BEIJING (Dow Jones)--Companhia Vale do Rio Doce (RIO) is selling iron ore to Chinese
steel mills at 80% off the 2008 term price in a "provisional pricing" plan,
Michael Zhu, president of Vale China, said Tuesday.
"This is not a discount - the difference will be returned once the 2009 term price
is settled," Zhu said on the sidelines of the Metal Bulletin Far East Steel
Conference.
But Vale has backed out of the talks this year, he added. "The others can settle
it and Vale will take the cue."
He also said the company will cut output capacity by 25% this year, adding April ore
exports to China, from Vale's perspective, "won't be bad."
kevi goes short @ $32.22, page-11
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