On the morning of March 21, 2024, Jiang Wei, Vice President and Secretary-General of the China Iron and Steel Association, received visiting Vale CEO Eduardo Bartolomeo and his party. The two sides discussed the operation of the steel industry, imported iron ore market and promoting green and low-carbon development of the steel industry. There were candid and friendly exchanges.

Jiang Wei introduced the basic operation situation and future development trend of China's steel industry. He said that China is still in the process of industrialization, steel output will remain at a high level for a long time, product structure will continue to be adjusted and optimized, and demand for high-quality steel in new energy, shipbuilding, automobiles, steel structure, home appliances and other manufacturing industries will increase. China's steel green and low-carbon transformation continues to advance and has achieved phased results, increasing demand for green mineral resources. VALE continues to increase investment in mineral resources and increase the development of high-quality mineral resources, which will help achieve win-win cooperation between the two parties. Jiang Wei pointed out that in recent years, iron ore prices have continued to rise while steel prices have fallen, and the benefits of steel companies have dropped sharply. Both sides should work hard to strengthen cooperation between iron ore and steel industry chains to achieve coordinated and healthy development of the industrial chain.

Bai Anduo introduced Vale Group's strategic adjustments and production and capacity expansion in recent years, including divesting non-main business assets and focusing on the development of two major business segments: iron ore solutions and energy transformation metals. In 2023, Vale's iron ore output will reach 321 million tons, exceeding the target of guiding production for the whole year. Three new projects in the south and north have obtained mining licenses and are under construction. They will be put into operation this year and next year respectively, which will bring 50 million tons of high-quality iron ore to Vale. It is estimated that by 2026, Vale's iron ore output will reach 340 million tons to 360 million tons. Boanduo said that Vale hopes to strengthen cooperation with Chinese customers, accelerate the research and development and application of green and low-carbon products, and continue to supply high-quality iron ore resources to the Chinese market.

Gustavo Pimenta, chief financial officer of Vale, Marcello Spinelli, executive vice president of iron ore solutions, Bruno Pina, director of global iron ore sales, Xie Xue, president of China, Luo Tiejun, vice president of the Steel Association, chief economist Wang Yingsheng and relevant personnel attended the meeting.