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CVRD Announces 2004 Iron Ore Prices

Jan. 13, 2004 — Companhia Vale do Rio Doce (CVRD) and Arcelor have settled the price for Carajas fines CJF for 2004 at US 37.90 cents per tonne Fe unit, FOB Ponta da Madeira, Brazil. This rate represents an 18.62% price increase over 2003 price. The price for the Standard Sinter Feed SSF was settled at US 36.45 cents per tonne Fe unit, FOB Tubarao Port, Brazil, which represents a 17.43% price increase over 2003 price.

The settlement between the two companies was achieved after several rounds of negotiation that started in December 2003.

CVRD will supply in excess of 22 million tonnes of iron ore to Arcelor during 2004.

In the coming days, CVRD shall reach similar agreements with clients in Europe and Asia, based on the increase of 18.62% agreed to for the Carajas fines CJF.

Companhia Vale do Rio Doce is the world's largest iron ore producer. Arcelor is the world's largest steelmaker.

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