Vale SA concluded the iron ore and pellet price negotiations for 2009 with ArcelorMittal Sourcing SCA

As an outcome of these negotiations, the iron ore prices for fines decreased by 28.2% and for lumps by 44.47% relatively to the 2008 benchmark prices.

Therefore, the new reference prices per dry metric ton Fe unit for 2009 are USD 0.9651 for Southern and Southeastern System fines SSF, USD 1.0095 for Carajás sinter feed SFCJ and USD 1.0962 for Southern System lump.

The pellet price decreased by 48.3% relatively to 2008 and the new reference price per dry metric ton Fe unit for 2009 is USD 1.1384 for blast furnace pellets and USD 1.2523 for direct reduction pellets.