Vale (formerly CVRD), the Brazilian mining giant and world's top producer of iron has announced that it will slash its annual production of ore by 30 million tons, which accounts for roughly nine percent of its 2008 forecast.
The reduction comes as the credit crisis has forced steelmakers to cut their own production quotas by 20 percent, on average -- a potent indicator of the economic conditions that are still yet to come.
The company also plans to trim production for aluminum and manganese ore.
> Vale adjusts to the new global economic scenario [official press release]
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