Companhia Vale do Rio Doce (CVRD) will lay off 1,300 employees worldwide, accounting for over 10% of all employees

The world’s largest supplier of iron ore mining giant CVRD of Brazil said that because of the global financial crisis, the company will lay off 1300 employees all over the world, and another 5,500 employees will be arranged to have holidays with payment. However, credit crisis and the weakening of the market demand is leading to large-scale layoffs.