Brazil's mining giant to adjust iron-ore supply in face of financial crisis

Special Report:Global Financial Crisis

RIO DE JANEIRO,

Nov. 11 (Chinese media) -- Brazilian mining giant Valewill adjust iron ore supply to

some of its clients due to the ongoing global financial crisis, the company

announced Tuesday.

Vale, or Companhia Vale do Rio

Doce, understands the difficulties firms around the world are facing due to the

financial meltdown, said CEO Roger Agnelli.

The crisis has led to weaker

demand for iron ore from many of Vale's clients, he explained.

However, the company will not

offer any sort of discount or renegotiate the prices stipulated in the long-term

contracts with its clients.

Vale has also decided to reduce

aluminum operations due to the financial turmoil as well as high energy costs,

and will therefore suspend a pre-feasibility study for a bauxite and aluminum

project in Ghana.