Vale S.A., a major player in the metallurgical and mining sectors, has been given a neutral stance by UBS. The company's revenue is largely derived from ferrous minerals and metals, which account for 80.2% of total sales.

In 2020, Vale sold 254 million tons of ferrous minerals, with this segment contributing 85.1% to the overall revenue. Smaller portions of revenue come from ferrous mineral granules (13.2%) and ferroalloys (0.7%). Non-ferrous minerals and metals make up 17.9% of Vale's revenue, with nickel and cobalt comprising 69.7% of this category, and copper making up the remaining 30.3%. Coal sales, including metallurgical and thermal coal, contribute 1.2% to the overall revenue.

Vale's sales are primarily concentrated in China (57.8% of total sales), followed by Europe (13.3%), Japan (5.5%), and Brazil (7.3%). The company's diverse product offerings and global reach highlight its significant role in the mining industry.