Expanded net debt of US$ 16.6 billion at quarter-end, US$ 0.8 billion lower q/q, driven by robust FCF generation.
We delivered another strong quarter, marked by solid operational performance, continued progress on our strategic agenda and commitment to safety. Iron ore production reached its highest quarterly level since 2018 and copper had its best Q3 result since 2019, while we continued to improve our cost competitiveness on nickel. All of these reflect the operational consistency and relentless dedication of our teams. We advanced key growth projects under the New Carajás program and successfully started up the 2nd furnace at Onça Puma, unlocking growth and reinforcing our long-term value creation strategy. Our flexible iron ore portfolio, supported by an extended value chain, once again proved essential in enhancing our competitiveness and resilience across market cycles. Safety remains our priority, and we are very happy to have achieved an important milestone by having no dams classified at emergency level 3 - a fundamental step in our journey to become a trusted partner to society. These results strengthen my confidence in Vale's future and in the value we are creating for all stakeholders.