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CVRD to expand activities

Brazil’s Companhia Vale do Rio Doce (CVRD) has signed contracts worth R$2 bill to ship iron ore to three Chinese steel manufacturers from 2004. According to company president Roger Agnelli, the ultimate aim is to secure all iron ore shipments with China on 10-year long term contracts, although some signed recently were for up to 20 years.
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During a recent visit to China, Agnelli met dignitaries from steel majors including Baosteel, Angang and Magang. Since 1996 China has been the world’s largest steel producer, with output of crude steel this year expected to be 210 mt. To cope with the greater demand for its products, CVRD is to invest US$500 mill up to the end of the decade in boosting iron ore production by 40 percent and upgrading logistics. The project to expand output at Carajás has been brought forward by a year to enable the facility to handle 70 mtpa by the first quarter of next year. This phase requires an investment of US$144 mill.
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