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vale slashes iron ore production

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    From Saturdays Herald:-

    The world's top producer of iron ore will cut its annual ore production by 30 million tonnes as demand for steel crumbles because of the global economic crisis.

    Brazil's Vale said yesterday steel companies across the globe have cut production on average by about 20% for 2008, and chief executive Roger Agnelli said some have slashed production as much as 40%.

    Stalling demand for iron, the world's most common metal used to make everything from sewing needles to oil tankers, reflects a broad economic slowdown.

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