Vale S.A.

NYSE: VALE30Laggard· Provisional

0 followersIron ore & base metals mining·Rio de Janeiro, Brazil·Founded 1942

www.vale.com

The world's largest iron ore and nickel producer, whose Scope 3 emissions from downstream steelmaking make it one of the highest indirect emitters among global mining companies.

30/100

Laggard· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: highData confidence: high

Why it's on ClimateTicker

Vale is the world's largest iron ore and nickel producer whose core business feeds the global steel industry — one of the highest-emitting sectors on earth — making its Scope 3 footprint (~458 Mt CO2e) dwarfing its own operational emissions by roughly 60x; it markets high-grade ore and iron ore briquettes as decarbonization enablers for steelmakers, a claim that is partially credible but structurally limited since it cannot control how its customers use the product. Investors should treat Vale as a 'transitional materials' play with genuine but early-stage operational decarbonization efforts, a catastrophic legacy of dam failures, and climate targets that are Paris-aligned for Scopes 1&2 but whose Scope 3 trajectory is largely production-volume-driven rather than technology-driven.

laggardVale generates revenue by mining and selling iron ore, iron ore pellets, nickel, copper, and cobalt globally, with China as its dominant demand driver; it also produces iron ore briquettes as a lower-carbon steelmaking input marketed as a decarbonization product for steel customers.

Commitments & Certifications

other: Disclosed — score not publicly confirmed ↗other: Voluntary Early Adopter ↗other: Not validated ↗other: Implemented ↗

Controversy & Greenwashing Watch

mediumScope 3 Emission Reduction Driven by Volume Cuts, Not Technology

Vale's own disclosures acknowledge that its reported 13% Scope 3 and 27% Scope 1&2 reductions are primarily due to lower production volumes rather than structural decarbonization, and that emissions are expected to rise as production increases.source ↗

mediumCVM (Brazil SEC) Ongoing Investigation into Dam Disclosures

Brazil's securities regulator CVM continues its own investigation into Vale's disclosure of relevant information to shareholders and the market regarding dam conditions and management.source ↗

highSEC Securities Fraud Settlement — Dam Safety Disclosures

The U.S. SEC filed a 2022 lawsuit alleging Vale made false and misleading pre-Brumadinho dam-safety disclosures; Vale settled for US$56 million in 2023 without admitting or denying fraud.source ↗

highBrumadinho Tailings Dam Failure — 270 Fatalities

In January 2019, Vale's Dam I at Córrego do Feijão mine collapsed, killing 270 people, releasing tailings across 315 km of the Paraopeba River, and triggering a global settlement, ongoing litigation, and a US SEC securities fraud lawsuit settled for US$56 million in 2023.source ↗

highSamarco Fundão Dam Failure — ~US$31.7B Definitive Settlement

Vale's 50%-owned joint venture Samarco suffered a 2015 tailings dam collapse killing 19 people and devastating the Doce River; Vale and BHP are negotiating a ~US$31.7 billion Definitive Settlement with the Brazilian federal and state governments as of late 2024.source ↗

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