November 21, 2008

Iron ore price negotiations – Vale settles with ArcelorMittal

Vale announced that it has concluded the iron ore price negotiations for 2008 with ArcelorMittal Sourcing SA.

As an outcome of these negotiations, the iron ore prices for Southern System fines SSF FOB Tubarão, increased by 65% relatively to 2007 At the same time, due to its recognized superior quality, it was agreed that the price for Carajás iron ore fines SFCJ will have a premium of US$ 0.0619 per dry metric ton Fe unit over the 2008 price for SSF.

Therefore, the new reference prices per dry metric ton Fe unit for 2008 are USD 1.3441 for SSF and USD 1.4060 for SFCJ.