Brazil's mining giant to adjust iron-ore supply in face of financial crisis
12/11/2008 16:54
Brazilian mining giant Vale will adjust iron ore supply to some of its
clients due to the ongoing global financial crisis, the company announced
yesterday.
Vale, or Companhia Vale do Rio Doce, understands the difficulties
firms around the world are facing due to the financial meltdown, said CEO Roger
Agnelli.
The crisis has led to weaker demand for iron ore from many of Vale's
clients, he explained.
However, the company will not offer any sort of
discount or renegotiate the prices stipulated in the long-term contracts with
its clients.
Vale has also decided to reduce aluminum operations due to the
financial turmoil as well as high energy costs, and will therefore suspend a
pre-feasibility study for a bauxite and aluminum project in Ghana.
Xinhua
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