Vale CEO sees no price negotiations without iron ore demand
The CEO of Vale, Roger Agnelli, said that he sees no start to term price negotiations with steel companies until the global economic recovery and normal demand for ore returns.He thought the problem is demand, not price.
Vale recently announced a 10 percent cut in iron ore output, as well as in nickel and aluminum. Agnelli gave up further cuts to production at this time.
ArcelorMittal, as one of Vale's principal clients, announced output cuts by a third.
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