CVRD agrees on 3% reduction in 2006 DR pellet prices

Brazilian mining giant Companhia Vale do Rio Doce (CVRD) announced that it had concluded the negotiations for the 2006 direct reduction (DR) pellets price with Saudi Arabia's Hadeed Saudi Iron & Steel Company, with Malaysia's Amsteel Mills SDN BHD, and with Egypt's Al Ezz Dekheila Steel, former Alexandria National Iron & Steel Company. After a number of negotiations, CVRD and the abovementioned companies agreed on a 3 percent price cut for Tubarão and São Luís DR pellets compared to 2005 price.