• VALE S.A average debt/equity ratio for 2023 was 0.39, a 7.14% decline from 2022.
• VALE S.A average debt/equity ratio for 2022 was 0.42, a 8.7% decline from 2021.
• VALE S.A average debt/equity ratio for 2021 was 0.46, a 8% decline from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.