Vale 2008 iron ore output decline first time since 1999

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Iron ore output of Brazilian mining giant Vale plunged by 21% YoY in Q4 of 2008 to 63,3 million tonnes as compared with 80,1 million tonnes a year earlier and by 26.3% QoQ.
Iron ore production throughout 2008 reached 301.7 million tonnes down by 0.5% YoY, first annual decline since 1999. From 2001 to 2007, output had grown at an annual average rate of 13.4% YoY.
Vale said that "The numbers for iron ore production in the fourth quarter of 2008 illustrate the effort that is being made by Vale to adjust its operational activities to the current demand levels.”
It added that "Vale is managing its production in accordance with the new global economic outlook emerging from the financial market stress, which has caused a strong recessionary impact on the real economy.”