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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

July 2014

Vale S.A.

Avenida Graça Aranha, No. 26
20030-900 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  o

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1))

(Check One) Yes  o  No  x

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7))

(Check One) Yes  o  No  x

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(Check One) Yes  o  No  x

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82-   .)

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GENERATING STRONG FREE CASH FLOW

VALE’S PERFORMANCE IN 2Q14

Rio de Janeiro, July 31, 2014 — Vale S.A. (Vale) delivered a strong operational performance in 2Q14, with iron ore production reaching 79.4 Mt, the best performance for a second quarter ever, with Carajás production reaching 29.3 Mt, due to the successful ramp-up of Plant 2.

Despite lower iron ore prices, Vale comfortably paid dividends in the amount of US$ 2.1 billion, while maintaining its total debt level at US$ 30.257 billion and preserving a similar cash position to the one in 1Q14 in the amount of US$ 7.067 billion.

In 2Q14 Vale posted an adjusted EBITDA of US$ 4.104 billion, including an improved contribution of US$ 609 million from the base metals business, on the back of improved EBITDA at Salobo (US$ 87 million), Onça Puma (US$ 106 million) and PT Vale Indonesia (US$ 107 million), and despite the effects of major planned maintenance in our Sudbury operations. Gross sales revenues were US$ 10.079 billion, an increase of 4.1% vs. 1Q14, despite the lower prices of iron ore.

In 1H14, we managed to reduce costs and expenses by US$ 249 million(1) vs. 1H13, with savings of US$ 31 million in 2Q14 vs. 2Q13, despite the maintenance stoppage in Sudbury and the additional costs associated with the interruption of production in VNC. Comparing 1H14 with 1H13, SG&A(2) decreased by US$ 144 million (25.3%), above our 10% reduction target for the year. R&D decreased by US$ 22 million (6.7%) and pre-operating and stoppage expenses(3) decreased by US$ 282 million (39.9%), still short of our 50% savings target.

In the first half of 2014, Vale’s capital expenditures totaled US$ 5.056 billion, representing a decrease of US$ 2.105 billion when compared to the US$ 7.161 billion spent in the first half of 2013. In the semester, sustaining capex amounted to US$ 1.658 billion, showing a decrease of about 21% when compared to 1H13.

Net income totaled US$ 1.428 billion against US$ 2.515 billion in the previous quarter, reflecting the effects of impairment on assets related to Simandou and the Integra Coal mine. Discussions with the Government of Guinea are advancing towards the recognition of and some sort of compensation for Vale´s investments made in the country. We remain diligent in developing alternatives that may enable us to retrieve value from those assets in the future.

We achieved solid results in ferrous minerals albeit at lower prices

·      Adjusted EBITDA for iron ore in 2Q14 of US$ 2.679 billion, in line with 1Q14, despite the lower iron ore prices.

·      Iron ore production of 79.4 Mt(4) in 2Q14, mainly due to the ramp-ups of Plant 2 (Additional 40Mt) and Conceição Itabiritos.

·      Iron ore and pellet sales volumes of 76.9 Mt in 2Q14, 13.4% higher than in 1Q14.

BM&F BOVESPA: VALE3, VALE5

NYSE: VALE, VALE.P

HKEx: 6210, 6230

EURONEXT PARIS: VALE3, VALE5

LATIBEX: XVALO, XVALP

www.vale.com

rio@vale.com

Investor Relations Department

Rogério T. Nogueira

Andre Figueiredo

Carla Albano Miller

Andrea Gutman

Claudia Rodrigues

Marcelo Bonança

Marcelo Lobato

Marcio Loures Penna

Tel: (55 21) 3814-4540

(1)  Amount is net of depreciation. Reduction calculated after adjusting for the US$ 244 million one-off positive impact from the gold stream transaction in 1Q13.

(2)  Amount is net of depreciation.

(3)  Amount is net of depreciation.

(4)  Production volume excludes 3.1 Mt of Samarco’s attributable production.

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·      Average realized price for iron ore fines (ex-ROM(5)) of US$ 84.6/wmt vs. the average Platt’s IODEX 62% of US$ 102.6/dmt (CFR China) in 2Q14, indicating a softer drop in Vale´s realized prices than the drop in the IODEX reference price.

·      Over 2Mt of inventory stockpiled in the Malaysia distribution center to blend different quality ores, facilitate logistics and generate stronger cash flow in the near future.

Achieving consistent cash flows in base metals

·             Adjusted EBITDA reached US$ 609 million in 2Q14 despite major planned maintenance work in Sudbury, accumulating US$ 1.158 billion in 1H14.

·             During this year’s scheduled maintenance at some surface facilities, the Sudbury mines — which are the bottleneck in the Sudbury system — did not stop producing, building up inventory of ore and concentrates to be smelted and refined in the second half of the year. As a result, a stronger refined nickel output is naturally expected for the 2H14, compensating the planned lower production from 2Q14.

·      Salobo I and Onça Puma(6), which are still in ramp-up, generated consistent cash flows and contributed with 32% of Vale´s base metals EBITDA in 2Q14.

·      Sales revenues achieved US$ 1.889 billion, 9.3% higher than in 1Q14, due to better sales prices, which more than offset the effect of lower sales volumes, due to the maintenance stoppage in Sudbury and in Clydach.

·      Salobo II was concluded on time and under budget, with total capex of US$ 1.220 billion as of the end of the 2Q14, marking a successful phase of investments in our copper operations. Investments in Salobo I and II totaled US$ 3.727 billion, out of a budget of US$ 4.214 billion.

·      First production of copper concentrate at Salobo II was achieved on June 5, 2014.

Focusing on long term profitability of coal business

·    Negative adjusted EBITDA of US$ 154 million due to low coal prices and the low utilization of the Moatize asset base as a result of the restricted rail and port capacity, which will only be achieved with the conclusion of the Nacala Corridor.

·    Placement of the Integra Coal mine in care and maintenance, as part of an ongoing turnaround, with the recognition of an impairment loss of US$ 274 million in 2Q14.

·    Total coal output in 2Q14 of 2.2 Mt, 23.8% higher than in 1Q14, mostly due to the stronger performance of Carborough Downs, after the longwall move in the previous quarter.

·   Capex of US$ 150 million incurred in Moatize II in 2Q14, achieving 66% of physical progress,  with the start of the assembly of the steel structure on the primary crusher and conclusion of the civil construction work for the rail loop.

·   Achievement of 77% physical progress at the greenfield sections of the Nacala Corridor Railway (first train expected in 4Q14), and 68% at the Nacala Port (first shipment expected in 1Q15).

Improving fertilizers operational results

·      Adjusted EBITDA for the fertilizer business increased to US$ 72 million in 2Q14 from US$ 35 million in 1Q14, mostly due to the positive impact of sales prices.

·      Production of phosphate rock reached 2.1 Mt, a record output for a second quarter, and represented a production increase of 9.9% and 11.9% when compared to 1Q14 and 2Q13, respectively. Production grew in Brazil and Peru.

(5)  Run-of-Mine (ROM) sold in the domestic market.

(6)  Including US$ 60 million received as insurance for Onça Puma’s furnace.

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In 2Q14 Vale advanced its projects under execution, continued the ramp-up of important operations and further reduced costs, expenses and capital expenditures, reinforcing its objective of generating positive cash flows in any price scenario.

SELECTED FINANCIAL INDICATORS

Except where otherwise indicated the operational and financial information in this release is based on the consolidated figures in accordance with IFRS and, with the exception of information on investments and behavior of markets, quarterly financial statements are reviewed by the company’s independent auditors. The main subsidiaries that are consolidated are the following: Compañia Minera Miski Mayo S.A.C., Mineração Corumbaense Reunida S.A., PT Vale Indonesia Tbk, Salobo Metais S.A, Vale Australia Pty Ltd., Vale International Holdings GMBH, Vale Canada Limited, Vale Fertilizantes S.A., Vale International S.A., Vale Manganês S.A., Vale Mina do Azul S.A., Vale Moçambique S.A., Vale Nouvelle-Calédonie SAS, Vale Oman Pelletizing Company LLC and Vale Shipping Holding PTE Ltd..

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OPERATING REVENUES

Operating revenues in 2Q14 increased to US$ 10.079 billion, 4.1% higher than 1Q14. The increase was primarily a result of higher iron ore sales volumes (US$ 872 million) and higher base metals prices (US$ 245 million), which were partly offset by lower iron ore sales prices (US$ 649 million).

The share of the ferrous minerals business — iron ore, pellets, manganese ore and ferroalloys — in operating revenues decreased to 70.0% from 71.7% in 1Q14. Base metals improved its share in revenues from 17.8% in 1Q14 to 18.7% in 2Q14, mainly due to the improvement in nickel prices, while fertilizers grew its share from 5.9% in 1Q14 to 6.6% in 2Q14 and coal improved from 1.4% to 2.0%.

In 2Q14 sales to Asia over total sales increased to 53.5% from 50.1% in 1Q14, while the shares of sales to Americas, Europe and the Middle East decreased. Sales to the Americas represented 24.6% of total sales, Europe 17.4%, the Middle East 2.8% and the rest of the world contributed 1.8%.

Sales to China represented 35.3% of total revenues in 2Q14, Brazil 16.3%, Japan 9.9%, Germany 5.6%, South Korea 4.4% and the United States 3.7%.

GROSS OPERATING REVENUE BY BUSINESS AREAS

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GROSS OPERATING REVENUE BY DESTINATION

COSTS AND EXPENSES

In 1H14, costs and expenses, net of depreciation charges, decreased by US$ 249 million when compared to 1H13, after adjusting for the US$ 244 million one-off effect of the gold stream transaction.

Cost of Goods Sold (COGS)

In 2Q14, COGS was US$ 6.081 billion, a decrease of US$ 122 million when compared to 1Q14, after adjusting for higher volumes (US$ 445 million) and exchange rate (US$ 168 million)(7). The main driver of cost decrease after adjusting for volumes and exchange rate was materials.

Total materials costs were US$ 816 million in 2Q14, in line with the previous quarter. After adjusting for higher volumes (US$ 58 million) and exchange rate variations (US$ 29 million), there was a net decrease of US$ 81 million in materials costs, reflecting lower costs with the coal (US$ 83 million) and base metals operations (US$ 14 million).

TOTAL COST OF GOODS SOLD - 1Q14 x 2Q14 (US$ million)

Disclaimer: The effects of volume, exchange rate and other variations are not accounting figures and are calculated for managerial purposes.

(7)  COGS currency exposure in 2Q14 was made up as follows: 52% Brazilian Reais, 30% US dollar, 14% Canadian dollar, 2% Australian dollar and 2% other currencies.

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COGS increased by US$ 148 million in 2Q14 versus 2Q13, after adjusting for higher volumes (US$ 262 million) and exchange rate (-US$ 246 million). The main negative underlying factor was outsourced services (US$ 144 million), which was partially compensated by materials (US$ 121 million).

Outsourced services reflected mainly higher costs in the base metals (US$ 55 million), iron ore (US$ 48 million) and pellets segments (US$ 25 million).

TOTAL COST OF GOODS SOLD - 2Q13 x 2Q14 (US$ million)

Disclaimer: The effects of volume, exchange rate and other variations are not accounting figures calculated in a simplified way for management purposes.

COGS

Expenses

Total expenses reached US$ 826 million in 2Q14, a reduction of 7.4% in 2Q14 vs. 1Q14 and 28.9 % vs. 2Q13.

In 1H14, SG&A accumulated a reduction of 25.3%, substantially higher than the 10% reduction target for the year. SG&A(8), accounting for 28.7% of total expenses, reached US$ 237 million in 2Q14, US$ 45 million lower than in 1Q14. Lower SG&A expenses were driven by a reduction in sales expenses (US$ 23 million) and in administrative expenses (US$ 22 million), resulting mainly from lower personnel expenses (US$ 10 million).

(8)  Including depreciation.

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R&D expenses, accounting for 19.4% of total expenses, totaled US$ 160 million in 2Q14, US$ 15 million higher than the US$ 145 million in 1Q14. R&D expenses for ferrous minerals totaled US$ 68 million, for base metals totaled US$ 35 million, for fertilizer totaled US$ 19 million, for coal US$ 2 million and for others US$ 36 million.

In 1H14, pre-operating and stoppage expenses(9) were US$ 325 million lower than in 1H13, representing a 38.8% reduction, but still below our 50% saving target. In 2Q14, pre-operating and stoppage expenses(10), representing 32.0% of total expenses, increased to US$ 264 million from US$ 248 million in 1Q14, reflecting mainly maintenance stoppage expenses at Sudbury (US$22 million) and higher pre-operating expenses in VNC (US$ 16 million), which amounted to US$ 137 million in 2Q14. We believe that the resumption of the ramp-up at VNC (we have been running VNC with two autoclaves since the week of July 21st), following the stoppage from May 2014 to July 2014, will get us back on track to our 50% reduction target for pre-operating and stoppage expenses.

Other operating expenses, representing 20.0% of total expenses, were US$ 165 million in 2Q14, a decrease of US$ 52 million when compared to the US$ 217 million in 1Q14.

EXPENSES

(1) Includes U$ 3million of depreciation charges in 2Q14, US$ 1 million in 1Q14 and US$ 2 million in 2Q13.

(2) Includes U$ 47 million of depreciation charges in 2Q14, US$ 40 million in 1Q14 and US$ 65 million in 2Q13.

(3) Does not include gain/loss on sale of assets.

TOTAL EXPENSES NET OF DEPRECIATION

(9)   Including depreciation.

(10) Including depreciation.

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CASH GENERATION AND OPERATING INCOME

Adjusted EBITDA was US$ 4.104 billion in 2Q14, slightly higher than in 1Q14. Higher iron ore sales volumes (US$ 453 million), higher base metals sales prices (US$ 245 million) and higher dividends received from non-consolidated affiliates (US$ 197 million) were the main positive impacts in adjusted EBITDA compared to 1Q14. These positive impacts were almost entirely offset by lower iron ore and pellets prices (US$ 749 million).

Adjusted EBIT was US$ 2.995 billion in 2Q14, in line with US$ 3.021 billion in 1Q14. The adjusted EBIT margin decreased to 30.2% in 2Q14, against 31.8% in 1Q14.

Vale´s cash flow position was positively impacted by the use of tax credits totaling US$ 413 million in 2Q14, including credits resulting from the REFIS settlement (for details on cash flows see Annex I — Financial Statements — Cash Flow).

Cash flow was supported by R$ 1.5 billion, comprised of R$ 709 million paid directly to Vale as part of the sale of 20% in VLI to Mitsui and of R$ 803 million from the settlement of an intercompany loan with VLI. In July, Vale obtained the approvals from the regulatory agencies regarding the sale of a 26.5% stake in VLI to Brookfield, which is equivalent to R$ 2.0 billion in additional proceeds at the closing of the transaction.

ADJUSTED EBITDA

ADJUSTED EBITDA BY BUSINESS AREA

NET INCOME

In 2Q14, net income totaled US$ 1.428 billion against US$ 2.515 billion in the previous quarter. After excluding net effects of: (i) impairment on assets related to Simandou and the Integra Coal mine (-US$ 774 million) and related tax credit impairment (-US$ 127 million), (ii) foreign exchange and monetary gains (US$ 484 million), (iii) currency swap gains (US$ 363 million) and (iv) mark-to-market of shareholder debentures (-US$ 268 million)(11), among other effects, earnings amounted to US$ 1.959 billion.

(12) Mark to market based on average prices negotiated in the quarter — R$ 12.18 in 2Q14 vs. R$ 10.83 per debenture in the previous quarter.

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The impairment of the Integra Coal mine generated a loss of the tax credits carried forward of US$ 127 million, which were recognized in 2Q14. The loss of this tax credit and another one-off effect caused our effective tax rate to increase in the quarter.

We recognized a partial impairment at Simandou of US$ 500 million as discussions with the Government of Guinea are advancing towards the recognition of and some sort of compensation for Vale´s investments made in the country.

Net financial results were negative US$ 59 million in 2Q14, against positive US$ 149 million in 1Q14, as detailed in the table FINANCIAL RESULTS in Annex 1. The main items in net financial results include: (i) financial expenses (-US$ 983 million), mainly due to interest (-US$ 400 million), REFIS expenses (-US$ 175 million) and the mark-to-market of shareholders’ debentures (-US$ 268 million), (ii) financial revenues of US$ 72 million, (iii) foreign exchange and monetary gains of US$ 484 million, as result of the BRL appreciation of 2.7% against the USD in 2Q14; and (iv) mark-to-market gains on derivatives of US$ 368 million, mainly as a result of the BRL appreciation against the USD.

Equity income from affiliated companies

Equity income from affiliated companies totaled US$ 244 million in 2Q14, up from US$ 195 million in the previous quarter. Equity income in the quarter came from Samarco (US$ 177 million), the leased pelletizing companies in Tubarão (US$ 38 million) and MRS (US$ 21 million). Results from steel (-US$ 10 million) and the base metals business (-US$ 7 million) partially reduced the equity income.

UNDERLYING EARNINGS

INVESTMENTS

In the first half of 2014, Vale’s capital expenditures totaled US$ 5.056 billion, comprised of US$ 3.398 billion in project execution and US$ 1.658 billion in sustaining. This represents a decrease of US$ 2.105 billion when compared to the US$ 7.161 billion spent in the first half of 2013.

In 2Q14, Vale’s capital expenditures amounted to US$ 2.469 billion, of which US$ 1.563 billion in project execution and US$ 906 million in sustaining.

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INVESTMENTS BY BUSINESS AREA - 2Q14