Business News Americas reported that Mr Roger Agnelli CEO of Brazilian miner Vale said that ArcelorMittal has suspended some of its long term iron ore sales contracts with the company.

Mr Agnelli said that "ArcelorMittal is sharply reducing production. How am I going to make Mr LN Mittal honor contracts? Where is he going to store the ore?"

He added that he was not sure of the size of the supply reductions to ArcelorMittal but said he will meet with the steelmaker shortly to broach the issue in further detail.