RIO DE JANEIRO: Brazilian mining giant Vale expects the market for iron ore to remain strong as robust demand from emerging markets makes up for the crisis-hit European and US economies, Chief Executive Murilo Ferreira said in an interview on Thursday.
Ferreira, who took up his position in May after a government-led campaign to oust his predecessor, also told Reuters the administration of President Dilma Rousseff is satisfied with the world's top iron ore miner's efforts to help growth in Latin America's largest economy.
"Life continues as normal for us," said Ferreira during an interview at the Rio de Janeiro-based company's headquarters. "That issue of the crisis in Europe and the United States has until now not touched iron ore markets ... the iron ore market is not feeling the effects of the crisis."
Ferreira took over after Rousseff led a campaign to push out former CEO Roger Agnelli following accusations by government officials that Vale was not investing enough at home to build steel mills and help Brazil's economy.
Vale, the world's second-largest mining company and Brazil's second-largest firm by market capitalization, is a key stock for emerging market investors seeking to take advantage of strong commodities prices.
Copyright Reuters, 2011
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