SAO PAULO (AP) -- Brazilian mining giant Vale says its iron ore output plunged 37 percent in the first quarter of the year amid a sharp decline in demand.
Companhia Vale do Rio Doce SA, the world's largest iron ore producer says it produced 46.9 million metric tons of iron ore in the first three months of 2009, down 37 percent from its 74.5 million metric ton output in the same period last year.
In a statement released Tuesday it said the drop was due to the "unprecedented weak demand conditions derived from the sharp decrease of global industrial production."
Production of iron-ore pellets came to 2.9 million metric tons in the first quarter of 2009, 73.4 percent less than the 10.9 million metric tons produced in the same period last year.
