Brazil's Vale to lay off 300 to brace for slowdown
SAO PAULO, May 29 (Reuters) - Brazilian mining company Vale (VALE.N: Quote, Profile, Research)(VALE5.SA: Quote, Profile, Research) said on Friday it plans to lay off 300 workers as it braces for a global economic slowdown caused by the credit crisis.
Last week, Vale announced it would reduce its investment plans for 2009 as volatility in currency markets forced the company to revise costs.
The company said the latest measure will affect only workers that could be retired due to their age or time worked, from plants in several Brazilian states.
Vale also said that 1,300 workers that were put on paid leave will return to their jobs on June 1.
The world's largest iron ore producer has 62,000 workers around the world, of which 47,000 are in Brazil.
It had laid off 1,300 workers in December due to plunging demand from steel mills.
Vale Inco, owned by the Brazilian company, has also eliminated 900 jobs. (Reporting by Marcelo Teixeira, Translated by Inae Riveras; Editing by Lisa Shumaker)
© Thomson Reuters 2009 All rights reserved
One Year Later
Mumbai held tearful memorials and police staged a show of strength as it marked the first anniversary of militant raids that killed 166 people and pushed up tensions with Pakistan. Slideshow | Full Coverage
