CVRD and JFE Steel Sign 10 Year Iron Ore Supply Contract

Companhia Vale do Rio Doce (CVRD), the world’s largest producer of iron ore, and JFE Steel Corporation (JFE), one of the largest Japanese steelmakers, signed a long term contract for the supply of 70 million tons of iron ore for a ten-year period, starting in 2005.

Considering the currently existing contract between the two companies, announced on July 7, 2003, CVRD will sell approximately 92 million tons of iron ore to the JFE Group between 2005 and 2014.

CVRD and JFE have been building a solid relationship over many years, entering into long term contracts and establishing joint ventures.

Long term contracts signed between CVRD and its clients support the Company’s investment efforts in iron ore production capacity expansion, and at the same time, eliminate risks of raw material shortage for the steelmaking industry.

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