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PrintBrazilian 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.
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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