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Chinese demand for iron ore has not slackened

Rio de Janeiro, Brazil — 01 June 2011

- Demand for iron ore from China ‒ the world’s largest consumer ‒ has not slackened despite a slowdown in other parts of that economy, according to an executive with Brazilian mining giant Vale.

Although the Chinese government has clamped down on credit to fight inflationary pressures, infrastructure and major construction works appeared to be unaffected, said Vale’s chief financial officer, Guilherme Cavalcanti. “China is not showing signs of decline in consumption of iron ore, mostly because of its investment in civil construction,” Cavalcanti said during an industry conference.

“China builds 22 new cities each year, which requires steel and other minerals. So we believe that there has been a slowdown of consumption to control inflation, but that’s not what we’re seeing in the area of civil construction.”

Cavalcanti said the company’s stock should recover from recent falls on the Chinese demand, as well as a steady investment plan under the company’s new leadership.

Murilo Ferreira became the new CEO last month and said there would be no changes to the company’s business plan and that he would work to improve a strained relationship with the government.

Cavalcanti said the entrance of Ferreira was a “sign of stability” for the market and should help boost the share price and bring the company’s valuation more in line with rival Australian miners BHP Billiton and Rio Tinto.

“As investors see that Vale is continuing with its investment plans and its strategy, they will change their positions and that will bring those multiples back into balance,” said Cavalcanti.

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