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Securities and ExchangeCommissionSEC, the Brazilian Comissao de Valores Mobiliarios, CVM and in particular, the factors discussed under forward-looking statements and risks factors in Vale's annual report on Form 20-F. We are also laser-focused on optimizing our capital expenditures.
Securities and ExchangeCommission, including the company's latest annual report on Form 10-K. Equipment is now being installed, and we remain on track for the commissioning process to begin in late calendar 2025. and a trailing 12-month return on investedcapital of 10%. million or $0.90
Before we begin, please remember that during the course of this call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. Adjusted gross margin of 45.3%
See the 10 stocks *Stock Advisor returns as of October 30, 2023 Our actual results may differ materially from our projections due to the risks and uncertainties that are described in our SEC filings, including our most recent Form 10-K and our Form 10-Q filed this morning for Q3. Jairam Nathan -- Daiwa Capital Markets -- Analyst Hi.
Before I turn the call over to Ted, let me remind you that today's press release and the presentations made by our executives include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. For the year, our sales totaled $159.5 billion, an increase of $6.8 billion or 4.5% versus fiscal 2023.
Before beginning, a reminder that some of our remarks today may include forward-looking statements subject to a variety of risks, uncertainties, and assumptions contained in our filings from time to time with the Securities and ExchangeCommission and are also reflected in this morning's press release.
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