Edgar Filing: Companhia Vale do Rio Doce

6-K

United States
Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant To Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934

For the month of

October 2007

Companhia Vale do Rio Doce

Avenida Graça Aranha, No. 26
20030-900 Rio de Janeiro, RJ, Brazil
(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F þ Form 40-F o

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(Check One) Yes o No þ

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82- .)

Contents


A-Quarterly information			2
1- Balance Sheet			2
2- Statement of Income			4
3- Statement of Changes in Stockholders’ Equity			6
4- Statement of Cash Flows			7
5- Notes to the Quarterly information at September 30, 2007 and 2006			8
5.1- Operations			8
5.2- Presentation of Quarterly information			8
5.3- Principles and Practices of Consolidation			8
5.4- Summary of Significant Accounting Policies			8
5.5- Acquisitions and divestments			8
5.6- Inventories			10
5.7- Taxes to recover or offset			10
5.8- Income Tax and Social Contribution			10
5.9- Investments — Consolidated			12
5.10- Intangible — Consolidated			12
5.11- Property, Plant and Equipment			13
5.12- Loans and Financing			14
5.13- Contingent Liabilities			15
5.14- Provision for asset retirement obligations			16
5.15- Pension Plan			17
5.16- Paid-up Capital			18
5.17- Resources linked to future mandatory conversion in shares			19
5.18- Treasury Stock			19
5.19- Distribution to Stockholder’s			19
5.20- Financial Results			20
5.21- Financial Instruments — Derivatives			22
5.22- Selling, Administrative, Other Operating Expenses and Non Operating Income			24
5.23- Subsequent events			24
6- Attachment I — Statement of Investments in Subsidiaries			25
7- Report of the Independent Accountants			26
B- Additional Information			28
8- Cash generation (Not reviewed by independent auditors)			28
9- Management’s Discussion and Analysis of the Operating Results in the Periods of Nine Months Ended September 2007 Compared with September 30, 2006			29
9.1- Consolidated			30
9.1.1- Gross revenue			30
9.1.2- Cost of products and services			32
9.1.3- Selling and administrative expenses			32
9.1.4- Research and development			32
9.1.5- Other operating expenses			32
9.1.6- Net financial results			32
9.1.7- Income tax and social contribution			33
9.2- Parent Company			33
9.2.1- Gross revenue			33
9.2.2- Cost of products and services			33
9.2.3- Equity Results			33
9.2.4- Selling and administrative expenses			33
9.2.5- Research and development			33
9.2.6- Other operating expenses (income)			33
9.2.7- Net financial results			33
9.2.8- Income tax and social contribution			33
10- Board of Directors, Fiscal Council, Advisory Committees and Executive Officers			34

A-Quarterly information

(A free translation of the original in Portuguese relating to the Quarterly information prepared in R$thousands, in accordance with the requirements of Accounting Practices Adopted in Brazil)

1- Balance Sheet


Balances in	In thousands of reais
			Consolidated				Parent Company
	Notes		09/30/07		06/30/07		09/30/07		06/30/07
Assets
Current assets
Cash and cash equivalents				4,878,055		3,652,203		174,323		159,915
Accounts receivable from customers				7,596,739		8,103,943		2,453,327		1,984,284
Related parties				42,501		42,633		389,879		491,444
Inventories		5.6		7,062,825		6,812,292		1,663,839		1,277,158
Taxes to recover or offset		5.7		1,091,437		1,047,236		425,264		445,463
Deferred income tax and social contribution				1,519,741		1,134,512		1,056,161		748,164
Others				1,079,809		948,187		245,345		263,380

				23,271,107		21,741,006		6,408,138		5,369,808


Non-current assets
Long-term receivables
Related parties				5,321		2,112		3,387,433		3,411,061
Loans and financing				243,191		241,362		113,317		112,611
Deferred income tax and social contribution				635,783		672,420		209,570		210,963
Judicial deposits				975,639		1,067,339		685,705		663,351
Taxes to recover or offset		5.7		442,173		564,950		197,842		219,976

Advances to energy suppliers				1,061,296		1,078,036		—		—

Provisions for derivatives		5.21		1,199,735		753,863		1,111,584		637,908
Prepaid expenses				526,495		562,929		901		901
Others				346,210		299,084		97,090		97,001

				5,435,843		5,242,095		5,803,442		5,353,772

Investments		5.9		1,496,775		1,565,287		60,501,169		57,110,000
Intangibles		5.10		12,178,677		12,728,559		11,459,767		12,301,305
Property, plant and equipment		5.11		88,008,908		86,665,943		26,632,758		26,050,475
Deferred charges				117,288		128,809		—		—

				101,801,648		101,088,598		98,593,694		95,461,780

				130,508,598		128,071,699		110,805,274		106,185,360


Balances in	In thousands of reais
			Consolidated				Parent Company
	Notes		09/30/07		06/30/07		09/30/07		06/30/07
Liabilities, and stockholders’ equity
Current liabilities

Short-term debt		5.12		624,667		561,151		230		—
Current portion of long-term debt		5.12		1,477,314		1,581,371		691,527		517,243
Payable to suppliers and contractors				4,143,018		3,983,169		2,099,309		1,461,824
Related parties				46,919		52,735		4,199,021		4,205,078
Payroll and related charges				1,109,136		933,990		597,067		407,075
Pension Plan		5.15		235,169		223,546		104,605		86,784
Dividends and interest on stockholders’ equity				1,645,709		1,642,379		1,534,525		1,549,691
Taxes and contributions				2,784,342		2,716,930		503,900		116,503
Others				1,197,125		1,422,612		439,573		370,339

				13,263,399		13,117,883		10,169,757		8,714,537


Non-current liabilities
Long-term liabilities
Long-term debt		5.12		33,275,239		36,272,832		8,798,917		9,015,804
Related parties				1,288		664		29,531,302		31,017,190
Provisions for contingencies		5.13		2,707,372		2,541,840		1,745,673		1,579,315
Deferred income tax and social contribution				8,891,039		9,010,261		—		—
Pension Plan		5.15		3,847,870		3,890,810		507,978		538,420
Provision for asset retirement obligations		5.14		1,519,993		1,431,999		672,631		643,628
Provisions for derivatives		5.21		1,094,786		1,362,727		92,019		68,452
Others				2,784,899		2,377,782		1,530,426		1,510,177

				54,122,486		56,888,915		42,878,946		44,372,986

Deferred income				80,469		46,746		—		—

Minority interests				5,285,673		4,920,318		—		—

Stockholders’ equity
Paid-up capital		5.16		28,000,000		28,000,000		28,000,000		28,000,000
Revenue reserves				26,692,738		22,034,004		26,692,738		22,034,004
Resources linked to the future mandatory conversion in shares		5.17		3,063,833		3,063,833		3,063,833		3,063,833

				57,756,571		53,097,837		57,756,571		53,097,837

				130,508,598		128,071,699		110,805,274		106,185,360

The additional information, notes and attachment I are an integral part of the quarterly information

(A free translation of the original in Portuguese relating to the Quarterly information prepared in R$thousands, in accordance with the requirements of Accounting Practices Adopted in Brazil)

2- Statement of Income


Periods ended	In thousands of reais
		Consolidated															Parent Company
		Quarter									Accumulated						Accumulated
	Notes	3Q/07			2Q/07			3Q/06			09/30/07			09/30/06			09/30/07			09/30/06
Operating revenues	9.1 and 9.2
Ore and metals			13,231,562			15,245,460			8,771,368			42,397,206			22,174,746			14,979,229			12,927,445
Transport services			893,945			952,034			956,058			2,653,356			2,555,670			1,458,310			1,415,925
Sales of aluminum-related products			1,357,642			1,492,048			1,439,675			4,281,992			4,036,523			170,041			74,420
Sales of steel products			317,646			333,445			414,752			982,716			1,145,493			—			—
Other products and services			236,403			174,044			60,480			547,869			141,690			81,586			64,945

			16,037,198			18,197,031			11,642,333			50,863,139			30,054,122			16,689,166			14,482,735
Value Added taxes			(416,598	)		(388,422	)		(417,309	)		(1,184,567	)		(1,083,955	)		(882,133	)		(781,214	)

Net operating revenues			15,620,600			17,808,609			11,225,024			49,678,572			28,970,167			15,807,033			13,701,521


Cost of products and services	9.1 and 9.2
Ores and metals			(5,409,179	)		(5,548,458	)		(3,292,515	)		(16,543,333	)		(8,706,155	)		(8,592,502	)		(7,264,521	)
Transport services			(519,736	)		(576,223	)		(449,706	)		(1,608,032	)		(1,329,520	)		(554,073	)		(537,964	)
Aluminum-related products			(785,512	)		(833,872	)		(821,559	)		(2,392,638	)		(2,183,614	)		(88,143	)		(51,762	)
Steel products			(309,827	)		(300,981	)		(333,889	)		(921,503	)		(921,006	)		—			—
Other products and services			(243,034	)		(149,942	)		(38,875	)		(458,085	)		(91,681	)		(31,661	)		(23,304	)

			(7,267,288	)		(7,409,476	)		(4,936,544	)		(21,923,591	)		(13,231,976	)		(9,266,379	)		(7,877,551	)


Gross profit			8,353,312			10,399,133			6,288,480			27,754,981			15,738,191			6,540,654			5,823,970

Gross margin			53.5	%		58.4	%		56.0	%		55.9	%		54.3	%		41.4	%		42.5	%


Periods ended	In thousands of reais
			Consolidated															Parent Company
			Quarter									Accumulated						Accumulated
	Notes		3Q/07			2Q/07			3Q/06			09/30/07			09/30/06			09/30/07			09/30/06
Operating expenses
Selling and Administrative		5.22		(581,362	)		(566,962	)		(402,147	)		(1,750,188	)		(1,349,734	)		(726,217	)		(626,673	)
Research and development				(390,859	)		(305,396	)		(289,096	)		(935,305	)		(667,184	)		(473,635	)		(393,346	)
Other operating expenses		5.22		(396,046	)		(332,394	)		(347,818	)		(810,064	)		(712,545	)		(160,919	)		(357,967	)

				(1,368,267	)		(1,204,752	)		(1,039,061	)		(3,495,557	)		(2,729,463	)		(1,360,771	)		(1,377,986	)

Operating profit before financial results and results of equity investments				6,985,045			9,194,381			5,249,419			24,259,424			13,008,728			5,179,883			4,445,984


Results of equity investments
Gain on investments accounted for by the equity method		5.9		44,230			18,535			119,131			97,391			271,327			17,234,428			7,844,175
Provision for losses				—			—			—			—			—			40,710			(154,088	)
Exchange variation in stockholders’ equity and goodwill of companies abroad				(343,329	)		(588,982	)		(2,416	)		(956,853	)		(25,285	)		(7,908,172	)		(612,822	)

				(299,099	)		(570,447	)		116,715			(859,462	)		246,042			9,366,966			7,077,265
Amortization of goodwill		5.10		(344,579	)		(364,511	)		(130,750	)		(971,744	)		(300,947	)		(964,839	)		(302,451	)

				(643,678	)		(934,958	)		(14,035	)		(1,831,206	)		(54,905	)		8,402,127			6,774,814

Financial results, net		5.20		137,949			(47,014	)		(248,609	)		(117,407	)		(974,068	)		2,882,172			(342,086	)
Non-operating income		5.22		196,870			1,260,766			34,438			1,457,636			790,630			1,300,726			53,764

Income before income tax and social contribution				6,676,186			9,473,175			5,021,213			23,768,447			12,770,385			17,764,908			10,932,476
Income tax and social contribution		5.8		(1,632,336	)		(3,195,630	)		(791,772	)		(6,902,695	)		(1,970,208	)		(2,169,014	)		(869,922	)

Income before minority interests				5,043,850			6,277,545			4,229,441			16,865,752			10,800,177			15,595,894			10,062,554
Minority interests				(385,119	)		(435,705	)		(256,546	)		(1,269,858	)		(737,623	)		—			—

Net income for the period				4,658,731			5,841,840			3,972,895			15,595,894			10,062,554			15,595,894			10,062,554

Number of shares outstanding at the end of the period (in thousands) (a)				4,832,391			4,832,390			4,832,388			4,832,391			4,832,388			4,832,391			4,832,388

Net earnings per share outstanding at the end of the period (R$)				0.96			1.21			0.82			3.23			2.08			3.23			2.08

The additional information, notes and attachment I are an integral part of the quarterly information

(a) Includes 30,341,144 and 56,582,040 preferred and common shares, respectively, linked to issue of mandatory convertible notes (see note 5.18).

(A free translation of the original in Portuguese relating to the Quarterly information prepared in R$thousands, in accordance with the requirements of Accounting Practices Adopted in Brazil)

3- Statement of Changes in Stockholders’ Equity


Balances in	In thousands of reais
			Revenue reserves
																					Resources linked to
			Expansion/			Treasury			Unrealized						Fiscal			Retained			mandatory conversion
	Paid-up capital		Investments			stock			income			Legal			incentives			earnings			in shares		Total
December 31, 2005		14,000,000		8,462,996			(131,300	)		236,167			1,399,413			83,365			—			—		24,050,641

Capital Increase		5,492,401		—			—			—			—			—			—			—		5,492,401
Net income for the year		—		—			—			—			—			—			13,431,005			—		13,431,005
Realization of reserves		—		—			—			(113,667	)		—			—			113,667			—		—
Treasury stock		—		—			(659,007	)		—			—			—			—			—		(659,007	)
Interim dividends		—		—			—			—			—			—			(29,185	)		—		(29,185	)
Stockholder’s remuneration proposed		—		—			—			—			—			—			(3,189,095	)		—		(3,189,095	)
Appropriation to revenue reserves		—		9,645,367			—			—			671,550			9,475			(10,326,392	)		—		—


December 31, 2006		19,492,401		18,108,363			(790,307	)		122,500			2,070,963			92,840			—			—		39,096,760
Treasury stock		—		—			81			—			—			—			—			—		81
Net income for the period		—		—			—			—			—			—			5,095,323			—		5,095,323


March 31, 2007		19,492,401		18,108,363			(790,226	)		122,500			2,070,963			92,840			5,095,323			—		44,192,164
Net income for the period		—		—			—			—			—			—			5,841,840			—		5,841,840
Capitalization of reserves		8,507,599		(7,672,690	)		—			—			(751,545	)		(83,364	)		—			—		—
Resources linked to mandatory conversion in shares		—		—			—			—			—			—			—			3,063,833		3,063,833


June 30, 2007		28,000,000		10,435,673			(790,226	)		122,500			1,319,418			9,476			10,937,163			3,063,833		53,097,837

Treasury stock		—		—			3			—			—			—			—			—		3
Net income for the period		—		—			—			—			—			—			4,658,731			—		4,658,731


September 30, 2007		28,000,000		10,435,673			(790,223	)		122,500			1,319,418			9,476			15,595,894			3,063,833		57,756,571

(A free translation of the original in Portuguese relating to the Quarterly information prepared in R$thousands, in accordance with the requirements of Accounting Practices Adopted in Brazil)

4- Statement of Cash Flows


Periods ended	In thousands of reais
	Consolidated															Parent Company
	Quarter									Accumulated						Accumulated
	3Q/07			2Q/07			3Q/06			09/30/07			09/30/06			09/30/07			09/30/06
Cash flows from operating activities:
Net income for the period		4,658,731			5,841,840			3,972,895			15,595,894			10,062,554			15,595,894			10,062,554
Adjustments to reconcile net income for the period with cash provided by operating activities:
Results of equity investments		643,678			934,958			14,035			1,831,206			54,905			(8,402,127	)		(6,774,814	)
Sale of assets		(196,870	)		(1,260,766	)		(34,438	)		(1,457,636	)		(790,630	)		(1,300,726	)		(53,764	)
Depreciation, amortization and depletion		998,881			1,015,200			510,447			2,819,102			1,376,700			1,036,092			762,451
Deferred income tax and social contribution		(492,539	)		(505,096	)		(258,455	)		(1,325,921	)		(239,445	)		(379,998	)		(327,556	)
Financial expenses and monetary and exchange rate variations on assets and liabilities, net		(1,773,001	)		(1,600,034	)		251,162			(3,144,942	)		(273,072	)		(5,209,484	)		(269,220	)
Minority interest		385,119			435,705			256,546			1,269,858			737,623			—			—
Disposal of property, plant and equipment		21,800			435,063			43,227			538,081			121,939			430,846			33,632
Amortization of goodwill in the cost of products sold		—			—			94,008			51,416			280,085			51,366			275,961
Net losses (gains) on derivatives		(644,342	)		(297,869	)		(162,339	)		(1,109,057	)		102,777			(1,261,507	)		13,825
Dividends/interest on stockholders’ equity received		13,084			45,469			40,624			58,553			135,737			1,761,865			1,446,112
Others		103,485			(167,457	)		(137,518	)		278,570			(140,007	)		433,399			(18,626	)

		3,718,026			4,877,013			4,590,194			15,405,124			11,429,166			2,755,620			5,150,555


Decrease (increase) in assets:
Accounts receivable		1,267,804			(617,857	)		(681,401	)		1,010,025			(1,084,916	)		(574,156	)		(1,458,972	)
Inventories		(601,873	)		(139,301	)		(370,530	)		(922,668	)		(469,296	)		(451,840	)		(78,405	)
Advances to energy suppliers		16,740			(66,581	)		(66,395	)		(116,783	)		(200,743	)		—			—
Others		292,224			318,355			(268,908	)		(165,126	)		(426,141	)		423,634			151,668

		974,895			(505,384	)		(1,387,234	)		(194,552	)		(2,181,096	)		(602,362	)		(1,385,709	)


Increase (decrease) in liabilities:
Suppliers and contractors		194,026			1,449,432			240,266			798,566			(359,690	)		409,537			(411,478	)
Payroll and related charges and other		225,714			193,620			108,183			57,319			(23,898	)		102,807			(47,887	)
Taxes and contributions		1,100,160			294,370			394,705			1,326,508			333,089			424,769			141,184
Others		(661,163	)		1,067,176			299,263			(354,538	)		(133,859	)		743,567			(375,172	)

		858,737			3,004,598			1,042,417			1,827,855			(184,358	)		1,680,680			(693,353	)


Net cash provided by operating activities		5,551,658			7,376,227			4,245,377			17,038,427			9,063,712			3,833,938			3,071,493


Cash flows from investing activities:
Loans and advances receivable		6,344			51,768			94,148			71,112			(60,837	)		365,560			219,873
Guarantees and deposits		(27,562	)		(65,772	)		(131,033	)		(166,477	)		(276,545	)		(126,147	)		(106,421	)
Additions to investments		(32,267	)		(65,675	)		(122,057	)		(129,512	)		(234,138	)		(1,529,298	)		(3,478,246	)
Additions to property, plant and equipment		(3,049,912	)		(3,381,047	)		(1,777,102	)		(8,870,257	)		(5,910,435	)		(2,719,178	)		(4,209,737	)
Proceeds from disposal of property, plant and equipment/investments		198,107			1,302,233			43,017			1,500,340			1,061,810			1,855,625			63,870
Net cash used in acquisitions and increase of funds to subsidiaries, net of the cash of subsidiary		—			(2,077,016	)		(25,978	)		(6,404,069	)		(25,978	)		—			—

Net cash used in investing activities		(2,905,290	)		(4,235,509	)		(1,919,005	)		(13,998,863	)		(5,446,123	)		(2,153,438	)		(7,510,661	)


Cash flows from financing activities:
Short-term debt additions		1,069,785			3,614,521			4,484,875			5,985,344			8,723,875			2,696,053			5,629,184
Short-term debt repayments		(974,580	)		(5,264,614	)		(4,053,227	)		(6,983,674	)		(8,191,684	)		(1,557,125	)		(5,063,748	)
Long-term debt		159,074			180,363			445,146			14,471,978			3,563,810			16,551,867			6,882,940
Issue of convertible notes, in common share’s		—			2,481,454			—			2,481,454			—			—			—
Issue of convertible notes, in preferred share’s		—			1,119,448			—			1,119,448			—			—			—
Repayments:
Related parties		—			—			—			—			—			(67,166	)		—
Financial institutions		(1,674,798	)		(7,850,098	)		(477,094	)		(22,796,094	)		(1,665,965	)		(17,663,923	)		(702,315	)
Interest on stockholders’ equity paid to stockholders and dividends		—			(2,096,572	)		(79,311	)		(2,218,024	)		(1,511,657	)		(1,669,057	)		(1,392,300	)
Treasury stock		3			—			(605,210	)		84			(659,007	)		84			(659,007	)

Net cash provided by (used in) financing activities		(1,420,516	)		(7,815,498	)		(284,821	)		(7,939,484	)		259,372			(1,709,267	)		4,694,754


Increase (decrease) in cash and cash equivalents		1,225,852			(4,674,780	)		2,041,551			(4,899,920	)		3,876,961			(28,767	)		255,586
Cash and cash equivalents, beginning of the period		3,652,203			8,326,983			4,538,662			9,777,975			2,703,252			203,090			131,467

Cash and cash equivalents, end of the period		4,878,055			3,652,203			6,580,213			4,878,055			6,580,213			174,323			387,053

Cash paid during the period for:
Short-term interest		(23,492	)		(83,337	)		(11,157	)		(124,982	)		(27,202	)		(87,588	)		(14,997	)
Long-term interest		(622,818	)		(788,129	)		(326,204	)		(1,855,774	)		(709,424	)		(1,934,331	)		(412,020	)
Income tax and social contribution		(986,218	)		(2,981,336	)		(579,886	)		(4,857,954	)		(1,113,314	)		(1,504,897	)		(386,892	)
Non-cash transactions:
Additions to property, plant and equipment — interest capitalization		7,285			(187,307	)		100,330			(258,245	)		(31,276	)		(178,756	)		(38,981	)
Transfer of advance for future capital increase to investments		—			—			—			—			—			(24,760	)		(256,790	)
Compensated income tax and social contribution		(516,382	)		(611,795	)		(194,694	)		(1,390,349	)		(354,418	)		(1,045,539	)		(51,509	)

The additional information, notes and attachment I are an integral part of the quarterly information

(A free translation of the original in Portuguese relating to the Quarterly information prepared in R$thousands, in accordance with the requirements of Accounting Practices Adopted in Brazil)

5- Notes to the Quarterly information at September 30, 2007 and 2006

Expressed In thousands of reais

5.1- Operations

Companhia Vale do Rio Doce is a publicly traded corporation whose predominant activities are mining, processing and sale of iron ore, pellets, copper concentrate and potash, as well as logistic services, power generation and mineral research and development. In addition, through its direct and indirect subsidiaries and jointly controlled companies, CVRD operates in iron ore and pellets, nickel, copper, precious metals, cobalt (by product), manganese and ferroalloys, kaolin, coal, steel, aluminum-related products and logistics.

5.2- Presentation of Quarterly information

The quarterly information has been prepared in conformity with accounting practices followed in Brazil, based on corporate legislation, as well as the rules and guidelines issued by the Comissão de Valores Mobiliários — CVM (Brazilian Securities Commission).

As part of the quarterly information, the Company presents as complemental information the calculation of the earnings before financing results, equity results, income tax and social contribution, depreciation and amortization – LAJIDA (EBITDA).

Although the EBITDA, as defined before, does not provide a measure of operational cash flow basics on Brazilian accounting principles, it is often used by financial analysts to value our business and Management uses this indicator to measure our operational performance.

5.3- Principles and Practices of Consolidation

The consolidated quarterly information shows the balances of assets and liabilities on 09/30/07 and 06/30/07 and the operations of the Parent Company, its direct and indirect subsidiaries and its jointly-controlled companies of the periods ended 09/30/07 and 06/30/07 and 09/30/06. The principal figures of the subsidiaries and jointly-controlled companies included in the consolidation are presented in Attachment I.

The investments in hydroelectric projects are made via consortium contracts under which the company has an undivided interest in assets and are liable for its proportionate share of liabilities and expenses, which are based on the proportionate share of power output. The company has not joint liability for any obligations, and all the recorded costs, income, assets and liabilities relate to the entities within the group. Since there is no separate legal entity for the project, there are no separate financial statements, income tax return, net income or shareholders’ equity. Brazilian corporate law explicitly provides that no separate legal entity exists as a result of a consortium contract, and the company’s external legal counsel has confirmed this conclusion. So, the company recognizes its proportionate share of costs and its undivided interest in assets relating to hydroelectric projects.

Since December 31, 2006 there have been no changes in the consolidation practices followed by CVRD.

5.4- Summary of significant Accounting Policies

(a)

The financial statements that are being presented have been prepared following the principles, methods and criteria on a consistent basis in relation to those adopted in the closing of the year ended 12/31/2006; and

(b)

In preparing the financial statements, the Company is required to use estimates to account for certain assets, liabilities, and transactions. Therefore the consolidated financial statements include various estimates concerning the selection of useful lives of property, plant and equipment, provisions for losses on assets, contingent liabilities, operational provisions and other similar evaluations. Actual results may vary from the estimates.

5.5- Acquisitions and divestments

(a)

In July 2007, the Company sold its participation of 1.8% of the ordinary shares of Lion Ore Mining International Ltd. (Lion Ore), held by its subsidiary CVRD Inco for R$197,148 with a gain of R$153,085.

(b)

In June 2007, the Company sold through a primary and secondary public offering 25,213,664 common shares of Log-In Logística Intermodal S/A. (Log-In), representing 57.84% of total capital, for R$347,478 with a gain on sale of R$300,924 and gain on capital of R$115,607. In July the company sold 5.1% additional stake for R$44,117 with a gain of R$37,522. Currently the Company holds 31.27% of total capital of this entity, which is recognized as an equity investee, since June 2007.


(c)		In May 2007, the Company sold in a public offering 13,802,499 Usiminas shares not subject to the shareholders’ agreement and received total proceeds of R$1,475,484 generating a gain of R$839,428. The Company retained 6,608,608 shares which are bound by the current shareholders agreement of Usiminas.

(d)

In May 2007, the Company acquired 6.25% of EBM for R$466,781. On this occasion an agreement was entered into that grants us, during the next 30 years, the control of EBM, including the right to dividends. In exchange, CVRD will pay a total of US$ 61 million for the year of 2007 and 29 annual amounts of US$ 48 million.

(e)

In April 2007, Vale acquired 100% of AMCI Holdings Australia Pty – AMCI HÁ, a private company held in Australia, which operates and controls coal assets through joint ventures, for R$1,328,268.

(f)

In March 2007, Vale acquired the remaining 18% interest in Ferro Gusa held by Nucor do Brasil S.A. for R$40,584. As a result CVRD now owns 100% of Ferro Gusa’s shares.

(g)

In January 2007, the Company finalized the process of acquisition of Inco with the acquisition of the additional participation of 12.27% for R$4 billion. The total acquisition reached the amount of R$36 billion. The special meeting of shareholders of Inco, approved the amalgamation of Inco with Itabira Canada Inc. (Itabira Canada), a wholly owned indirect subsidiary of CVRD. Pursuant to the amalgamation, Inco will become a wholly owned subsidiary of CVRD and change its name to “CVRD Inco Limited” (CVRD Inco).

To improve comparability the company presents, the consolidated statement of income as if the acquisition had been made on the beginning of 2006.

Summarized Consolidated Statement of Income of CVRD and CVRD Inco (unaudited)


	Quarter									Accumulated
	3Q/06									09/30/06
	CVRD			CVRD INCO			Total			CVRD			CVRD INCO			Total
Net operating revenues		11,225,024			5,063,960			16,288,984			28,970,167			11,693,764			40,663,931

Cost of products and services		(4,936,544	)		(2,671,746	)		(7,608,290	)		(13,231,976	)		(6,838,607	)		(20,070,583	)


Gross profit		6,288,480			2,392,214			8,680,694			15,738,191			4,855,157			20,593,348

Operating expenses		(1,039,061	)		(307,345	)		(1,346,406	)		(2,729,463	)		(787,324	)		(3,516,787	)


Operating profit before financial results and results of equity investments		5,249,419			2,084,869			7,334,288			13,008,728			4,067,833			17,076,561


Results of equity investments		(14,035	)		—			(14,035	)		(54,905	)		—			(54,905	)
Financial results, net		(248,609	)		(486,273	)		(734,882	)		(974,068	)		(1,068,187	)		(2,042,255	)
Non-operating income		34,438			316,236			350,674			790,630			316,236			1,106,866


Income before income tax and social contribution		5,021,213			1,914,832			6,936,045			12,770,385			3,315,882			16,086,267

Income tax and social contribution		(791,772	)		(631,254	)		(1,423,026	)		(1,970,208	)		(1,089,545	)		(3,059,753	)


Income before minority interests		4,229,441			1,283,578			5,513,019			10,800,177			2,226,337			13,026,514

Minority interests		(256,546	)		(86,832	)		(343,378	)		(737,623	)		(178,894	)		(916,517	)

Net income for the period		3,972,895			1,196,746			5,169,641			10,062,554			2,047,443			12,109,997

5.6- Inventories


	Consolidated				Parent Company
	09/30/07		06/30/07		09/30/07		06/30/07
Finished products
. Nickel, co-products and sub products Inco		3,011,728		3,144,044		—		—
. Iron ore and pellets		1,069,915		892,339		783,900		536,376
. Manganese and ferroalloys		212,131		215,315		—		—
. Aluminum products		277,393		239,276		—		—
. Copper		47,311		16,960		47,311		16,960
. Steel products		68,287		81,369		—		—
. Other		184,335		180,717		5,810		4,601

		4,871,100		4,770,020		837,021		557,937
Spare parts and maintenance supplies		2,191,725		2,042,272		826,818		719,221

		7,062,825		6,812,292		1,663,839		1,277,158

5.7- Taxes to recover or offset


	Consolidated				Parent Company
	09/30/07		06/30/07		09/30/07		06/30/07
Income tax		264,722		216,049		22,277		5,529
Value-added tax — ICMS		630,425		623,179		446,987		476,786
PIS and COFINS		538,612		655,767		94,065		125,913
INSS		30,088		30,353		29,812		27,949
Others		69,763		86,838		29,965		29,262


Total		1,533,610		1,612,186		623,106		665,439


Current		1,091,437		1,047,236		425,264		445,463
Non-current		442,173		564,950		197,842		219,976

		1,533,610		1,612,186		623,106		665,439

5.8- Income Tax and Social Contribution

Income taxes in Brazil comprise federal income tax and social contribution, which is an additional federal tax. The statutory composite enacted tax rate applicable in the periods presented is 34% represented by a 25% federal income tax rate plus a 9% social contribution rate.

In other countries where we have operations the applicable tax rate varied from 3.29% to 43.15%.

The amounts reported as income tax and social contribution, which affected the results for the period, are as follows:


	Consolidated															Parent Company
	Quarter									Accumulated						Accumulated
	3Q/07			2Q/07			3Q/06			09/30/07			09/30/06			09/30/07			09/30/06
Income before income tax and social contribution		6,676,186			9,473,175			5,021,213			23,768,447			12,770,385			17,764,908			10,932,476
Results of equity investment		643,678			934,958			14,035			1,831,206			54,905			(8,402,127	)		(6,774,814	)
Results on sale of assets not subject taxation		—			—			(34,438	)		—			(790,630	)		—			(53,764	)

		7,319,864			10,408,133			5,000,810			25,599,653			12,034,660			9,362,781			4,103,898

Income tax and social contribution at combined tax rates		34	%		34	%		34	%		34	%		34	%		34	%		34	%


Federal income tax and social contribution at statutory rates		(2,488,754	)		(3,538,765	)		(1,700,275	)		(8,703,882	)		(4,091,784	)		(3,183,346	)		(1,395,325	)

Adjustments to net income which modify the effect on the results for the period:

Income tax benefit from interest on stockholders’ equity		209,497			214,283			173,230			635,019			555,848			635,019			555,848

Fiscal incentives		63,500			73,138			74,977			243,507			242,382			110,814			10,831
Results of overseas companies taxed by different rates which difference than the parent company rate		555,278			164,661			693,799			1,115,666			1,408,558			—			—
Reduced incentive rate		17,978			25,503			33,574			62,625			78,223			—			—
Others		10,165			(134,450	)		(67,077	)		(255,630	)		(163,435	)		268,499			(41,276	)

Income tax and social contribution		(1,632,336	)		(3,195,630	)		(791,772	)		(6,902,695	)		(1,970,208	)		(2,169,014	)		(869,922	)

The Company has certain tax incentives relative to the manganese operations in Carajás, bauxite in Oriximiná , potash operations in Rosario do Catete, alumina and aluminum operations in Barcarena and kaolin operations in Ipixuna and Mazagão. The incentives relative to manganese comprise partial exemption up to 2013. The incentive relating to alumina and potash comprise full income tax exemption on defined production levels, which expire in 2009 and 2013, respectively, while the partial exemption incentives relative to aluminum and kaolin expire in 2013 and Bauxite in 2008. An amount equal to the tax saving must be appropriated to a reserve account within stockholders’ equity and may not be distributed in the form of cash dividends.

CVRD also has tax incentives related to Goro Project in New Caledonia. These incentives include an income tax holiday during the construction phase of the project and throughout a 15-year period commencing in the first year in which commercial production, as defined by the applicable legislation, is achieved followed by a five-year, 50 per cent income tax holiday.

In addition, Goro qualifies for certain exemptions from indirect taxes such as import duties during the construction phase and throughout the commercial life of the project. Certain of these tax benefits, including the income tax holiday, are subject to an earlier phase out should the project achieve a specified cumulative rate of return. The Company is subject to a branch profit tax commencing in the first year in which commercial production is achieved, as defined by the applicable legislation. To date, there has been no net income for New Caledonia tax purposes. The benefits of this legislation are expected to apply with respect to any taxes otherwise payable once the Goro project is in operation.

5.9- Investments Consolidated


					Equity Results
	Investments				Quarter							Accumulated
	09/30/07		06/30/07		3Q/07		2Q/07			3Q/06		09/30/07			09/30/06
Usinas Siderúrgicas de Minas Gerais S.A. — USIMINAS (a)		306,961		308,661		13,084		—			93,595		24,255			209,390
Log-In		176,943		176,687		7,009		(4,339	)		—		2,670			—
Shandong Yankuang International Company Ltd.		39,026		41,095		421		(3,783	)		—		(3,355	)		45,543
Henan Longyu Resources Co. Ltd.		189,440		257,461		19,441		27,661			21,235		67,006			—
ThyssenKrupp CSA — Cia Siderúrgica (b)		324,168		277,088		—		—			—		—
Quadrem International Holdings Ltd. (b)		8,577		8,984		—		—			—		—			—
Jubilee Mines N.L ( b )		93,615		96,973		—		—			—		—			—
Lion Ore ( b )		—		58,697		—		—			—		—			—
Mirabela Nickel Ltd ( b )		53,238		52,682		—		—			—		—			—
Skye Resources Inc ( b )		148,831		146,183		—		—			—		—			—
Heron Resources Inc ( b )		18,415		16,442		—		—			—		—			—
Other		137,561		124,334		4,275		(1,004	)		4,301		6,815			16,394

		1,496,775		1,565,287		44,230		18,535			119,131		97,391			271,327


(a)		Investment accounted for based on the equity method until 2006, and at cost thereafter it, when this equity is dividends received. This participation valued at market price on the balance sheet date is R$948,336; and

(b)		Investments at cost.

5.10- Intangible Consolidated


					Goodwill amortization
	Intangible				Quarter									Accumulated
	09/30/07		06/30/07		3Q/07			2Q/07			3Q/06			09/30/07			09/30/06
Intangible by segment
Minério de ferro e pelotas (c)
Goodwill of incorporated companies (a)		4,416,414		4,546,311		(129,894	)		(129,894	)		(129,896	)		(389,682	)		(295,370	)
Goodwill of Minerações Brasileiras Reunidas — MBR		337,057		345,774		(8,718	)		(2,906	)		—			(11,623	)		—
Goodwill of Sociedade de Mineração Estrela do Apolo		25,684		25,684		—			—			—			—			—
Other companies (b)		9,487		12,161		(2,479	)		(2,613	)		(854	)		(6,905	)		(5,577	)

		4,788,642		4,929,930		(141,091	)		(135,413	)		(130,750	)		(408,210	)		(300,947	)
Níquel
Goodwill of Inco Limited (c)		6,680,609		7,383,533		(203,488	)		(229,098	)		—			(563,534	)		—
Other rights		709,426		415,096		—			—			—			—			—

		7,390,035		7,798,629		(203,488	)		(229,098	)		—			(563,534	)		—

Total		12,178,677		12,728,559		(344,579	)		(364,511	)		(130,750	)		(971,744	)		(300,947	)


(a)		Merged companies (Caemi and Ferteco) — amortization of goodwill of incorporated operating companies is recorded in the cost of products sold of the Parent Company;

(b)		Goodwill not recorded in the parent company; and

(c)		Goodwill based on future results expectation (stated period of amortization of 10 years).

5.11- Property, Plant and Equipment

By business area:


								Consolidated
	09/30/07							06/30/07
			Accumulated
	Cost		depreciation			Net		Net
Ferrous
In operation		28,604,118		(11,266,397	)		17,337,721		16,505,206
Construction in Progress		7,209,063		—			7,209,063		6,978,944

		35,813,181		(11,266,397	)		24,546,784		23,484,150

Non — Ferrous
In operation		41,036,765		(3,635,736	)		37,401,029		36,388,423
Construction in Progress		11,497,942		—			11,497,942		12,650,074

		52,534,707		(3,635,736	)		48,898,971		49,038,497

Logistics
In operation		7,146,305		(2,521,230	)		4,625,075		4,587,536
Construction in Progress		394,207		—			394,207		329,193

		7,540,512		(2,521,230	)		5,019,282		4,916,729

Holdings
In operation		8,458,129		(3,272,401	)		5,185,728		5,125,062
Construction in Progress		2,809,582		—			2,809,582		2,593,236

		11,267,711		(3,272,401	)		7,995,310		7,718,298

Corporate Center
In operation		1,485,072		(579,641	)		905,431		888,439
Construction in Progress		643,130		—			643,130		619,830

		2,128,202		(579,641	)		1,548,561		1,508,269

Total		109,284,313		(21,275,405	)		88,008,908		86,665,943

5.12- Loans and Financing

Current


	Consolidated				Parent Company
	09/30/07		06/30/07		09/30/07		06/30/07
Trade finance		472,371		388,908		230		—
Working capital		152,296		172,243		—		—

		624,667		561,151		230		—

Non-current


			Consolidated								Parent Company
			Current liabilities				Long-term liabilities				Current liabilities				Long-term liabilities
			09/30/07		06/30/07		09/30/07		06/30/07		09/30/07		06/30/07		09/30/07		06/30/07
Foreign operations
Loans and financing in:
U.S. dollars	1	)		405,143		440,397		11,734,119		13,698,910		326,889		343,494		1,139,638		1,346,458
Other currencies				49,538		35,014		459,423		582,388		7,296		7,257		21,924		22,298
Notes in U.S. dollars	2	)		—		—		12,254,919		13,048,878		—		—		—		—
Export securitization				113,122		134,453		402,022		446,772		—		—		—		—
Perpetual notes				—		—		158,160		165,669		—		—		—		—
Accrued charges				365,056		587,532		—		—		13,319		38,660		—		—

				932,859		1,197,396		25,008,643		27,942,617		347,504		389,411		1,161,562		1,368,756


Local operations
Indexed by TJLP, TR, IGP-M and CDI				188,672		166,364		2,221,672		2,283,238		34,032		34,011		2,126,128		2,134,553
Basket of currencies				3,147		3,053		11,254		12,562		2,997		2,896		11,216		12,484
Loans in U.S. dollars				44,827		82,124		134,808		154,263		—		—		—		—
Non-convertible debentures	3	)		—		—		5,898,862		5,880,152		—		—		5,500,011		5,500,011
Accrued charges				307,809		132,434		—		—		306,994		90,925		—		—

				544,455		383,975		8,266,596		8,330,215		344,023		127,832		7,637,355		7,647,048

				1,477,314		1,581,371		33,275,239		36,272,832		691,527		517,243		8,798,917		9,015,804

	1)		In December 2006, were realized with a bank syndicate a pre-export finance transaction of US$6.0 billion. The transaction includes a US$5.0 billion tranche, with a five-year maturity, at Libor plus 0.625% per year, and a US$1.0 billion tranche, with a seven-year maturity, at Libor plus 0.75% per year.

	2)		In November 2006, the company issued US$3.75 billion 10-year and 30-year notes. One of the US$1.25 billion notes due in January 2017 bear a coupon rate of 6.25% per year, payable semi-annually and other of US$2.50 billion notes due in 2036 bear a coupon rate of 6.875% per year, payable semi-annually.

	3)		On December 20, 2006 the Company issued non-convertible debentures in the amount of R$5.5 billion, in two series. The first series, due on November 20, 2010 of R$1.5 billion, will be remunerated at 101.75% of the accumulated variation of the Brazilian CDI interest rate, payable semi-annually while the second series, due on November 20, 2013 of R$4.0 billion, will be remunerated at the Brazilian CDI interest rate plus 0.25% per year, also payable semi-annually. These debentures can be traded at a secondary market, through the Sistema Nacional de Debentures (SND).

(a)

Foreign currency loans and financing were converted into reais at exchange rates effective on the quarterly information
date, being US$1.00 = R$ 1.8389 in 09/30/07 (R$ 1.9262 in 06/30/07).

(b)

At September 30, 2007, the consolidated debt was secured as follows:

	•		Loans guaranteed by the Federal Government with a value of R$ 19,884 for which we gave counter-guarantees;

	•		Securitization program of R$ 521,889; and

	•		Other assets R$ 736,313.

(c)

Amortization of principal and financing charges incurred on long-term loans and financing obtained abroad and domestically maturing as follows, as of 09/30/07:


	Consolidated				Parent Company
2008		1,139,290	3	%		1,034,609	12	%
2009		929,378	3	%		336,053	4	%
2010		4,565,987	14	%		1,828,835	21	%
2011		6,165,878	19	%		252,592	3	%
2012 onwards		19,917,696	60	%		5,346,828	60	%
No due date (perpetual notes and debentures)		557,010	1	%		—	0	%

		33,275,239	100	%		8,798,917	100	%

(d)

Some of our long-term debt instruments contain financial covenants. Our principal covenants require us to maintain certain ratios, such as debt to equity and interest coverage. The company is in compliance with the financial covenants required as of September 30, 2007.

5.13- Contingent Liabilities

		At the Quarterly information dates the contingent liabilities of the Company were:

(a)		Provisions for contingencies, net of judicial deposits, considered by management and its legal counsel as sufficient to cover losses from any type of lawsuit, were as follows:


	Consolidated						Parent Company
	09/30/07			06/30/07			09/30/07			06/30/07
a) Tax contingencies		2,558,690			2,293,250			1,593,468			1,451,206
(-) Judicial deposits		(1,111,600	)		(1,026,835	)		(789,284	)		(770,650	)

		1,447,090			1,266,415			804,184			680,556

b) Civil contingencies		609,259			608,110			412,174			409,553
(-) Judicial deposits		(287,533	)		(225,867	)		(206,990	)		(211,292	)

		321,726			382,243			205,184			198,261

c) Labor contingencies		906,970			845,083			732,887			681,881
d) Environmental contingencies		31,586			48,099			3,418			18,617

Total accrued liabilities		2,707,372			2,541,840			1,745,673			1,579,315


					09/30/07						09/30/07

Balance in the beginning of the period					2,541,840						1,579,315
Provisions, net of reversals					38,305						16,495
Payments					(13,848	)					(10,569	)
Monetary update					177,215						174,765
Increase (decrease) of judicial deposits					(36,140	)					(14,333	)

Balance at the end of period					2,707,372						1,745,673

The Company and its subsidiaries are party to labor, civil, tax and other suits and have been contesting these matters both administratively and in court. When applicable, these are backed by judicial deposits. Provisions for losses are estimated and restated monetarily by management based on the opinions of the legal department and outside counsel.

Tax Contingencies:

The major suits are:

	•		Value-Added Tax on Sales and Services (ICMS) — The contingent figure refers to the credit right of differential rates regarding the transfer of assets between company branches;

	•		Services Tax (ISS) — The major claims are regarding local tax collecting disputes;

	•		Tax for Social Security Financing (COFINS) — The major contingencies, related to merged companies refer to the increase of the rate from 2% to 3% between 1999 and 2000;

	•		Import Duty (II) — The provision made is related to the Fiscal classification of equipment importation by merged companies;

	•		Additional Compensation to harbour workers (AITP) — Amounts regarding the collection of compensation amounts for public harbour workers equalized to Private Harbour;

	•		Income Tax and Social Contribution — Essentially regarding a fiscal loss compensation and negative bases of social contribution disputing the limit of 30% of taxable earnings and monetary variations of asset from merged companies; and

	•		Others — Regarding dispute of tax credit compensations and basis of calculation of Finance Compensation by Exploration of Mineral Resources — CFEM.

II)

Civil Contingencies:

The civil actions are principally related to claims made against us by contractors in connection with losses alleged to have been incurred by them as a result of various past government economic plans, accidents and return of land.

III)

Labor Contingencies:

Labor and social security — related actions principally comprise claims for (i) payment of time spent traveling from their residences to the work-place, (ii) additional health and safety related payments and (iii) disputes about the amount of indemnities paid upon dismissal and the one-third extra holiday pay.

In addition to the contingencies for which we have made provisions, we have possible losses totaling R$3,985,686 (R$2,431,448 parent company) classified based on the advice of our legal counsel, for which no provision is maintained.

(b)

Guarantees given to jointly controlled companies are as follows:

Amount of guarantee

Denominated

Counter

Affiliate

09/30/07

06/30/07

currency

Purpose

Final maturity

guarantees

SAMARCO

3,322

3,553

US$

Debt guarantee IFC

2008

None

(c)		The Company provides a guarantee covering certain termination payments to the supplier under an electricity supply agreement entered into in October 2004 for the Goro nickel-cobalt development project in New Caledonia. The amount of the termination payments guaranteed depends upon a number of factors. If Goro defaults under the contract, the termination payment will reach an amount of 135 million euros. Once the supply of electricity under the contract to the project begins, the guaranteed amounts will decrease over the life of the contract.

		Additionally, in connection with a special tax-advantage lease financing related to this project the Company provides certain guarantees pursuant to which the Company guarantee in certain events of default, payments up to a maximum amount of US$100 million.

		The Company expects such guarantees to be not executed and therefore no provisions for losses have been made.

(d)		Upon privatization in 1997, the Company issued non-convertible debentures (Debentures) to the stockholders of record, including the federal government. The maturity dates of these Debentures were established to guarantee that pre-privatization stockholders, including the federal government, would share in any future benefits from the Company mineral resources.

		The debenture holders are entitled to receive semi-annual payments equivalent to a percentage of the net revenue deriving from certain mineral resources owned in May 1997 and included in the Issue Deed.

		In September 2007, the company made available the payment related to theses debentures in a amount of R$9,891. The total payments made in 2007, reaches R$21,928.

5.14- Provision for asset retirement obligations

On 09/30/07, the consolidated provision for asset retirement obligations amounted to R$1,519,993 (R$672,631 in the parent company), which was accounted for in “Provision for asset retirement obligations” in non-current liabilities and R$65,388 (R$53,636 in the parent company) classified in “Other” in current liabilities.

5.15- Pension Plan

The following information shows the details the status of the defined benefit elements of the Company plans, of the valuation of actuarial obligations and of the sponsor contribution to the plans.

Pension Plan

The results of the actuarial valuation were as follows:


	Consolidated
	09/30/07									06/30/07
	*() Overfunded**			Underfunded			Underfunded			*() Overfunded**			Underfunded			Underfunded
	pension plans			pension plans			other benefits			pension plans			pension plans			other benefits
Fair value of assets at the end of the period		8,257,554			5,492,794			7,356			8,001,239			5,753,559			7,705
Fair value of plan assets at the end of the period		(6,769,571	)		(6,800,704	)		(2,169,902	)		(6,653,379	)		(6,977,500	)		(2,272,916	)
Actuarial assets / (liabilities) recorded in the balance sheet:
Short-term		—			(102,980	)		(27,584	)		—			(107,869	)		(28,893	)
Long-term		—			(1,204,930	)		(2,134,962	)		—			(1,116,072	)		(2,236,318	)

Actuarial assets / (liabilities) recorded in the balance sheet		1,487,983			(1,307,910	)		(2,162,546	)		1,347,860			(1,223,941	)		(2,265,211	)


	Parent Company
	09/30/07							06/30/07
	*() Overfunded**			Underfunded		Underfunded		*() Overfunded**			Underfunded		Underfunded
	pension plans			pension plans		other benefits		pension plans			pension plans		other benefits
Fair value of assets at the end of the period		8,257,554			—		—		8,001,239			—		—
Fair value of plan assets at the end of the period		(6,769,571	)		—		—		(6,653,379	)		—		—

Actuarial assets / (liabilities) recorded in the balance sheet		1,487,983			—		—		1,347,860			—		—


(*)		The Company has not recorded the actuarial asset on its balance sheet, since there is no clear evidence as to its realization, as established by item 49 of NPC 26.

b)		Actuarial liability

		Refers to the responsibility of the Company to complement the retirements, pensions and health assistance related to the incentive to the disconnecting of some employees occurred between 1987 and 1989.

		The results of the actuarial evaluation of this liability are as follows:


	*Consolidated ()**
	09/30/07						06/30/07
	Health plan			Complementary plan			Health plan			Complementary plan
Fair value of assets at the end of the period		—			243,014			—			229,634
Fair value of plan assets at end of period		(209,247	)		(646,350	)		(208,239	)		(646,599	)
Actuarial liabilities recorded in the balance sheet:
Short-term		(21,218	)		(83,387	)		(23,844	)		(62,940	)
Long-term		(188,029	)		(319,949	)		(184,395	)		(354,025	)

		(209,247	)		(403,336	)		(208,239	)		(416,965	)


(*)		The values of the Consolidated are the same of the Parent Company.

c)		Sponsor contributions

		The contributions are as follows:


	Consolidated
	09/30/07			06/30/07
Overfunded pension plans		(41,170	)		(25,003	)
Underfunded pension plans		(249,568	)		(181,296	)
Underfunded other benefits		(66,740	)		(48,859	)
Complementary value (*)		(69,861	)		(46,550	)
Health insurance plan for retired employee (*)		(15,393	)		(10,123	)

Total contributions		(442,732	)		(311,831	)


(*)		Refers to actuarial liabilities

5.16- Paid-up Capital

At the Extraordinary Shareholders’ Meeting held on April 27, 2007 the capital stock was increased to R$28 billion. The capital increase is due through the expansion/ investment reserve in the amount of R$7,672,690, capitalization of the Legal reserve in the amount of R$751,545, and capitalization of the fiscal incentives reserve in the amount of R$83,364 without new stock issue.

On August 30, 2007 the Extraordinary General Shareholders’ Meeting approved the forward-stock split. Each existing share, both common and preferred, became two shares.

For comparative purposes, the effects of the split were considered retroactively in the calculation of net income per share presented in the statement of income.

On September 30, 2007 the total capital reaches R$28,000,000, corresponding of 4,919,314,116 shares, being R$17,074,400 represented by 2,999,797,716 commom shares and R$10,925,600 represented by 1,919,516,400 class “A” preferred shares, including twelve special class shares without par value.

The Board of Directors has the power, without the necessity of a statutory change, to deliberate the issue of new shares (authorized capital) including the capitalization of revenue and reserves until the authorized limit of 3,600,000,000 commom shares and 7,200,000,000 preferred shares without par value.

Preferred shares have the same rights as common shares, except for the right to elect the members of the Board of Directors. They have priority to a minimum annual dividend of 6% on the portion of capital represented by this class of share or 3% of the book net equity value of the share, whichever is greater.

The members of the Board of Directors and Executive Board together own 124,926 common shares and 589,863 preferred shares.

5.17- Resources linked to future mandatory conversion in shares

In June, 2007, the Company issued mandatory convertible notes in the value of R$3,600,902, net of interest R$3,063,833, with expiration in 2010. The notes, pay a coupon of 5,50% a.a quarterly and the right to receive the participation of the additional equivalent for the distribution in cash paid to the ADS’s holders. These notes were classified as a capital instrument, mainly because of the fact that there is no option, from the part of the Company or from the part of the holders to liquidate, totally or in part this operation with financial resources, being the conversion mandatory.

In alignment with the international practices and after concluded analysis, it was concluded that the Mandatory convertible notes are similar to equity notes and recognized as a specific part of the equity, net of financial changes.

The resources linked to future mandatory conversion are represented by a maximum of 56,582,040 common shares equivalent to R$2,111,287 and by a maximum of 30,295,456 preferred shares equivalent to R$925,546. All the shares are currently in treasury stock (see note 5.18).

5.18- Treasury Stock

On 06/21/06 the Board of Directors approved, under the terms of Subparagraph XXXII of Article 14 of the Bylaws and based on Article 30 of Law 6404/76 and CVM Instructions 10 of 02/14/80 and 268 of 11/13/97, a buy-back program of its preferred shares, during a maximum term of 180 days, involving the acquisition of up to 47,986,763 preferred shares, corresponding to 5% of its outstanding preferred shares on May 31, 2006. The objective was to use this funds to give the shareholders an additional marketability option to the investment in the form of buyback program of the shares.

Until 12/21/06, due date of buy-back program, 30,299,200 preferred shares have been acquired.

On 09/30/07, the Company had 56,582,040 common shares and 30,341,144 preferred shares, which are held in treasury in the amount of R$790,223.


Shares
	Quantity				Unit acquisition cost						Average quoted market price
Class	09/30/07		06/30/07		Average		Low		High		09/30/07		06/30/07
Preferred		30,341,144		30,341,288		43.45		41.13		45.15		42.18		33.02
Common		56,582,040		56,582,040		4.63		3.34		8.68		35.64		39.15

		86,923,184		86,923,328

5.19- Distribution to Stockholder’s

On 04/30/2007, CVRD paid R$1,669,058 to stockholders, being in the form of interest on stockholders’ equity an amount of R$621,650 and R$1,047,408 in the form of dividends.

5.20- Financial Results

Consolidated


	Quarter
	3Q/07									2Q/07									3Q/06
				Monetary and									Monetary and									Monetary and
				exchange rate									exchange rate									exchange rate
	Financial			variation on						Financial			variation on						Financial			variation on
	expenses			liabilities			Total			expenses			liabilities			Total			expenses			liabilities			Total
Foreign debt		(363,339	)		(233,399	)		(596,738	)		(437,176	)		300,876			(136,300	)		(128,180	)		(21,807	)		(149,987	)
Local debt		(237,464	)		42,186			(195,278	)		(292,132	)		272,831			(19,301	)		(38,621	)		3,794			(34,827	)
Related parties		1,032			95			1,127			809			(26	)		783			(1,507	)		143			(1,364	)

		(599,771	)		(191,118	)		(790,889	)		(728,499	)		573,681			(154,818	)		(168,308	)		(17,870	)		(186,178	)

Labor, tax and civil contingencies		(36,897	)		(142,257	)		(179,154	)		(49,166	)		(4,869	)		(54,035	)		(62,594	)		(121,307	)		(183,901	)
Derivatives, net of gain/losses (interest and currencies)		532,902			(24,548	)		508,354			558,366			(14,902	)		543,464			71,261			516			71,777
Derivatives, net of gain/losses (gold, aluminum,		165,418			99,725			265,143			(314,476	)		42,035			(272,441	)		91,078			(1,383	)		89,695
Call option premium		—			—			—			—			—			—			(187,346	)		—			(187,346	)
CPMF		(41,516	)		—			(41,516	)		(67,622	)		—			(67,622	)		(42,480	)		—			(42,480	)
Others		(418,281	)		(186,753	)		(605,034	)		(418,722	)		(997,025	)		(1,415,747	)		(100,757	)		(2,854	)		(103,611	)

		(398,145	)		(444,951	)		(843,096	)		(1,020,119	)		(401,080	)		(1,421,199	)		(399,146	)		(142,898	)		(542,044	)


				Monetary and									Monetary and									Monetary and
				exchange rate									exchange rate									exchange rate
	Financial			variation on						Financial			variation on						Financial			variation on
	income			assets			Total			income			assets			Total			income			assets			Total
Related parties		2,548			—			2,548			6,001			1			6,002			1,395			97			1,492
Marketable securities		35,708			22,332			58,040			70,824			56			70,880			103,191			14,069			117,260
Others		25,313			895,144			920,457			103,696			1,193,607			1,297,303			33,622			141,061			174,683

		63,569			917,476			981,045			180,521			1,193,664			1,374,185			138,208			155,227			293,435

Financial income (expenses), net		(334,576	)		472,525			137,949			(839,598	)		792,584			(47,014	)		(260,938	)		12,329			(248,609	)


	Accumulated
	09/30/07									09/30/06
				Monetary and									Monetary and
				exchange rate									exchange rate
	Financial			variation on						Financial			variation on
	expenses			liabilities			Total			expenses			liabilities			Total
Foreign debt		(1,312,977	)		503,450			(809,527	)		(367,259	)		296,872			(70,387	)
Local debt		(795,528	)		421,620			(373,908	)		(117,198	)		58,390			(58,808	)
Related parties		(1,835	)		—			(1,835	)		(6,082	)		11			(6,071	)

		(2,110,340	)		925,070			(1,185,270	)		(490,539	)		355,273			(135,266	)

Labor, tax and civil contingencies		(118,218	)		(156,208	)		(274,426	)		(175,740	)		(142,823	)		(318,563	)
Derivatives, net of gain/losses (interest and currencies)		1,432,752			(45,085	)		1,387,667			76,094			975			77,069
Derivatives, net of gain/losses (gold, aluminum, alumina, copper, nickel and platinum)		(323,696	)		199,350			(124,346	)		(178,871	)		50,477			(128,394	)

Call option premium		—			—			—			(187,346	)		—			(187,346	)
CPMF		(222,996	)		—			(222,996	)		(133,422	)		—			(133,422	)
Others		(1,480,063	)		(1,079,192	)		(2,559,255	)		(393,212	)		(207,882	)		(601,094	)

		(2,822,561	)		(156,065	)		(2,978,626	)		(1,483,036	)		56,020			(1,427,016	)


				Monetary and								Monetary and
				exchange rate								exchange rate
	Financial			variation on					Financial			variation on
	income			assets		Total			income			assets			Total
Related parties		5,255			5,611		10,866			7,236			(1,342	)		5,894
Marketable securities		161,777			22,411		184,188			227,218			(47,749	)		179,469
Others		367,613			2,298,552		2,666,165			116,625			150,960			267,585

		534,645			2,326,574		2,861,219			351,079			101,869			452,948

Financial income (expenses), net		(2,287,916	)		2,170,509		(117,407	)		(1,131,957	)		157,889			(974,068	)


	Accumulated
	09/30/07									09/30/06
				Monetary and									Monetary and
				exchange rate									exchange rate
	Financial			variation on						Financial			variation on
	expenses			liabilities			Total			expenses			liabilities			Total
Foreign debt		(252,333	)		580,492			328,159			(81,234	)		(32,960	)		(114,194	)
Local debt		(705,189	)		304,678			(400,511	)		(24,269	)		(65,054	)		(89,323	)
Related parties		(1,473,470	)		4,838,942			3,365,472			(282,941	)		467,913			184,972

		(2,430,992	)		5,724,112			3,293,120			(388,444	)		369,899			(18,545	)

Labor, tax and civil contingencies		(110,749	)		(149,863	)		(260,612	)		(166,814	)		(140,098	)		(306,912	)
Derivatives, net of gain/losses (interest and currencies)		1,363,064			(38,723	)		1,324,341			2,200			(196	)		2,004
Derivatives, net of gain/losses (gold)		(98,870	)		7,627			(91,243	)		(16,025	)		3,887			(12,138	)
CPMF		(167,534	)		—			(167,534	)		(82,035	)		—			(82,035	)
Others		(1,016,201	)		(84,619	)		(1,100,820	)		(224,190	)		126,591			(97,599	)

		(2,461,282	)		5,458,534			2,997,252			(875,308	)		360,083			(515,225	)


				Monetary and									Monetary and
				exchange rate									exchange rate
	Financial			variation on						Financial			variation on
	income			assets			Total			income			assets			Total
Related parties		20,343			(556,621	)		(536,278	)		54,353			(95,645	)		(41,292	)
Marketable securities		40,257			22,411			62,668			45,294			72			45,366
Others		9,499			349,031			358,530			17,810			151,255			169,065

		70,099			(185,179	)		(115,080	)		117,457			55,682			173,139

Financial income (expenses), net		(2,391,183	)		5,273,355			2,882,172			(757,851	)		415,765			(342,086	)

5.21- Financial Instruments — Derivatives

Volatility of interest rates, exchange rates and commodity prices are the main market risks to which the Company is exposed and all three are managed through derivative operations. These have the exclusive aim of reducing exposure to risk, not being used for speculative purposes.

The Company monitors and evaluates the derivative positions on a regular basis and adjusts its strategy in response to market conditions. Periodically the credit limits and credit worthiness of our counter-parties in these transactions are reviewed. In view of the policies and practices established for operations with derivatives, management considers the occurrence of non-measurable risk situations as unlikely.

The asset (liability) balances and the change in fair value of derivative financial instruments are as follows (not reviewed by independent auditors):


	Consolidated
	3Q/07
										Products by
	Interest									aluminum
	rates (libor)			Currencies			Gold			area			Copper			Nickel			Platinum			Total
Gains / (losses) unrealized on 06/30/07		15,547			684,209			(70,802	)		(563,305	)		(682,294	)		54,107			(46,326	)		(608,864	)
Financial settlement		(5,987	)		(10,985	)		13,257			55,443			132,650			(143,280	)		7,179			48,277
Financial expenses, net		(12,137	)		545,039			(18,569	)		175,242			(131,518	)		96,009			(9,724	)		644,342
Monetary variations, net		(125	)		(24,423	)		3,136			12,893			28,475			(941	)		2,179			21,194

Gains / (losses) unrealized on 09/30/07		(2,702	)		1,193,840			(72,978	)		(319,727	)		(652,687	)		5,895			(46,692	)		104,949


	2Q/07
										Products by
	Interest									aluminum
	rates (libor)			Currencies			Gold			area			Copper			Nickel			Platinum			Total
Gains / (losses) unrealized on 03/31/07		5,084			317,142			(94,434	)		(599,042	)		(626,464	)		(41,951	)		(53,819	)		(1,093,484	)
Financial settlement		4,646			(170,580	)		7,561			75,981			133,628			47,148			7,251			105,635
Financial expenses, net		6,183			552,183			10,501			(81,378	)		(233,258	)		46,645			(3,007	)		297,869
Monetary variations, net		(366	)		(14,536	)		5,570			41,134			43,800			2,265			3,249			81,116

Gains / (losses) unrealized on 06/30/07		15,547			684,209			(70,802	)		(563,305	)		(682,294	)		54,107			(46,326	)		(608,864	)


	3Q/06
									Products by
	Interest								aluminum
	rates (libor)			Currencies		Gold			area			Copper			Nickel		Platinum		Total
Gains / (losses) unrealized on 06/30/06		(2,301	)		4,228		(131,294	)		(546,243	)		—			—		—		(675,610	)
Financial settlement		377			—		10,121			50,051			—			—		—		60,549
Financial expenses, net		(715	)		71,976		9,888			75,407			5,783			—		—		162,339
Monetary variations, net		(14	)		530		(406	)		(975	)		(2	)		—		—		(867	)

Gains / (losses) unrealized on 09/30/06		(2,653	)		76,734		(111,691	)		(421,760	)		5,781			—		—		(453,589	)


	Consolidated
	09/30/07
										Products by
	Interest									aluminum
	rates (libor)			Currencies			Gold			area			Copper			Nickel			Platinum			Total
Gains / (losses) unrealized on 12/31/06		13,188			(33,350	)		(115,138	)		(679,454	)		(638,410	)		34,593			(41,922	)		(1,460,493	)
Financial settlement		(7,929	)		(168,438	)		47,054			192,840			346,418			(122,255	)		14,430			302,120
Financial expenses, net		(7,066	)		1,439,818			(18,040	)		84,785			(456,088	)		92,248			(26,600	)		1,109,057
Monetary variations, net		(895	)		(44,190	)		13,146			82,102			95,393			1,309			7,400			154,265

Gains / (losses) unrealized on 09/30/07		(2,702	)		1,193,840			(72,978	)		(319,727	)		(652,687	)		5,895			(46,692	)		104,949


	09/30/06
									Products by
	Interest								aluminum
	rates (libor)			Currencies		Gold			area			Copper			Nickel		Platinum		Total
Gains / (losses) unrealized on 12/31/05		(8,769	)		1,725		(107,561	)		(493,542	)		—			—		—		(608,147	)
Financial settlement		4,056			—		26,938			174,889			—			—		—		205,883
Financial expenses, net		1,481			74,613		(38,138	)		(146,516	)		5,783			—		—		(102,777	)
Monetary variations, net		579			396		7,070			43,409			(2	)		—		—		51,452

Gains / (losses) unrealized on 09/30/06		(2,653	)		76,734		(111,691	)		(421,760	)		5,781			—		—		(453,589	)


	Parent Company
	09/30/07
	Interest rates
	(libor)			Currencies			Gold			Copper			Total
Gains / (losses) unrealized on 12/31/06		—			5,064			(68,941	)		46,227			(17,650	)
Financial settlement		—			(215,026	)		24,580			(2,748	)		(193,194	)
Financial expenses, net		—			1,360,270			(16,703	)		(82,060	)		1,261,507
Monetary variations, net		—			(38,724	)		9,199			(1,573	)		(31,098	)

Gains / (losses) unrealized on 09/30/07		—			1,111,584			(51,865	)		(40,154	)		1,019,565


	09/30/06
	Interest rates
	(libor)			Currencies			Gold			Copper			Total
Gains / (losses) unrealized on 12/31/05		(5	)		1,725			(63,408	)		—			(61,688	)
Financial settlement		—			—			15,802			—			15,802
Financial expenses, net		5			2,195			(22,002	)		5,977			(13,825	)
Monetary variations, net		—			(196	)		3,888			—			3,692

Gains / (losses) unrealized on 09/30/06		—			3,724			(65,720	)		5,977			(56,019	)

Final maturity dates for the above instruments are as follows:


Gold		December 2008
Interest rates (LIBOR)		December 2011
Currencies		December 2011
Aluminum products		December 2008
Copper		December 2008
Nickel		April 2009
Platinum		December 2008

5.22- Selling, Administrative, Other Operating Expenses and Non Operating Income


	Consolidated										Parent Company
	Quarter						Accumulated				Accumulated
Administrative	3Q/07		2Q/07		3Q/06		09/30/07		09/30/06		09/30/07		09/30/06
Personnel		154,220		163,783		152,197		524,131		431,781		228,479		224,272
Services (consulting, infrastructure and others)		115,842		44,161		43,674		315,800		115,289		110,694		71,533
Advertising and publicity		59,080		40,592		24,946		131,499		106,242		125,456		104,505
Depreciation		71,116		71,986		62,348		212,202		167,645		158,396		119,785
Travel expenses		13,174		9,201		13,187		31,783		37,401		19,612		31,638
Rents and taxes		31,680		37,913		14,030		111,463		39,082		19,748		19,308
Community aborigine		4,140		2,653		7,737		12,619		15,920		12,619		15,920
Others		29,927		94,818		58,336		150,093		174,636		40,409		36,978
Sales		102,183		101,855		25,692		260,598		261,738		10,804		2,734

Total		581,362		566,962		402,147		1,750,188		1,349,734		726,217		626,673


	Consolidated										Parent Company
	Quarter						Accumulated				Accumulated
Other operating expenses (income), net	3Q/07		2Q/07		3Q/06		09/30/07		09/30/06		09/30/07			09/30/06
Provisions for contingencies		38,305		101,455		73,717		159,691		149,071		66,221			12,131
Provision for loss on ICMS credits		33,541		3,573		24,335		50,063		53,128		28,488			—
Provision for profit sharing		70,545		85,079		75,619		379,099		216,509		234,672			174,000
Fundação Vale do Rio Doce — FVRD		24,018		14,271		15,040		50,336		20,911		50,334			18,883
Others		229,637		128,016		159,107		170,875		272,926		(218,796	)		152,953

Total		396,046		332,394		347,818		810,064		712,545		160,919			357,967


	Consolidated										Parent Company
	Quarter						Accumulated				Accumulated
Non operating results -gain on sale of assets	3Q/07		2Q/07		3Q/06		09/30/07		09/30/06		09/30/07		09/30/06
Usiminas		6,263		839,428		—		845,691		—		845,691		—
Gulf Investment Co. — GIIC		—		—		—		—		736,866		—		—
Log-In		37,522		416,531		—		454,053		—		454,053		—
Lion Ore		153,085		—		—		153,085		—		—		—
Nova Era Silicon — NES		—		—		—		—		19,326		—		19,326
Gerdau		—		—		34,438		—		34,438		—		34,438
Others		—		4,807		—		4,807		—		982		—

Total		196,870		1,260,766		34,438		1,457,636		790,630		1,300,726		53,764

5.23- Subsequent events

	1.		On October 18,2007 the Company announced that as of October 31, 2007 will be available the value of R$1,904,490 to the shareholders being R$1,845,530 in the form of stockholders equity and R$59,140 in the form of dividends.

	2.		On October 3, 2007 the Company won the auction for the sub-concession for commercial exploitation of a 720 km stretch of the North-South railroad (FNS), running from Açailândia, state of Maranhão, to Palmas, state of Tocantins, in Brazil. CVRD will pay R$1,478,205 in three installments. The first installment, equal to 50% of the amount will be due on the day of the signing of the contract, occurring in the next 60 days. The second installment, equal to 25% of the amount is scheduled to be paid in December 2008, while the last installment shall be paid at the time of the completion of the last part of the railroad.

6- Attachment I- Statement of Investments in Subsidiaries


Period ended September 30, 2007																													In thousands of reais
					Accounting information
	Participation (%)				Assets						Liabilities and stockholders’ equity							Statement of income
							Non-current						Non-current
									Investments,
									property plant				Long-term,
									and equipment				deferred income		Adjusted					Cost of			Operating						Income tax
									and deferred				and minority		stockholders’					products and			income			Non-operating			and Social			Adjusted net
	Total		Voting		Circulante		Long-term		charges		Current		interest		equity			Net revenues		services			(expenses)			result			contribution			income (loss)
Subsidiaries (a)
ALBRAS — Alumínio Brasileiro S.A.		51.00		51.00		607,973		1,379,404		1,058,265		396,972		796,886		1,851,784			1,932,874		(1,283,862	)		56,177			(5,519	)		(245,056	)		454,614
ALUNORTE — Alumina do Norte do Brasil S.A.		57.03		61.74		860,814		78,624		4,717,530		418,318		1,119,540		4,119,110			2,053,471		(1,293,107	)		13,482			(37	)		(131,507	)		642,302
Brasilux S.A.		100.00		100.00		3,738		29,698		—		12,288		—		21,149			—		—			(834	)		—			(663	)		(1,497	)
Cadam S.A		61.48		100.00		152,366		38,624		255,957		35,362		96,173		315,412			189,124		(168,679	)		(46,477	)		117			(1,851	)		(27,766	)
Companhia Paulista de Ferro Ligas		100.00		100.00		73,466		174,394		1,580		142,995		100,679		5,766			—		—			6,053			(143	)		(4,482	)		1,428
Companhia Portuária Baia de Sepetiba — CPBS		100.00		100.00		282,619		6,300		154,170		92,831		33		350,225			276,154		(85,362	)		6,022			—			(66,580	)		130,234
CVRD Inco		100.00		100.00		10,102,976		124,607		49,591,714		5,270,822		43,553,175		10,995,300			18,757,777		(7,682,677	)		(5,485,993	)		(722,120	)		(3,209,902	)		1,657,085
CVRD International S.A.		100.00		100.00		7,061,190		54,471,840		45,327,365		5,485,089		48,091,229		53,284,077			15,219,057		(11,317,675	)		5,708,098			508			(297,458	)		9,312,530
CVRD Overseas Ltd.		100.00		100.00		603,279		402,023		948,414		1,517,720		36,907		399,089			2,243,856		(1,589,420	)		(99,481	)		—			—			554,955
Docepar S.A.		100.00		100.00		1,890		308,062		149		30,138		263,536		16,427			—		—			(12,779	)		—			(368	)		(13,147	)
Ferro Gusa Carajás S.A.		100.00		100.00		134,537		1,230		342,608		88,548		1,147		388,680			114,502		(104,205	)		32,546			—			—			42,843
Ferrovia Centro — Atlântica S.A.		100.00		100.00		367,133		109,039		1,504,610		159,333		1,926,097		(104,648	)		580,312		(486,990	)		(30,304	)		—			(16,175	)		46,843
Florestas Rio Doce S.A.		99.90		100.00		17,095		27,945		3,695		15,202		9,069		24,464			—		—			1,051			—			(345	)		706
Mineração Tacumã Ltda.		100.00		100.00		133		—		1,685,193		17,156		1,788,341		(120,171	)		—		—			46,288			—			—			46,288
Minerações Brasileiras Reunidas S.A. — MBR		92.99		92.99		1,240,354		96,612		4,721,051		645,529		939,243		4,473,245			2,784,600		(1,402,275	)		503,517			909			(434,179	)		1,452,572
Para Pigmentos S.A		86.17		85.57		110,387		3,281		258,963		146,058		154,419		72,153			148,132		(141,268	)		(18,381	)		—			(6,021	)		(17,538	)
Rio Doce Manganês S.A.		100.00		100.00		474,642		97,054		370,787		255,288		277,308		409,887			473,924		(374,737	)		(90,491	)		(13,584	)		658			(4,230	)
Rio Doce Manganèse Europe — RDME		100.00		100.00		233,313		178		53,990		89,927		2,351		195,203			304,784		(239,166	)		(64,194	)		(724	)		(6,294	)		(5,594	)
Rio Doce Manganése Norway AS		100.00		100.00		146,325		12,352		58,684		102,276		44,992		70,093			138,621		(79,004	)		(25,288	)		—			(6,567	)		27,762
Salobo Metais S.A.		100.00		100.00		4,888		—		939,229		1,784		644,268		298,065			—		—			—			—			—			—
Urucum Mineração S.A.		100.00		100.00		89,341		37,097		58,187		25,528		121,677		37,420			83,810		(54,873	)		(32,554	)		(7,648	)		1,668			(9,597	)
Vale Overseas Ltd.		100.00		100.00		199,589		10,571,193		—		199,591		10,571,191		—			—		—			—			—			—			—
Valesul Alumínio S.A.		100.00		100.00		188,155		81,140		512,074		78,992		30,649		671,728			409,628		(306,742	)		(26,192	)		501			(17,170	)		60,025

Jointly-controlled companies (a)
California Steel Industries, Inc.		50.00		50.00		927,035		11,607		443,011		481,871		275,834		623,948			1,965,435		(1,877,820	)		(150,255	)		—			(16,446	)		(79,086	)
Companhia Coreano-Brasileira de Pelotização — KOBRASCO		50.00		50.00		184,357		27,887		253,003		229,753		82,644		152,850			542,597		(455,995	)		5,704			—			(34,902	)		57,404
Companhia Hispano-Brasileira de Pelotização — HISPANOBRÁS		50.89		51.00		204,824		47,393		117,492		159,416		50,635		159,658			527,214		(410,120	)		(42,488	)		—			(26,817	)		47,789
Companhia Ítalo-Brasileira de Pelotização — ITABRASCO		50.90		51.00		222,114		62,303		129,706		223,294		63,833		126,996			462,039		(399,077	)		(933	)		—			(23,654	)		38,375
Companhia Nipo-Brasileira de Pelotização — NIBRASCO		51.00		51.11		259,273		65,969		298,435		355,758		62,701		205,218			803,816		(706,724	)		(35,229	)		—			(23,746	)		38,117
Minas da Serra Geral S.A. — MSG		50.00		50.00		25,977		26,495		73,672		3,801		19,889		102,454			19,013		(7,553	)		(925	)		18			(2,500	)		8,053
Mineração Rio do Norte S.A.		40.00		40.00		158,168		547,679		917,217		471,727		218,308		933,029			788,052		(408,776	)		3,276			660			(35,069	)		348,143
MRS Logística S.A.		41.50		37.86		922,468		290,446		1,768,396		960,157		704,493		1,316,660			1,590,808		(840,962	)		(129,229	)		(11,992	)		(205,175	)		403,450
Samarco Mineração S.A.		50.00		50.00		660,641		335,422		2,943,685		1,002,390		1,762,069		1,175,289			1,776,628		(724,120	)		(97,428	)		(72	)		(196,249	)		758,759

Observações:


(a)		The amounts above represent the total presented in the quarterly information of these companies on September 30, 2007, adjusted and unaudited. Additional information of the main operational nvestee companies are available on the CVRD website www.cvrd.com.br, investor relations.

7- report of the independent accountants


		Deloitte Touche Tohmatsu Av. Pres, Wilson, 231 22°, 25° e 26° andares 20030-905 — Rio de Janeiro — RJ Brasil

		Tel.: +55(21)3981-0500 Fax: +55(21)3981-0600 www.deloitte.com.br

(Convenience Translation into English from the Original Previously Issued in Portuguese)

REPORT OF THE INDEPENDENT AUDITORS ON SPECIAL REVIEW

To the Shareholders and Board of Directors of
Companhia Vale do Rio Doce
Rio de Janeiro — RJ

1.		We have carried out a special review of the Quarterly Financial Information (ITR) of Companhia Vale do Rio Doce (“Company”), holding company and consolidated, in respect of the quarter and period of nine months ended September 30, 2007, prepared in accordance with the accounting practices followed in Brazil and under the responsibility of the Company’s management, comprising the balance sheets, the statements of income and changes in shareholders’ equity and the comments on the Company’s performance. The Quarterly Financial Information’s reviews for the quarter and for the period of nine months ended September, 30, 2007, of certain subsidiaries which investments were accounted for by the equity method were conducted under the responsibility of other independent auditors. Accordingly, the conclusions resulting from our review, related to the investments of the holding company as of September, 30, 2007, in the amount of R$ 10,995,300 thousand and the loss generated for the quarter and the gain generated for the period of nine months ended on that date in the amounts of R$210,246 thousand and R$1,657,085 thousand, respectively, and related to the total assets of R$52,285,480 thousand equivalent to 40% of the total assets consolidated of the Company on that date and net operating revenues in the amounts of R$4,881,963 thousand and R$18,757,777 thousand equivalent to 31% and 37% of the Company’s consolidate net operating revenues for the quarter and period of nine months ended on that date respectively, are based exclusively on those other auditors’ reviews reports.

2.		Except as mentioned in paragraph 3, our special review was carried out in accordance with the specific procedures established by the Institute of Independent Auditors of Brazil (IBRACON), in conjunction with the Federal Accounting Council, and consisted mainly of: (a) inquiries and discussion with the officers responsible for the Company’s and its investees’ accounting, financial and operational areas about the procedures adopted for preparing the Quarterly Financial Information (ITR), and (b) review of the information and subsequent events which have, or may have, relevant effects on the Company’s and its investees’ financial positions and operations.

3.		The financial statements for the quarter and period of nine months ended September 30, 2007, of certain subsidiaries, jointly-owned and associated companies, in which there are relevant investments accounted for by the equity method, have not been reviewed by independent auditors. Accordingly, the conclusions resulting from our review do not cover; R$4,231,549 thousand of these investments of the holding company on September 30, 2007, and R$409,299 thousand and R$624,989 thousand of the income generated for the quarter and period of nine months then ended, respectively; total assets of R$7,943,836 thousand equivalent to 6% of the Company’s consolidated total assets on that date, net operating revenues in the amounts of R$936,455 thousand and R$2,769,802 thousand equivalent to 6% and 5% of the Company’s consolidated net operating revenues for the quarter and period of nine months then ended, respectively.

4.		Based on our special review and on other auditors’ reviews reports and, except for the effects of the adjustment, if any, which might have been required if the financial statements of the subsidiaries, jointly-owned and associated companies mentioned in paragraph 3 had been reviewed by independent auditors, we are not aware of any relevant adjustment which should be made to the Quarterly Financial Information (ITR), referred to in paragraph 1, for it to be in accordance with the rules issued by the Brazilian Securities Commission (CVM) specifically applicable to the preparation of the obligatory Quarterly Financial Information (ITR).

5.		Our special review was conducted for the purpose of issuing our report on the Quarterly Financial Information (ITR) referred to in paragraph 1, taken as a whole. The statement of cash flows, holding company and consolidated, are presented as additional information, and are not a required part of the Quarterly Financial Information. Such statements have been subjected to the review procedures described in paragraph 2 and we are not aware of any material adjustment that should be made to such statements for them to be adequately presented in relation to the Quarterly Financial Information.

6.		We have previously reviewed the balance sheets, holding company and consolidated, as of June 30, 2007 and the income statements for the quarter and period of nine months ended September 30, 2006 presented for comparative purposes, over which we issued special reviews’ reports dated July 31, 2007 and November 8, 2006, respectively, including a qualification regarding the financial statements of certain subsidiaries, jointly-owned and associated companies, which have not been reviewed by independent auditors.

Rio de Janeiro, October, 25, 2007



/s/ Deloitte Touche Tohmatsu		/s/ Marcelo Cavalcanti Almeida
DELOITTE TOUCHE TOHMATSU		Marcelo Cavalcanti Almeida
Auditores Independentes		Accountant

B- Additional Information


8-		Cash generation (Not reviewed by independent auditors)

The operating cash generation measured by EBITDA (earnings before financial results, results of equity investments, interest, income tax and depreciation, amortization and depletion increased by dividends received) aggregated R$27,188,495 as of 09/30/07, against R$14,801,250 as of 09/30/06, an increase of 83.7%

EBITDA is not a BR GAAP measure and does not represent cash flow for the periods presented and should not be considered as an alternative to net income (loss), as an indicator of our operating performance or as an alternative to cash flow as a source of liquidity.

Our definition of EBITDA may not be comparable with EBITDA as defined by other companies.

EBITDA


	Quarter									Accumulated
	3Q/07			2Q/07			3Q/06			09/30/07			09/30/06
Operating profit — EBIT		6,985,045			9,194,381			5,249,419			24,259,424			13,008,728
Depreciation / amortization of goodwill		998,881			1,015,200			604,455			2,870,518			1,656,785

		7,983,926			10,209,581			5,853,874			27,129,942			14,665,513
Dividends received		13,084			45,469			40,624			58,553			135,737

EBITDA (LAJIDA)		7,997,010			10,255,050			5,894,498			27,188,495			14,801,250

Depreciation / amortization of goodwill		(998,881	)		(1,015,200	)		(604,455	)		(2,870,518	)		(1,656,785	)
Dividends received		(13,084	)		(45,469	)		(40,624	)		(58,553	)		(135,737	)
Equity Results		(643,678	)		(934,958	)		(14,035	)		(1,831,206	)		(54,905	)
Non operational results		196,870			1,260,766			34,438			1,457,636			790,630
Financial results, net		137,949			(47,014	)		(248,609	)		(117,407	)		(974,068	)
Income tax and social contribution		(1,632,336	)		(3,195,630	)		(791,772	)		(6,902,695	)		(1,970,208	)
Minority interests		(385,119	)		(435,705	)		(256,546	)		(1,269,858	)		(737,623	)

Net income		4,658,731			5,841,840			3,972,895			15,595,894			10,062,554

Consolidated EBITDA by segment


	EBITDA
	Quarter									Accumulated
Segments	3Q/07			2Q/07			3Q/06			09/30/07			09/30/06
Ferrous minerals		4,353,412			4,086,223			4,445,344			12,346,394			11,040,865
Non-ferrous minerals		2,821,983			5,187,757			427,584			12,086,284			883,766
Logistics		417,679			425,577			447,515			1,198,420			1,015,624
Holdings
Aluminum		537,428			598,091			596,016			1,792,501			1,804,051
Steel		21,388			70,448			110,624			102,429			312,522
Others		(154,880	)		(113,046	)		(132,585	)		(337,533	)		(255,578	)

		7,997,010			10,255,050			5,894,498			27,188,495			14,801,250


9-		Management’s Discussion and Analysis of the Operating Results in the Periods of Nine Months ended September 30, 2007 Compared with September 30, 2006

As a result of the analysis some general aspects must be considered, as follows:

On 09/30/07 about 93% of the consolidated gross revenue and 52% of consolidated total cost are linked to other currencies different from real.

Of the consolidated short-term and long-term loans on 09/30/07 71% are denominated in U.S. dollars. As a result, exchange rate fluctuations have a significant impact on the financial expenses and income.

The average dollar rate fell 8.4% between periods (R$2.011786 on 09/30/07 against R$2.185262 in 09/30/06), partially offset by price increases, and exchange rates between the periods fell 15.4% (R$1.8389 in 09/30/07 against R$2,1742 in 09/30/06).

In 2007, iron ore prices increased by 9.5% and pellets prices increased by 5.3%.

9.1- Consolidated

9.1.1- Consolidated


	In thousands of metric tons (except railroad transportation)										In thousands of reais
	Quarter						Accumulated				Quarter						Accumulated
	3Q/07		2Q/07		3Q/06		09/30/07		09/30/06		3Q/07		2Q/07		3Q/06		09/30/07		09/30/06
Iron ore		66,418		62,081		63,119		184,291		177,682		5,908,410		5,498,022		6,024,461		16,312,099		15,301,139

Pellets (*)		10,540		10,175		9,611		30,296		24,816		1,576,266		1,640,159		1,584,879		4,771,804		4,161,162

		76,958		72,256		72,730		214,587		202,498		7,484,676		7,138,181		7,609,340		21,083,903		19,462,301

Manganese		150		219		224		452		571		26,525		40,698		38,542		80,336		88,992
Ferroalloys		127		111		131		362		401		316,334		263,850		280,974		868,328		787,132

										—		342,859		304,548		319,516		948,664		876,124

Copper		88		119		120		300		295		358,166		525,972		608,662		1,189,614		1,297,728
Finished copper		50		33				121		—		756,337		473,277		—		1,684,569		—
Potash		177		162		291		500		515		93,307		78,482		118,937		238,676		217,202
Kaolin		272		325		283		866		909		111,296		109,666		114,913		326,289		321,391
Nickel		61		68		—		200		—		3,772,241		6,339,691		—		16,084,951		—
Precious metals		29		18		—		69		—		245,065		211,204		—		648,820		—
Cobalt (t)		645		583		—		1,808		—		67,615		64,439		—		191,720		—

												5,404,027		7,802,731		842,512		20,364,639		1,836,321

Railroad transportation (millions of TKU) (**)		11,227		11,335		10,745		31,890		29,454		759,510		788,375		715,694		2,164,647		1,939,287
Port services		7,325		7,121		8,197		21,492		22,167		110,462		120,199		146,164		358,034		378,832
Boat services		—		—		—		—		—		18,969		10,305		14,629		42,234		40,214
Maritime transportation		—		—		—		—		—		5,004		33,155		79,571		88,441		197,337

												893,945		952,034		956,058		2,653,356		2,555,670

Aluminum		138		155		141		427		390		735,399		879,645		788,209		2,451,706		2,175,548
Alumina		828		766		829		2,294		2,186		543,319		529,255		588,504		1,583,536		1,668,378
Bauxite		1,207		1,228		1,049		3,674		3,213		78,924		83,148		62,962		246,750		192,597

												1,357,642		1,492,048		1,439,675		4,281,992		4,036,523

Steel		219		222		252		657		760		317,646		333,445		414,752		982,716		1,145,493
Pig iron		46		55		66		176		137		31,112		36,459		43,356		113,677		86,125
Coal		1,171		698		—		1,869		46		131,536		81,464				213,000		9,054
Other products and services		—		—		—		—				73,755		56,121		17,124		221,192		46,511

												554,049		507,489		475,232		1,530,585		1,287,183

												16,037,198		18,197,031		11,642,333		50,863,139		30,054,122


(*)		Includes revenues derived from services provided to pelletizing join ventures in the amounts of R$19,536 R$16,497, R$17,878, R$53,388 and R$52,568 referring to the 3Q/07, 2Q/07, 3Q/06, 09/30/07 and 09/30/06, respectively.

(**)		The Company carried through its railroad system 8,064, 8,269, 7,951, 22,943 and 22,083 million of TKUs of general cargo and 3,163, 3,066, 2,794, 8,947 and 7,371 million of TKUs of iron ore for third parties in 3Q/07, 2Q/07, 3Q/06, 09/30/07 and 09/30/06, respectively.

Sales volume and revenues by products and services:

The 69.2% gross revenue increase, from R$20,809,017 the period of nine months ended in 09/30/06 compared to the same period of the previous year was due to:

	•		Consolidation of INCO, started in 4Q/06; and

	•		Increase of prices of iron ore and products in the aluminum segment;

The above effects were partially offset by:

•

The devaluation of the average dollar compared with the real in 8.4 %.

Gross consolidated revenue by segment


							Holdings				Quarter												Accumulated
	Ferrous		Non - Ferrous
	Minerals		Minerals		Logistics		Aluminum		Others		3Q/07		%		2Q/07		%		3Q/06		%		09/30/07		%		09/30/06		%
External market
Latin America		419,773		79,688		54		46,145		—		545,660		3		625,941		3		613,325		5		1,716,274		3		1,507,430		5
Canada		36,186		629,506		—		201,866		—		867,558		5		846,211		5		212,820		2		2,687,840		5		541,676		2
United States (USA)		130,611		1,082,455		—		110,645		348,712		1,672,423		10		2,007,720		11		776,137		7		5,623,252		11		1,973,159		7
Germany		704,705		300,395		—		1,318		—		1,006,418		6		922,965		5		778,975		7		2,762,024		5		2,111,219		7
Belgium		191,320		17,025		—		139,202		—		347,547		2		338,183		2		318,934		3		1,064,045		2		942,252		3
France		226,189		62,805		—		—		—		288,994		2		443,036		2		401,731		3		1,096,937		2		900,619		3
England		201,006		331,602		—		8,912		—		541,520		3		591,477		3		238,160		2		1,720,069		3		601,521		2
Italy		262,035		34,080		—		3,151		—		299,266		2		277,922		2		294,886		3		863,951		2		833,392		3
Europe, except for Germany, Belgium, France, England and Italy		576,726		388,945		—		327,147		—		1,292,818		8		1,193,937		7		992,710		9		3,295,862		6		2,504,627		8
Middle East/Africa/Oceania		305,318		76,372		—		56,548		131,536		569,774		4		497,393		3		493,627		4		1,482,429		3		1,512,687		5
China		2,346,072		547,859		—		—		—		2,893,931		19		3,241,572		18		2,166,217		18		8,781,138		19		5,511,111		18
South Korea		174,651		200,487		—		—		—		375,138		2		850,352		5		347,650		3		2,159,985		4		813,579		3
Japan		734,168		869,499		—		279,802		—		1,883,469		12		2,223,462		12		1,113,211		10		5,986,637		12		2,813,738		9
Taiwan		145,498		389,302		—		—		—		534,800		3		1,290,931		7		158,536		1		3,185,431		6		348,217		1
Ásia, other than China, South Korea, Japan and Taiwan		225,403		231,568		—		15,865		—		472,836		3		321,354		2		301,085		3		1,235,036		2		849,302		3

		6,679,661		5,241,588		54		1,190,601		480,248		13,592,152		84		15,672,456		87		9,208,004		80		43,660,910		85		23,764,529		79
Brazil		1,200,583		202,942		871,518		170,003		—		2,445,046		16		2,524,575		13		2,434,329		20		7,202,229		15		6,289,593		21

Total		7,880,244		5,444,530		871,572		1,360,604		480,248		16,037,198		100		18,197,031		100		11,642,333		100		50,863,139		100		30,054,122		100

9.1.2- Cost of products and services


	Denominated in
				Other			Quarter						Accumulated
	R$			currencies			3Q/07		2Q/07		3Q/06		09/30/07		09/30/06
Personnel		409,292			503,227			912,519		902,510		499,298		2,777,939		1,275,653
Material		777,107			424,394			1,201,501		1,212,685		964,024		3,569,727		2,488,856
Oil and gas		494,545			304,358			798,903		783,743		608,648		2,262,107		1,595,846
Outsourced services		642,126			525,366			1,167,492		1,153,629		1,075,415		3,317,653		2,871,129
Energy		336,896			84,042			420,938		481,137		424,406		1,364,084		1,066,424
Raw Material		12,574			1,162,473			1,175,047		1,351,269		519,559		4,008,721		1,597,188
Depreciation and depletion		432,993			450,539			883,532		942,154		446,184		2,603,553		1,205,673
Amortization of goodwill		—			—			—		—		94,008		51,449		280,085
Others		385,997			321,359			707,356		582,349		305,002		1,968,358		851,122

Total		3,491,530			3,775,758			7,267,288		7,409,476		4,936,544		21,923,591		13,231,976

		48	%		52	%

The 65.7% increase in the cost of products and services (R$ 21,923,591 on 09/30/07 against R$13,231,976 on 09/30/06) resulting from inclusion of CVRD Inco (R$ 7,682,677 on 09/30/07) and is due to increase in sales volumes and changes in the prices of materials, energy and services which comprise production cost during the period.

9.1.3- Selling and administrative expenses

Selling expenses decreased from R$261,738 on 09/30/06 to R$ 260,598 on 09/30/07, while administrative expenses increased by 36.9% from R$1,087,996 on 09/30/06 to R$ 1,489,590 on 09/30/07, basically due to personnel agreements and expenses with professional services, infrastructure and support.

9.1.4- Research and development

Research and development increased by 40.2%, from R$667,184 on 09/30/06 to R$935,505 on 09/30/07, reflecting CVRD expansion plan to diversify production and expansion of production to meet world demand.

9.1.5- Other operating expenses

Other operating expenses increased 13.7%, from R$712,545 on 09/30/06 to R$810,064 on 09/30/07, mainly because of the increase of the profit sharing expenses.

9.1.6- Net financial results

The net financial result had a change of R$856,661 (R$ 117,407 on 09/30/07 compared to R$974,068 on 09/30/06) due to exchange rate variation effect over the foreign debt, that more than offset the increase of financial expenses.

9.1.7- Income tax and social contribution

Income tax and social contribution reflect an expense of R$6,902,695 on 09/30/07 compared with an expense of R$1,970,208 ended on 09/30/06, mainly caused by increase of taxable income.

9.2- Parent Company

9.2.1- Gross revenue

The 15.2% increase in gross revenue (R$16,689,166 on 09/30/07 against R$14,482,735 on 09/30/06) is the result of the 15.3% increase in sales of iron ore and pellets and also due to increase of prices. This positive effects on the company ´s revenue, were partially compensated by the 8.4% average appreciation of the real against the U. S. dollar, on the revenues of company.

9.2.2- Cost of products and services

Cost of products and services sold on 09/30/07 was R$9,266,379 against R$7,877,551 on 09/30/06 representing a 17.6% increase. The main factors are, higher volumes sold, contracts readjustments and the increase of assets , which results in an increase of expenses of depreciation.

9.2.3- Equity Results

The results of equity investments increased by R$1,627,613 from R$6,774,814 on 09/30/06 to R$8,402,127 on 09/30/2007, and are strongly impacted by the effect of the variation of the debts, that had a positive influence derived from the valuation of the Real, against dollar, in the nine months period ended on September 30, 2007 of 13.99 % and 7.1% on the nine months ended in September 30, 2006. This effect is substantially compensated with the exchange loss on the investments abroad.

9.2.4- Selling and administrative expenses

Selling expenses increased by R$8,070, from R$2,734 on 09/30/06 to R$10,804 on 09/30/07, while administrative expenses increased R$91,474 from R$623,939 on 09/30/06 to R$ 715,413 on 09/30/07, basically due to personnel agreements and expenses with professional services, infrastructure and support.

9.2.5- Research and development

Research and development increased by 20.4%, from R$393,346 on 09/30/06 to R$473,635 on 09/30/07, reflecting the CVRD expansion plan to diversify production and expansion of production to meet world demand.

9.2.6- Other operating expenses (income)

Other operating expenses decreased by R$197,048 from R$357,967 expense on 09/30/06 to R$160,919 on 09/30/07.

9.2.7- Net financial results

The net financial results on 09/30/07 had an positive impact of R$3,224,258 (income of R$2,882,172 on 09/30/07 compared to expense of R$342,086 on 09/30/06) basically due to the exchange rate variation effect of the Real against the dollar for the foreign debt.

9.2.8- Income tax and social contribution

Income tax and social contribution reflect an expense of R$2,169,014 on 09/30/07 compared with an expense of R$869,922 on 09/30/06, mainly caused by the increase of taxable income.

10- Board of Directors, Fiscal Council, Advisory Committees and Executive Officers

Board of Directors

Sérgio Ricardo Silva Rosa

Chairman

Mário da Silveira Teixeira Júnior

Vice-President

Luciano Galvão Coutinho

Francisco Augusto da Costa e Silva

Hiroshi Tada

João Batista Cavaglieri

Jorge Luiz Pacheco

José Ricardo Sasseron

Oscar Augusto de Camargo Filho

Renato da Cruz Gomes

Sandro Kohler Marcondes

Advisory Committees of the Board of Directors

Controlling Committee

Antonio José Figueiredo Ferreira

Luiz Carlos de Freitas

Paulo Roberto Ferreira de Medeiros

Executive Development Committee

João Moisés de Oliveira

José Ricardo Sasseron

Oscar Augusto de Camargo Filho

Strategic Committee

Roger Agnelli

Gabriel Stoliar

Luciano Siani Pires

Mário da Silveira Teixeira Júnior

Oscar Augusto de Camargo Filho

Sérgio Ricardo Silva Rosa

Finance Committee

Fabio de Oliveira Barbosa

Ivan Luiz Modesto Schara

Luiz Maurício Leuzinger

Wanderlei Viçoso Fagundes

Governance and Sustainability Committee

Jorge Luiz Pacheco

Renato da Cruz Gomes

Ricardo Simonsen

Fiscal Council

Marcelo Amaral Moraes

Chairman

Aníbal Moreira dos Santos

Bernard Appy

José Bernardo de Medeiros Neto

Executive Officers

Roger Agnelli

Chief Executive Officer and Investor Relations

Carla Grasso

Executive Officer for Human Resources and Corporate Services

Eduardo de Salles Bartolomeo

Executive Officer for Logistics

Fabio de Oliveira Barbosa

Chief Financial Officer

Gabriel Stoliar

Executive Officer for Planning and Business Development

José Carlos Martins

Executive Officer for Ferrous Minerals

José Lancaster

Executive Officer for Copper, Coal and Aluminum

Murilo de Oliveira Ferreira

Executive Officer for Nickel Business Marketing and Sales Copper and Aluminum

Tito Botelho Martins

Executive Officer for Corporate Affairs and Energy

Demian Fiocca

Executive Officer for Information Technology and Management

Marcus Vinícius Dias Severini

Chief Officer of Accounting and Control Department

Vera Lúcia de Almeida Pereira Elias

Chief Accountant

CRC-RJ — 043059/O-8

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	COMPANHIA VALE DO RIO DOCE (Registrant)
Date: October 30, 2007	By:	/s/ Roberto Castello Branco
		Roberto Castello Branco
		Director of Investor Relations