Financial PerformanceNet debt increased to $16.472bn from $14.7bn mainly due to the additional provisions related to Samarco and the Renova Foundation.
Legal RisksA UK court case, with a US$46bn lawsuit, remains an overhang and introduces additional risk for the company.
Market OutlookThere is caution over the iron ore outlook, as a potential price reversion to US$90/ton by 2025 could lead to subdued performance for Vale.