RIO DE JANEIRO, Brazil, May 19 /PRNewswire-FirstCall/ -- Companhia Vale do Rio Doce (CVRD), the world's largest iron ore producer, concluded the iron ore price negotiations for 2006 with Mittal Steel Group (Mittal), the world's largest steel maker. As an outcome of these negotiations, iron ore prices for Carajas (SFCJ) and Southern System (SSF) fines increased by 19.0% relatively to 2005.
CVRD reinforces its long-term commitment with clients, investing a significant amount of resources, despite of rising investment costs, in the production and logistics of iron ore. For 2006, CVRD capex budget allocated US$ 2.1 billion for investments in ferrous minerals. Currently, CVRD is developing seven projects for iron ore and pellet production capacity expansion, which will come on stream between 2006 and 2008.
