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
November 2002
Valley of the Doce River Company
(Translation of Registrant's name into English)
Avenida Graca Aranha, No. 26
20005-900 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 X Form 40-F
--- ---
(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 No X
--- ---
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b). 82- .)
--
Companhia Vale do Rio Doce
TABLE OF CONTENTS
This Form 6-K contains the following:
Sequential
Page
Item Number
---- ------
1. Press Release entitled "Dividend Policy"
dated November 13, 2002.............................................
2. Press Release entitled "CVRD Announces New
Corporate Governance Rules" dated November 13, 2002.................
3. Press Release entitled "CVRD Approves the Proposal
for Payment of Interest on Shareholder's Equity" dated
November 13, 2002...................................................
This current report on Form 6-K is hereby incorporated by reference into the
Registration Statement on Form F-4 of Companhia Vale do Rio Doce and Vale
Overseas Limited, File No. 333-84696.
[CVRD LOGO - OMITTED]
DIVIDEND POLICY
Rio de Janeiro, November 13, 2002 - The Board of Directors of Companhia Vale do
Rio Doce (CVRD) will determine by January 31 of each year a minimum value per
share, expressed in US Dollars to be distributed in this year to its
shareholders. This amount will be paid in reais, equivalent to the value
stipulated in US Dollars, in two semi annually installments, in the form of
dividends and/or interest on shareholders equity. This minimum value will be
established as a function of the expected performance of the Company in the year
of distribution. The semi annually installments will be paid, respectively, in
the months of April and October.
The Executive Board of CVRD will be able to propose to the Board of Directors,
depending on the Company's performance, a further payment to shareholders of an
additional amount per share over and above the minimum payout value established
initially. The payment of this additional dividend will occur on the same dates
fixed for the payment of the minimum dividend.
This Policy will come into force from 2003.
--------------------------------------------------------------------------------
For further information, please contact:
Roberto Castello Branco: roberto.castello.branco@cvrd.com.br +55-21-3814-4540
---------------------------------------------------
Andreia Reis: andreia.reis@cvrd.com.br +55-21-3814-4643
-------------------------------------------------------
Barbara Geluda: barbara.geluda@cvrd.com.br +55-21-3814-4557
-------------------------------------------
Daniela Tinoco: daniela.tinoco@cvrd.com.br +55-21-3814-4946
-------------------------------------------
Eduardo Mello Franco: eduardo.mello.franco@cvrd.com.br +55-21-3814-9849
-------------------------------------------------
Rafael Azevedo: rafael.azevedo@cvrd.com.br +55-21-3814-4700
-------------------------------------------
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 Comissao de Valores
Mobiliarios and the U.S. Securities and Exchange Commission.
[CVRD LOGO - OMITTED]
CVRD Announces New Corporate Governance Rules
Rio de Janeiro, November 13, 2002 - Companhia Vale do Rio Doce (CVRD) announced
in October 2001 its Corporate Governance model, based on the principles of
transparency in the decision-making process and the definition of clear roles
and responsibilities. Continuing the implementation of this model, CVRD has been
developing new initiatives designed to improve its Corporate Governance
practices, seeking to emphasize the transparency of information and the
protection of investors' rights.
At the end of July 2002, the Company announced its Disclosure Policy, in
accordance with the best investor relations practices, with the main aim of
presenting a global and simultaneous spread of information to capital markets
and minimizing the risk of an information imbalance.
Today, the Company is publishing three important documents.
1. Dividend Policy, which has two basic objectives: increase predictability in
the distribution of dividends and/or interest on shareholders equity; and
increase the correlation between the remuneration to shareholders and free
cash flow performance, linking this policy more closely to the Company's
financial management. The reduction in uncertainty is to be achieved by the
announcement, until January 31 of each year, of a minimum amount per share,
denominated in US Dollars, to be paid to shareholders in April and October.
Thus, the distribution periodicity will be known and the exchange rate risk
for investors not resident in Brazil will be eliminated, an innovative and
a pioneering move by CVRD in shareholder remuneration policy in Latin
America.
2. Securities Trading Policy, which specifies the occasions when, and the
mechanisms through which the Company's executives can trade securities
issued by CVRD and its subsidiaries, seeking to minimize the possible use
of privileged information for personal benefit.
3. Code of Ethics and Standards of Professional Conduct for Members of the
Financial Area, which defines a code of conduct of the highest ethical
standards for the professionals in this area of the Company, who in their
business activities deal with privileged information and large sized
financial transactions.
The above mentioned documents are available on the Company's website,
www.cvrd.com.br, investor relations section.
--------------------------------------------------------------------------------
For further information, please contact:
Roberto Castello Branco: roberto.castello.branco@cvrd.com.br +55-21-3814-4540
---------------------------------------------------
Andreia Reis: andreia.reis@cvrd.com.br +55-21-3814-4643
-------------------------------------------------------
Barbara Geluda: barbara.geluda@cvrd.com.br +55-21-3814-4557
-------------------------------------------
Daniela Tinoco: daniela.tinoco@cvrd.com.br +55-21-3814-4946
-------------------------------------------
Eduardo Mello Franco: eduardo.mello.franco@cvrd.com.br +55-21-3814-9849
-------------------------------------------------
Rafael Azevedo: rafael.azevedo@cvrd.com.br +55-21-3814-4700
-------------------------------------------
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 Comissao de Valores
Mobiliarios and the U.S. Securities and Exchange Commission.
[CVRD LOGO - OMITTED]
Press Release
CVRD Approves the Proposal for Payment
of Interest on Shareholders' Equity
Rio de Janeiro, November 13, 2002 - The Board of Directors of Companhia Vale do
Rio Doce (CVRD) approved today the proposal of the Executive Board, released on
November 04, for payment of interest on shareholders' equity. Such payment will
happen according to the following terms:
1. Distribution of interest on shareholders' equity in the amount of R$
1,028,688,881.80 (one billion, twenty eight million, six hundred eighty eight
thousand, eight hundred eighty one Brazilian reais and eighty cents), equivalent
to R$ 2.68 (two Brazilian reais and sixty eight cents) per outstanding preferred
A shares or common shares.
2. The payment will be done in a single installment, which will take place on
December 10, 2002. The distribution of interest on shareholders' equity is
subject to withholding income tax at a rate of 15%, in accordance to the Law
9,249 of December 26, 1995.
--------------------------------------------------------------------------------
For further information, please contact:
Roberto Castello Branco: roberto.castello.branco@cvrd.com.br +55-21-3814-4540
---------------------------------------------------
Andreia Reis: andreia.reis@cvrd.com.br +55-21-3814-4643
-----------------------------------------
Barbara Geluda: barbara.geluda@cvrd.com.br +55-21-3814-4557
-------------------------------------------
Daniela Tinoco: daniela.tinoco@cvrd.com.br +55-21-3814-4946
-------------------------------------------
Eduardo Mello Franco: eduardo.mello.franco@cvrd.com.br +55-21-3814-9849
-------------------------------------------------
Rafael Azevedo: rafael.azevedo@cvrd.com.br +55-21-3814-4700
-------------------------------------------
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 Comissao de Valores
Mobiliarios and the U.S. Securities and Exchange Commission.
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: November 14, 2002
By: /s/ Fabio de Oliveira Barbosa
-----------------------------
Fabio de Oliveira Barbosa
Chief Financial Officer