Steel cuts force Vale to slash production of iron ore.....
In a statement sent to Steel Business Briefing, Vale says it is responding to “a strong negative impact” on the steel industry, which it estimates is cutting production by about 20% of global output, slicing iron ore demand.
The company did not say whether this includes its reduction in shipments to China caused by the dispute over pricing.
As a result of the slowdown in steelmaking Vale – the world’s largest iron ore producer with some 238m tonnes in the first nine months of 2008 – will reduce output by the equivalent of 30m tonnes/year. This will involve closing some mines in Brazil’s Minas Gerais state with effect from 1 November.
world ore in oversupply
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