reconciliation of net liabilities recognized in the statement of financial position
Net liabilities recognized	(862)	(864)
Underfunded pension plans
Reconciliation of net liabilities recognized in the statement of financial position
Net liabilities recognized	(343)	(641)
Current liabilities	(41)	(47)
Non-current liabilities	(302)	(594)
Liabilities	(343)	(641)
Underfunded pension plans | Present value of actuarial liabilities
Reconciliation of net liabilities recognized in the statement of financial position
Net liabilities recognized	(4,440)	(4,632)
Underfunded pension plans | Fair value of assets
Reconciliation of net liabilities recognized in the statement of financial position
Net liabilities recognized	4,097	3,991
Other benefits
Reconciliation of net liabilities recognized in the statement of financial position
Net liabilities recognized	(1,668)	(1,733)
Current liabilities	(72)	(96)
Non-current liabilities	(1,596)	(1,637)
Liabilities	(1,668)	(1,733)
Other benefits | Present value of actuarial liabilities
Reconciliation of net liabilities recognized in the statement of financial position
Net liabilities recognized	$ (1,668)	$ (1,733)

Stockholders' equity - Share ca

Stockholders' equity - Share capital (Details) $ in Millions	Jun. 30, 2021USD ($)shares
Stockholders' equity
Shares outstanding	5,037,713,236
Shares in treasury	246,761,546
Total issued shares	5,284,474,782
Share capital per class of shares (in millions) | $	$ 61,614
Shareholders with more than 5% of total capital
Stockholders' equity
Shares outstanding	1,904,734,340
previ
Stockholders' equity
Shares outstanding	447,780,782
Capital World Investors
Stockholders' equity
Shares outstanding	302,201,922
Bradespar S.A.
Stockholders' equity
Shares outstanding	293,907,266
Mitsui & Co., Ltd
Stockholders' equity
Shares outstanding	286,347,055
Blackrock, Inc
Stockholders' equity
Shares outstanding	279,562,772
Capital Research Global Investors
Stockholders' equity
Shares outstanding	294,934,543
Golden shares
Stockholders' equity
Shares outstanding	12
Total issued shares	12
Others
Stockholders' equity
Shares outstanding	3,132,978,884
Common share
Stockholders' equity
Shares outstanding	5,037,713,224
Shares in treasury	246,761,546
Total issued shares	5,284,474,770
Common share | Shareholders with more than 5% of total capital
Stockholders' equity
Shares outstanding	1,904,734,340
Common share | previ
Stockholders' equity
Shares outstanding	447,780,782
Common share | Capital World Investors
Stockholders' equity
Shares outstanding	302,201,922
Common share | Bradespar S.A.
Stockholders' equity
Shares outstanding	293,907,266
Common share | Mitsui & Co., Ltd
Stockholders' equity
Shares outstanding	286,347,055
Common share | Blackrock, Inc
Stockholders' equity
Shares outstanding	279,562,772
Common share | Capital Research Global Investors
Stockholders' equity
Shares outstanding	294,934,543
Common share | Others
Stockholders' equity
Shares outstanding	3,132,978,884

Stockholders' equity - Share bu

Stockholders' equity - Share buyback (Details) R$ / shares in Units, $ / shares in Units, R$ in Millions, $ in Millions	Apr. 01, 2021shares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021BRL (R$)	Jun. 30, 2021R$ / sharesshares
Disclosure of classes of share capital [line items]
Repurchased shares will be cancelled after expiration	12 months
Value of shares acquired			$ 2,004	R$ 10407
Common share
Disclosure of classes of share capital [line items]
Share buyback program, number of shares authorized to be repurchased	270,000,000
Total number of outstanding shares	5.30%
Number of shares repurchased		93,088,200	93,088,200		93,088,200
Repurchased shares average price | (per share)		$ 21.52	$ 21.52		R$ 111.79
Value of shares acquired | $		$ 2,004

Stockholders' equity - Treasury

Stockholders' equity - Treasury shares (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stockholders' equity
Assignment and transfer of shares	$ 7	$ 14
Treasury shares
Stockholders' equity
Number of treasury shares re-issued as compensation	890,482	1,628,485
Assignment and transfer of shares	$ 7	$ 14

Stockholders' equity - Stockhol

Stockholders' equity - Stockholder's remuneration (Details) R$ / shares in Units, R$ in Millions, $ in Millions	Jun. 30, 2021R$ / shares	Jun. 17, 2021USD ($)	Jun. 17, 2021BRL (R$)	Mar. 15, 2021USD ($)	Mar. 15, 2021BRL (R$)	Feb. 25, 2021USD ($)	Feb. 25, 2021BRL (R$)R$ / shares	Jun. 30, 2021USD ($)	Jun. 30, 2021BRL (R$)
Stockholders' equity
Dividends recognised as distributions to owners		$ 2,200	R$ 11046			$ 3,972	R$ 21866
Remuneration (in dollars per share)	R$ 2.177096137						R$ 4.262386983
Stockholders' remuneration based on interest on capital				$ 762	R$ 4288
Dividends recognised as distributions to owners of parent				$ 3,122	R$ 17578			$ 5,043
Amount relates to anticipation of year end								724	R$ 3634
Amount paid from company's profit reserves								$ 1,476	R$ 7412

Related parties - Transactions

Related parties - Transactions with related parties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2021	Jun. 30, 2019
Transactions with related parties
Net operating revenue	$ 308	$ 180	$ 582	$ 342
Cost and operating expenses	(156)	(266)	(338)	(539)
Financial result	119	(3)	(389)	(3)
Joint Ventures
Transactions with related parties
Net operating revenue	180	68	341	137
Cost and operating expenses	(152)	(261)	(329)	(528)
Financial result	(21)	8	(8)	29
Associates
Transactions with related parties
Net operating revenue	67	57	127	118
Cost and operating expenses	(4)	(5)	(9)	(11)
Financial result	(1)	2	(1)	4
Stockholders
Transactions with related parties
Net operating revenue	61	55	114	87
Financial result	$ 141	$ (13)	$ (380)	$ (36)

Related parties - Outstanding b

Related parties - Outstanding balances with related parties (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2019
Outstanding balances with related parties
Cash and cash equivalents	$ 1,352	$ 2,082
Accounts receivable	205	156
Dividends receivable	26	19
Loans		1,118
Derivatives financial instruments	112	2
Other assets	41	70
Supplier and contractors	184	166
Loans		2,329
Derivatives financial instruments	283	242
Other liabilities	308	283
Joint Ventures
Outstanding balances with related parties
Accounts receivable	175	109
Dividends receivable	26	19
Loans		1,118
Other assets	38	68
Supplier and contractors	157	121
Other liabilities	188	235
Associates
Outstanding balances with related parties
Accounts receivable	28	45
Other assets	3	2
Supplier and contractors	4	10
Loans		1,385
Other liabilities	120	48
Stockholders
Outstanding balances with related parties
Cash and cash equivalents	1,352	2,082
Accounts receivable	2	2
Derivatives financial instruments	112	2
Supplier and contractors	23	35
Loans		944
Derivatives financial instruments	$ 283	$ 242