Iron ore prices fell on Friday after hitting their highest level since September 2011, as a survey of inventories of steel products in China showed a significant increase.
The division will be headed by Maria Luiza de Oliveira Pinto e Paiva, who until this month has been head of sustainability at Brazilian pulpmaker Suzano SA.
The company expects iron ore shipments to be in the range of 178-182 million tonnes for the financial year, up from a prior range of 175-180 million tonnes.