CVRD Concludes the Acquisition of Caemi

Rio de Janeiro, September 2, 2003 – Companhia Vale do Rio Doce (CVRD) announces the conclusion of the acquisition of 50% of the ordinary shares and 40% of the preferred shares of Caemi Mineração e Metalurgia S.A. (Caemi) from Mitsui & Co. (Mitsui) for US$ 426.4 million. CVRD now has full control of the ordinary shares and 40% of the preferred shares, or 60.2% of the total capital of Caemi.

This transaction was concluded in accordance with the terms already publicly announced by CVRD on March 31, 2003.

This press release may contain statements that express management’s expectations about future events or results rather than historical facts. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements, and CVRD cannot give assurance that such statements will prove correct. These risks and uncertainties include factors: relating to the Brazilian economy and securities markets, which exhibit volatility and can be adversely affected by developments in other countries; relating to the iron ore business and its dependence on the global steel industry, which is cyclical in nature; and relating to the highly competitive industries in which CVRD operates. For additional information on factors that could cause CVRD’s actual results to differ from expectations reflected in forward-looking statements, please see CVRD’s reports filed with the Brazilian Comissão de Valores Mobiliários and the U.S. Securities and Exchange Commission.