United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

For the month of

April 2025

Vale S.A.

Praia de Botafogo nº 186, 18º andar, Botafogo
22250-145 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F x Form 40-F ¨

¹ Includes adjustment of US$ 167 million in 1Q25, US$ 113 million in 4Q24 and US$ 67 million in 1Q24 to reflect the performance of the streaming transactions at market price. ² Excluding expenses related to Brumadinho. ³ Including the EBITDA from associates and JVs. Historical figures were restated. ⁴ Including leases (IFRS 16).

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Financials

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EBITDA

Proforma EBITDA of US$ 3.2 billion in 1Q25, 8% lower y/y, mainly as a result of 16% lower iron ore reference prices, partially offset by the positive effect of the BRL depreciation, as well as by lower costs and expenses in the iron ore business and at Vale Base Metals.

Proforma EBITDA 1Q25 vs. 1Q24 - US$ million

¹ Excluding Brumadinho expenses. 1Q24 Proforma EBITDA was restated including one-off events (US$ 24 million). ² Including Associates and JV’s EBITDA and volume effects.

Net Income

Proforma net income was US$ 1.5 billion in 1Q25, 13% lower y/y, mainly due to lower Proforma EBITDA and higher income taxes, largely related to the effect of energy assets held for sale. These effects were partially offset by a positive impact from financial results, driven by the appreciation of the BRL against the US dollar, which positively impacted the mark-to-market valuation of swaps. Net income attributable to Vale’s shareholders was US$ 1.4 billion, 17% lower y/y.

Proforma net income 1Q25 vs. 1Q24 – US$ million

¹ Excluding US$ 32 million in taxes impacted by non-recurring items. ² Excluding US$ 117 million in impairment. ³ Including variations of (i) US$ -65 million equity results on associates and JVs and other results, (ii) US$ 6 million in Net income (loss) attributable to noncontrolling interests, (iii) US$ 10 million in depreciation, depletion & amortization and (iv) US$ 11 million in EBITDA from associates and JVs.

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Capital Expenditures

Total CAPEX

Growth Projects

Investments in growth projects totaled US$ 312 million, US$ 55 million (-15%) lower y/y, mainly as a result of lower disbursements in the Iron Ore Solutions segment as the Capanema and Carajás Railway Expansion projects ramp-up.

Sustaining Investments

Sustaining investments totaled US$ 862 million, US$ 166 million (-16%) lower y/y, mainly as a result of lower expenditures in nickel with the commissioning of the second underground mine, Eastern Deeps, within the Voisey´s Bay Mine Expansion (VBME) project in 4Q24, as well as lower expenditures in mine and railway equipment with the commissioning of Iron Ore Solutions projects.

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Free cash flow

Recurring Free Cash Flow generation reached US$ 504 million in 1Q25, US$ 1.741 billion lower y/y, mainly explained by working capital variation (US$ 1.776 billion lower y/y), due to lower cash collection from accrued sales at the end of 2024 and seasonal factors, such as disbursements related to profit sharing combined with the increase in inventories balance.

Vale’s cash position was seasonally impacted by the US$ 1.979 billion paid in dividends and interest on capital. This was partially offset by continued debt liability management, with US$ 671 million net cash raised.

Free Cash Flow 1Q25 - US$ million

¹ Includes interests in loans and borrowings (US$ -240 million), leasing (US$ -30 million), other financial expenses/revenues (US$ 17 million) and income taxes and REFIS (US$ -596 million). ² Related to Associates and Joint Ventures EBITDA that was included in the Proforma EBITDA, net of dividends received. ³ Includes incurred expenses on Brumadinho (US$ -67 million) and payments on dam decharacterization (US$ -79 million). ⁴ Includes disbursements related to railway concession contracts (US$ -81 million), streaming transactions (US$ -167 million), net cash received on settlement of derivatives (US$ 134 million), and others. ⁵ Payments related to Brumadinho and Samarco. Excludes incurred expenses. ⁶ Includes disbursements of US$ 1.979 billion in dividends and interest on capital and US$ 940 million in debt repayment. These were partially offset by US$ 1.611 billion in new loans & bonds.

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Debt

Expanded net debt increased by US$ 1.8 billion q/q, totaling US$ 18.2 billion, with an increase in net debt to US$ 12.2 billion (US$ 1.7 billion higher q/q), as a result of dividends and interest in capital paid in the quarter.

Gross debt and leases reached US$ 16.2 billion as of March 31^st, 2025, US$ 0.7 billion higher q/q, mainly as a result of the issuance of bonds in the amount of US$ 750 million due in 2054, which was partially used to retrieve bonds due in 2034, 2036 and 2039.

The average debt maturity increased to 9.5 years at the end of 1Q25 from 8.7 years at the end of 4Q24, after the bonds issued in February 2025. The average annual cost of debt after currency and interest rate swaps was 5.5%, falling from 5.7% at the end of 4Q24.

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Segments’ Performance

Proforma EBITDA from continuing operations, by business area:

Segment information 1Q25

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Highlights

Adjusted EBITDA per segment

Iron Ore Solutions EBITDA was US$ 2,887 billion, 17% lower y/y, mostly explained by a 16% decrease of the iron ore 62%Fe price index.

In Iron Ore Fines, EBITDA decreased by 7% y/y, totaling US$ 2,333 billion, mostly explained by lower realized prices (US$ 568 million). This effect was partially offset by higher sales volumes (US$ 174 million), the positive effect of the BRL depreciation (US$ 165 million), and lower freight costs (US$ 38 million).

In Iron Ore Pellets, EBITDA decreased by 39% y/y, totaling US$ 536 million, mostly explained by lower average realized prices (US$ 243 million) and lower sales volumes (US$ 168 million). These effects were partially offset by the positive effect of the BRL depreciation (US$ 58 million).

EBITDA variation – US$ million (1Q25 vs. 1Q24)

¹ Excludes freight costs. ² Includes associates and JV’s EBITDA and others.

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Iron Ore Fines

Product mix

Revenues

The average realized Iron Ore Fines price was US$ 90.8/t, US$ 2.2/t lower q/q, mainly due to lower Quality and Premiums (US$ -1.3/t vs. US$1.0/t in 4Q24), impacted by seasonally lower availability of Northern System ores and lower market premiums.

The all-in premium decreased by US$ 2.8/t q/q, totaling US$ 1.8/t, and was also impacted by lower iron ore fines premiums.

Price realization Iron Ore Fines – US$/t 1Q25

¹ Includes quality (US$ 0.7/t) and premiums/discounts and commercial conditions (US$ -2.0/t). ² Adjustment as a result of provisional prices booked in 4Q24 at US$ 100.8/t. ³ Difference between the weighted average of the prices provisionally set at the end of 1Q25 at US$ 101.8/t based on forward curves and US$ 103.6/t from the 1Q25 average reference price. ⁴ Includes freight pricing mechanisms of CFR sales freight recognition. ⁵ Vale’s price is net of taxes.

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Costs and expenses

Iron ore fines and pellets all-in costs (cash cost break-even landed in China)

Iron ore fines C1 production costs

The C1 cash cost, excluding third-party purchases, reached US$ 21.0/t in Q1, US$ 2.5/t lower y/y despite inflationary impacts.

The reduction was mainly driven by: (i) the positive impact of the BRL depreciation, and (ii) the benefit of consuming inventories with sequentially lower costs from previous quarters, creating a positive inventory turnover effect. These gains were partially offset by (i) higher material costs, driven by inflation and higher trucks' utilization for waste movement in the Northern System due to higher rainfall and (ii) lower fixed cost dilution driven by lower production volumes.

Vale remains highly confident in achieving its C1 cash cost guidance for 2025, excluding third-party purchases (US$ 20.5−22.0/t).

C1 cash cost, excluding third-party purchase costs - US$/t, 1Q25 vs. 1Q24

¹ Including personal, services, maintenance, demurrage, diesel, energy and others.

Vale's maritime freight cost averaged US$ 18.6/t, US$ 1.4/t lower q/q, mainly as a result of seasonal lower exposure to spot freight rates (US$ 0.7/t lower q/q) and lower spot freight rates (US$ 0.6/t lower q/q). CFR sales totaled 50.9 Mt in Q1, representing 90% of total iron ore fines sales.

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Pellets

Pellets sales reached 7.5 Mt, 26% lower q/q and 19% lower y/y, driven by lower pellet feed availability, impacted by maintenance in Itabira and higher rainfall levels in the Northern System.

The average realized iron ore pellets price was US$ 140.8/t, US$ 2.2/t lower q/q, mainly impacted by lower quarterly contractual premiums.

Pellets’ cash costs per ton were 3% higher q/q, totaling US$ 74.6/t, mainly as a result of lower fixed cost dilution. FOB sales represented 55% of total sales.

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Highlights

Adjusted EBITDA

EBITDA increased by 116% y/y, mainly driven by the strong performance of the Copper business.

In Copper, EBITDA increased by 92% y/y, positively impacted by higher realized copper prices (US$ 73 million) and stronger by-product revenues (US$ 109 million).

In Nickel, EBITDA increased by US$ 24 million, benefiting from lower external feed costs due to the impact of LME prices in refineries operations, alongside the Onça Puma resumption after the furnace rebuild, driving costs lower. These effects were partially offset by the reduction in the average realized price of nickel and higher cost due to PTVI divestment.

EBITDA variation – US$ million (1Q25 vs. 1Q24)

¹ Includes an adjustment of US$ 167 million in 1Q25 and US$ 67 million in 1Q24 to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027.
² Includes variations of (i) US$ 96 million in PPA, (iii) US$ 20 million in realized prices for copper and nickel and (iii) US$ 93 million in realized prices for by-products. ³ Includes variations of (i) US$ 71 million in lower costs of external feed due to the impact of LME prices in Refineries operation and, (ii) US$ 14 million in costs improvements from the resumption operation in Onça Puma after furnace rebuild, partially offset by (i) US$ 26 million in inventory turnover effects and (ii) US$ 9 million in higher energy costs. ⁴ Including a variation of US$ 28 million in by-products volumes.

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Copper

Adjusted EBITDA

Revenues

Net revenues increased by 41% y/y, mainly due to higher realized copper prices, as well as higher by-products revenues. The higher by-product revenue resulted from higher gold prices (US$ 82 million) and the increase in gold volumes sold in copper concentrates (US$ 22 million).

The average realized copper price was up 16% y/y as a result of higher average LME copper price and lower TC/RC discounts, reflecting a tight concentrates market. Sequentially, the average realized copper price was 3% lower due to final price adjustments.

Average realized copper price 1Q25 – US$/t

Note: Vale’s copper products are sold on a provisional pricing basis, with final prices determined in a future period. The average copper realized price excludes the mark-to-market of open invoices based on the copper price forward curve (unrealized provisional price adjustments) and includes the prior and current period price adjustments (realized provisional price adjustments).

¹ Current-period price adjustments: Final invoices that were provisionally priced and settled within the quarter. ² Prior-period price adjustment: Final invoices of sales provisionally priced in prior quarters. ³ TC/RCs, penalties, premiums, and discounts for intermediate products.

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Costs & Expenses

All-in costs (EBITDA breakeven)

All-in costs decreased by 63% y/y, driven by (i) higher by-products revenues, (ii) lower unit costs, and (iii) lower TC/RCs, and other discounts.

Unit COGS decreased by 4% y/y mainly driven by higher fixed cost dilution at Salobo and Sossego.

Unit COGS, net of by-products, decreased by 69% y/y mainly reflecting the positive impact of by-products revenues at both Salobo and Sossego, following strong gold prices.

Unit COGS, net of by-products, by operation

Unit expenses were 24% lower y/y, mainly as a result of lower R&D expenditures.

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Nickel

Adjusted EBITDA

Revenues

Revenues increased by 16% y/y, mainly as a result of stronger nickel sales volumes.

The average realized nickel price was US$ 16,106/t, down 4% y/y, mainly due to a 6% lower LME nickel average prices. On a sequential basis, the realized nickel price was stable as higher realized premiums offset the 3% decrease in LME prices.

In 1Q25, the average realized nickel price was 3% higher than the LME average, mainly due to the 73% share of Upper-Class I products in North Atlantic’ mix, with an overall positive impact on premiums of US$ 535/t.

Average realized nickel price 1Q25 – US$/t

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Costs & Expenses

All-in costs (EBITDA breakeven)

All-in costs increased by 6% y/y, mainly driven by PTVI’s deconsolidation.

All-in costs, PTVI-adjusted, decreased by 8% y/y, primarily driven by lower unit COGS.

Unit COGS, excluding external feed purchases, decreased by 6% y/y, mainly driven by higher fixed cost dilution.

Unit COGS increased by 4% y/y and 13% q/q due to PTVI deconsolidation, partially offset by lower acquisition costs for external feed, due to lower LME prices.

Unit by-product revenues were 11% lower y/y, mainly driven by sales volume dilution.

Unit COGS, net of by-products, by operation

Expenses were stable y/y, with unit expenses decreasing due to higher volumes.

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Except where otherwise indicated, the operational and financial information in this release is based on the consolidated figures in accordance with IFRS. Our quarterly financial statements are reviewed by the company’s independent auditors. The main subsidiaries that are consolidated are the following: Companhia Portuária da Baía de Sepetiba, Vale Manganês S.A., Minerações Brasileiras Reunidas S.A., Vale Base Metals Ltd, Salobo Metais S.A, Tecnored Desenvolvimento Tecnológico S.A., Aliança Geração de Energia S.A., Vale Holdings B.V, Vale Canada Limited, Vale International S.A., Vale Malaysia Minerals Sdn. Bhd. and Vale Oman Pelletizing Company LLC.

This press release may include statements about Vale’s current expectations about future events or results (forward-looking statements). Many of those forward-looking statements can be identified by the use of forward-looking words such as ”anticipate,” ”believe,” ”could,” ”expect,” ”should,” ”plan,” ”intend,” ”estimate” “will” and ”potential,” among others. All forward-looking statements involve various risks and uncertainties. Vale cannot guarantee that these statements will prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. Vale cautions you that actual results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future events or for any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports that Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and, in particular, the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F.

The information contained in this press release includes financial measures that are not prepared in accordance with IFRS. These non-IFRS measures differ from the most directly comparable measures determined under IFRS, but we have not presented a reconciliation to the most directly comparable IFRS measures, because the non-IFRS measures are forward-looking and a reconciliation cannot be prepared without unreasonable effort.

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Annex 1: Detailed Financial Information

Simplified financial statements

Equity income (loss) by business segment

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Reconciliation of IFRS and “non-GAAP” information

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