Abstract
Companhia Vale do Rio Doce (CVRD) was formed by the staunchly nationalist Brazilian President Getulio Vargas in 1942.1 At the time, it was an entirely state-owned mining company. CVRD went through several decades of mixed success, based primarily on the exploitation of Brazil’s significant iron-ore mineral resources.2 In the 1980s and 1990s, CVRD was sometimes cited as a case study in the operation of a successful state-owned enterprise (SOE) at a time when the trend throughout the Western world was toward the privatisation of SOEs.3
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