• Most Popular
  • Most Shared

Vale CEO says crisis to worsen over 3-4 months

Fri Oct 31, 2008 10:26am EDT

Stocks

   

RIO DE JANEIRO, Oct 31 (Reuters) - The chief executive of Brazilian iron ore miner Vale (VALE5.SA), Roger Agnelli, said on Friday that he expected the global financial crisis to worsen in the coming three to four months.

Stocks

"Some think that it could last two years, but I think that (market conditions will deteriorate) intensely in the next three to four months and we could see a recovery in the second quarter of 2009," Agnelli said.

Vale RIO.N, the world's largest iron ore miner, said on Friday it would cut its iron ore production by 10 percent to align itself with a fall in demand from the international steel industry. (Reporting by Denise Luna; Writing by Reese Ewing)

Stocks


More from Reuters

A Greenpeace activist dressed as one of the "Four Horsemen of the Apocalypse" rides outside the parliament building during a brief protest in Copenhagen December 13, 2009. REUTERS/Christian Charisius

The face of climate protest

Protesters around the globe called for an end to global warming as climate talks in Copenhagen entered their sixth day.  Video 

    Climate conference
    In this photo reviewed by the U.S. Military, a guard leans on a fencepost as a Guantanamo detainee (L) jogs inside the exercise yard at Camp 5 detention center, at the U.S. Naval Base in Guantanamo Bay, January 21, 2009. REUTERS/Brennan Linsley/Pool

    Life after Guantanamo

    Critics are worried that Gitmo prisoners once dubbed "enemy combatants" will be using prisons as pulpits for anti-American rhetoric once they're moved to U.S. soil.  Full Article 

    U.S.
    Lockheed Martin Chief Executive Robert Stevens answers a question during the Reuters Aerospace and Defense Summit in Washington December 14, 2009. REUTERS/Molly Riley

    Lockheed eyes deals

    The future demands of cybersecurity make that sector one of many the aerospace giant sees as an acquisition target in the coming year.  Full Article 

    Aerospace and Defense Summit