Although it was officially created in 1942, CVRD started in 1908, when two English engineers consulted Companhia Estrada de Ferro Vitória a Minas (CEFVM) to check the possibility of transporting ore from Itabira deposits via the railroad. After obtaining a favorable opinion, they set to organize the Brazilian Hematite Syndicate. In 1911, Itabira Iron Ore Company was incorporated to replace Brazilian Hematite, as the first company authorized to operate in the region.
In 1939, the owner of Itabira Iron Ore Percival Farquhar created Companhia Brasileira de Mineração e Siderurgia with six other Brazilian entrepreneurs. To tackle the need for a distribution channel, the company obtained permission to incorporate the Vitória-Minas railroad. In 1941, a group of entrepreneurs and partners of Percival Farquhar created Companhia Itabira de Mineração to exploit the mines owned by Itabira Iron Ore – together with Companhia Brasileira de Mineração e Siderurgia, this company was chosen by Getúlio Vargas to create the Companhia Vale do Rio Doce.