UBS has taken a neutral position on Vale S.A., a major player in the metallurgical and mining sectors. The company generates a significant portion of its revenue from ferrous minerals and metals, accounting for 80.2% of total sales.

Within this category, ferrous minerals dominate, contributing 85.1% of revenue with 254 million tons sold in 2020. Other notable segments include ferrous mineral granules at 13.2% and a small fraction from ferroalloys and manganese.

In the non-ferrous minerals and metals sector, Vale S.A. reported 17.9% of revenue, primarily from nickel, precious metals, and cobalt, which together made up 69.7% of this segment, with 211 Kt of nickel sold. Copper accounted for the remaining 30.3% with 247 Kt sold.

The company also engages in coal production, representing 1.2% of revenue, with metallurgical and thermal coal sales totaling 5.9 million tons.

Geographically, Vale's sales are heavily concentrated in China, which comprises 57.8% of total sales. Other key markets include Brazil (7.3%), Japan (5.5%), and Europe (13.3%). The company's diverse product offerings and global reach highlight its significant role in the mining industry.