Brazilian mining giant Vale SA said last week that it will expand its iron ore capacity to 450 million tonnes from its current 340 million tonnes over two years to gain more market share, realizing that this could also lead to to reshuffle and shake up the industry.
President Murillo Ferreira and CEO of Vale said in Beijing last week that the company will increase its capacity by 30 percent over the next two years, especially in the hope of providing China with higher quality iron ore products. Ferreira said: “While weak demand for iron ore and low prices have negatively impacted the company in recent years, Vale has no plans to cut iron ore capacity. Instead, it will adjust the output in accordance with changes in the market. ”
Ferreira explained that given “the Chinese government’s commitment to enact stringent environmental laws that require steel mills to reduce emissions, Vale is pleased to provide iron ore products that are high in iron and low in impurities, thereby helping the Chinese government to fight pollution. ".
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