United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant To Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934
For the month of
February 2003
Valley of the Doce River Company
(Translation of Registrant's name into English)
Avenida Graca Aranha, No. 26
20005-900 Rio de Janeiro, RJ, Brazil
(Address of principal executive office)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
(Check One) Form 20-F X Form 40-F
--- ---
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.)
(Check One) Yes No X
--- ---
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b). 82- .)
This current report on Form 6-K is hereby incorporated by reference into the
Registration Statement on Form F-4 of Companhia Vale do Rio Doce and Vale
Overseas Limited, File No. 333-84696.
[COMPANHIA VALE DO RIO DOCE LOGO] Press Release
CVRD acquires Norwegian ferroalloy company
Rio de Janeiro, February 3, 2003 - Companhia Vale do Rio Doce (CVRD) announces
that it has signed a contract to acquire 100% of the capital of Elkem Rana AS
(Rana), a wholly-owned subsidiary of Elkem ASA, a Norwegian company, for a total
of US$ 17.6 million, subject to certain working capital adjustments. The closing
on the sale and acquisition is subject to competition clearance by the Federal
Cartel Office in Germany.
Rana, which will change its name to Rio Doce Manganese Norway AS, has a plant
located in an industrial park in Mo i Rana, Norway, where ferrochrome was
produced until June 2002. The plant will be converted to produce manganese
ferroalloys from 2003 onwards. The company has no debt and its cash holdings
amounts to approximately US$ 7 million.
The deal facilitates CVRD's plan to expand its ferroalloy business in
Continental Europe, where its wholly-owned subsidiary Rio Doce Manganese Europe
(RDME) already operates a manganese ferroalloys plant in Dunkerque, France.
CVRD is a leading player in the global manganese and ferroalloy market. It owns
and operates four manganese mines (Azul, Urucum, Morro da Mina and MMN) and
seven ferroalloy plants (Corumba, Santa Rita, Barbacena, Rancharia, Sao Joao Del
Rey, Sibra and RDME). Annual production capacity totals 2.3 million tons of
manganese ore, 450,000 tons of manganese ferroalloys and 25,000 tons of calcium
silicon alloy.
The acquisition of Rana will strengthen CVRD's position in the world ferroalloy
marketplace and highlights its commitment as a supplier of high quality raw
materials (iron ore, pellets and ferroalloys) to the steel industry around the
globe.
CVRD's strategy is focused on the exploration of its organic growth
opportunities. However, CVRD will continue to engage in efforts aimed at
identifying and pursuing acquisition opportunities that will create value for
its shareholders, as is the case of Rana . Therefore, the acquisition of Rana is
consistent with CVRD strategic plan.
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For further information, please contact:
Roberto Castello Branco: roberto.castello.branco@cvrd.com.br +55-21-3814-4540
Andreia Reis: andreia.reis@cvrd.com.br +55-21-3814-4643
Barbara Geluda: barbara.geluda@cvrd.com.br +55-21-3814-4557
Daniela Tinoco: daniela.tinoco@cvrd.com.br +55-21-3814-4946
Eduardo Mello Franco: eduardo.mello.franco@cvrd.com.br +55-21-3814-9849
Rafael Azevedo: rafael.azevedo@cvrd.com.br +55-21-3814-4700
This press release may contain statements that express management's expectations
about future events or results rather than historical facts. These
forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from those projected in forward-looking
statements, and CVRD cannot give assurance that such statements will prove
correct. These risks and uncertainties include factors: relating to the
Brazilian economy and securities markets, which exhibit volatility and can be
adversely affected by developments in other countries; relating to the iron ore
business and its dependence on the global steel industry, which is cyclical in
nature; and relating to the highly competitive industries in which CVRD
operates. For additional information on factors that could cause CVRD's actual
results to differ from expectations reflected in forward-looking statements,
please see CVRD's reports filed with the Brazilian Comissao de Valores
Mobiliarios and the U.S. Securities and Exchange Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
COMPANHIA VALE DO RIO DOCE
(Registrant)
Date: February 3, 2003
By: /s/ Fabio de Oliveira Barbosa
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Fabio de Oliveira Barbosa
Chief Financial Officer