We argue that the power exercised by transnational corporations is context-dependent and that corporate strategies are embedded in institutional settings and related to non-economic forms of action. We apply the Global Production Network framework, introducing the notion of corporate strategy. We focus on the mining sector, assessing Vale S/A’s capacity to influence political decisions. The research is based on a literature review, analysis of documents, and fieldwork in Itabira, Minas Gerais state (MG), Brazil. We found that relationships involving corporations, institutions and social movements are framed by embeddedness conditions, power capabilities, and continuous value capture, locking actors into a well-established discourse on development. In addition, we briefly apply this framework of analysis to link the case findings to the disaster that took place in Brumadinho (MG), in January 2019.