In	Vale	posted	a	solid	operating	and	financial	performance.	faced	with	an	 unprecedented	reduction	of	production	in	the	steel	industry,	which	led	to	 a	fall	in	demand	for	our	main	products,	we	once	again	demonstrated	our	 capacity	to	overcome	challenges,	based	on	our	competitive	advantages:	 an	extensive,	world	class	portfolio	of	assets,	low	cost	production,	good	 financial	health,	discipline	in	capital	allocation,	a	high	quality	work	force,	 and	an	entrepreneurial	spirit.