The creation of the Companhia Vale do Rio Doce (CVRD) and its subsequent privatization mark crucial moments in Brazil's economic and industrial history, reflecting significant changes in the country's political, social, and economic landscape throughout the 20th and early 21st centuries.
Origins and Early Steps
At the beginning of the 20th century, the Vitória-Minas Railway (EFVM) was inaugurated, connecting the mountains of Minas Gerais to the Espírito Santo coastline. In 1908, the city of Itabira, in Minas Gerais, became a strategic location due to the region's extensive iron ore deposits. This mineral wealth attracted the interest of the British group Brazilian Hematite Syndicate (BHS), which acquired a monopoly over the local deposits and established the Itabira Iron Ore Company (IOC) in 1911. The EFVM came under the control of the IOC, whose goal was to extract, transport, and export iron ore via the Port of Vitória.
In 1919, American entrepreneur Percival Farquhar acquired control of the IOC. However, his intention to export raw ore faced strong opposition from Arthur Bernardes, then governor of Minas Gerais, who demanded the establishment of a steel industry in the state. When Bernardes became Brazil's president in 1922, the export of raw ore was rendered unfeasible, causing the IOC's operations to come to a standstill.
Nationalization and the Creation of CVRD
Following the 1930 Revolution and Getúlio Vargas' rise to power, policies aimed at nationalizing mineral resources emerged. During the Estado Novo regime, the IOC lost its concessions, and in 1942, under the Washington Agreements, the Brazilian government acquired the Itabira deposits with support from the British and American governments, which were interested in the ore for their wartime industries during World War II.
In June 1942, the Companhia Vale do Rio Doce was established as a mixed-capital company, incorporating the EFVM and the Itabira mines. CVRD began operations with an annual production capacity of 40,000 tons of iron ore, tasked with the extraction, commercialization, and export of this mineral wealth.
Growth and Internationalization
The 1950s marked the beginning of CVRD's international expansion, supplying iron ore to steelmakers in Western Europe, Japan, and Eastern Europe. The arrival of Eliezer Batista as the company’s president in 1961 introduced an innovative approach, including the concept of "economic distance," optimizing ore transport to the Japanese market with large-capacity ships that carried oil on their return trips.
The inauguration of the Tubarão Port in 1966 solidified CVRD's presence in international markets, securing long-term contracts with Japanese and German steelmakers. In the 1970s, the discovery of vast ore reserves in the Carajás region of Pará opened a new chapter for the company, culminating in the construction of the Carajás Railway and the Ponta da Madeira port terminal in Maranhão in 1985.
Privatization and a New Era
By the 1990s, CVRD was a global leader in the iron ore market. In 1997, the Brazilian government privatized the company, selling 41.7% of its shares for 3.3 billion reais in a controversial and legally contested auction. Under private ownership, Vale expanded its operations, diversifying into sectors like copper and metals for energy transition.
In the 2000s, Vale pursued strategic acquisitions, such as the purchase of Inco in 2006, strengthening its position in base metals and establishing itself as one of the world's largest mining companies. In 2007, the company officially changed its name to Vale S.A., reflecting its global presence.
Today, Vale stands as a symbol of how Brazil has transformed its natural resources into an industry of international relevance, navigating periods of nationalization, state ownership, and privatization to establish itself as one of the world’s leading mining companies.
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