MMX Adjusts Its Production Levels in Light of the Current Global
November 07 2008 - 5:40PM
Marketwired
MMX Minera��o e Met�licos S.A. ("MMX" or the "Company") (BOVESPA:
MMXM3) (TSX: XMM), pursuant to article 157 of Law 6404/76, and CVM
Instruction No. 358/02, hereby informs that the Company is taking
measures to adjust its production levels in light of the current
global economic slowdown.
This new scenario requires that MMX reduce its iron ore and pig
iron production plan, which will lead to a cutback in output levels
during the 4th quarter of 2008. We believe that this decision will
contribute to reduce our operating costs and to avoid inventory
increase.
In this context, MMX is taking the necessary steps to suspend,
by end of November, the production in its pig iron plant and iron
ore mine in Corumb�, in the state of Mato Grosso do Sul. This
suspension will be temporary and will not cause layoffs. Operations
are expected to resume upon the improvement in global economic
conditions.
There will not be any slow-down or suspension of MMX Sudeste's
activities.
Also as a consequence of the global economic slow-down, MMX has
decided to postpone all investments related to the construction of
the billet plant in Corumb�, which contemplated a budget of
approximately US$ 200 million, as per the Company's Business
Plan.
Rio de Janeiro, November 7th, 2008
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