12/7/2000

CVRD Divests AÇOMINAS

Rio de Janeiro, December 7, 2000 – Companhia Vale do Rio Doce (CVRD) and the other shareholders of the controlling group of Aço Minas Gerais S.A. (AÇOMINAS) signed today a Share Swap Agreement where CVRD swaps its 1,346,690 shares on the total capital of AÇOMINAS for 810,000,000 preferred shares issued by Gerdau S.A. (GERDAU).

The swap ratio is 601.475 GERDAU shares – Ticker Symbol COGU4 - to one share issued by AÇOMINAS, a non-listed steel company. Each shareholder acquired the offered shares according to its stake in the voting capital of AÇOMINAS.

CVRD intends to sell off the GERDAU shares into the secondary market in the future.

 

For further information, please contact:
+55-21-3814-4540

Rogério Nogueira: rogerio.nogueira@vale.com
André Figueiredo: andre.figueiredo@vale.com
Carla Albano Miller: carla.albano@vale.com
Fernando Mascarenhas: fernando.mascarenhas@vale.com
Andrea Gutman: andrea.gutman@vale.com
Bruno Siqueira: bruno.siqueira@vale.com
Claudia Rodrigues: claudia.rodrigues@vale.com
Marcio Loures Penna: marcio.penna@vale.com
Mariano Szachtman: mariano.szachtman@vale.com

This press release may include statements that present Vale’s expectations about future events or results. All statements, when based upon expectations about the future and not on historical facts, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM), the French Autorité des Marchés Financiers (AMF), and The Stock Exchange of Hong Kong Limited, and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F.

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CVRD Divests AÇOMINAS