26/02/09

Brazilian miner Vale (NYSE: RIO) expects record iron ore shipments to China in the first quarter, CFO Fábio Barbosa told reporters at a press conference Friday in Rio de Janeiro.

“We expect shipments of 50Mt in Q1 and 30Mt of this total are heading to China,” Barbosa said. “This would be a record in shipments to China. It`s a sign of recovery but still below our 80Mt record in 3Q08.”

However, Barbosa said that despite the record outlook, the company still faces an extremely challenging economic scenario in all markets. The CFO mentioned that Vale is still producing below the company`s nominal capacity.

In addition to China, the company has been receiving orders from India and the US. “This is a positive sign,” he said.Claudio MendonçaBusiness News Americas

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