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CVRD jumps to 334th in FT market cap league

Bnamericas Published: Wednesday, June 04, 2003
Sao Paulo, 03 - Companhia Vale do Rio Doce (CVRD), the Brazilian mining giant, has gained more than 100 places in the latest Financial Times ranking of 500 largest companies by market value, local daily O Estado de S. Paulo reported Tuesday. CVRD, which ranked 446th last year, in March jumped to the 334th position, with a market capitalization of US$10.496bn. CVRD and Petrobras, the federal oil giant, are the only Brazilian companies to appear in the FT ranking. Petrobras, however, went the opposite direction, falling from the 163rd to the 214th place. Gabriel Stoliar, planning and management director with CVRD, said the company aims to hit a market value between US$20bn and US$30bn, a plateau that only the world's three largest mining groups have reached. "We have a concrete expansion plan, with investments of US$6bn, to more than double cash flow," Stoliar said, adding that CVRD has hit consecutive Ebitda records since its privatization, in 1997. CVRD is the world's largest iron ore producer and exporter. by Sergio Caldas

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