SAO PAULO – The CEO of Brazil's Vale SA, the world's largest iron-ore producer, said in an interview published on Sunday that the company would ramp up annual production to 450-million tonnes only when prices rise.
Vale CEO Fabio Schvartsman told the Estado de S. Paulo newspaper the company would only operate at its full capacity of 450-million tonnes when prices increased. Until then, he said, production would be maintained at about 400-million tonnes.
Vale did not immediately reply to a request for comment on Sunday.
Schvartsman's comment came after Vale reported last month that it had record iron ore and pellet production in the April-to-June period. It also said then that it was on track to hit its iron ore production target of 390-million tonnes this year.