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

April 2007

Companhia Vale do Rio Doce

Avenida Graça Aranha, No. 26
20030-900 Rio de Janeiro, RJ, Brazil
(Address of principal executive office)

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Table of Contents

Press Release
Signature Page

CVRD revises 2007 capex budget to US$ 7.4 billion

Rio de Janeiro, April 26, 2007 — Companhia Vale do Rio Doce (CVRD) hereby announces that its Board of Directors approved the revision of its investment budget for 2007 to US$ 7.351 billion¹, an increase of US$ 1.017 billion compared to the US$ 6.334 billion budget announced in January 26, 2006. This review basically reflects changes in the average price of currencies in which our expected disbursement are denominated (US$ 383 million) and additional investments in the nickel operations (US$ 500 million).

The increase in the investments is consistent with the evolution of the Company’s cash flow and its financial policy guidelines, which aim to preserve a healthy balance sheet and, more specifically, a level of leverage indicative of a low-risk debt profile.

According to the revised capex budget, US$ 5.356 billion is to be invested in organic growth, of which US$ 4.904 billion on projects and US$ 452 million on research & development (R&D). The maintenance of existing operations has been estimated at US$ 1.995 billion.

US$ 3.125 billion will be spent on non-ferrous minerals, representing 42.5% of the total capex budget for 2007, given the development of various large projects such as Goro and Onça Puma, which are extremely important to the consolidation of CVRD as a global leader in the nickel industry. Investment of US$ 1.869 billion has been earmarked for the ferrous minerals business. US$ 885 million will be allocated to the aluminum division, while US$ 784 million has been allocated to the Company’s logistics business.

2007 INVESTMENT BUDGET

US$ million

		Revised								Previous
By category		budget				%				budget				%
Organic growth			5,356				72.9				4,636				73.2
Projects			4,904				66.7				4,230				66.8
R&D			452				6.1				406				6.4
Maintenance of existing operations			1,995				27.1				1,698				26.8
Total			7,351				100.0				6,334				100.0
By business area
Ferrous minerals			1,869				25.4				1,635				25.8
Non-ferrous minerals			3,125				42.5				2,550				40.3
Logistics			885				12.0				811				12.8
Aluminum			784				10.7				720				11.4
Coal			224				3.0				209				3.3
Electricity generation			107				1.5				101				1.6
Steel			143				1.9				114				1.8
Others			214				2.9				197				3.1
Total			7,351				100.0				6,334				100.0

The major projects in terms of financial disbursement in 2007 are: Goro (US$ 938 million), Onça Puma (US$ 658 million), Alunorte 6&7 (US$ 520 million), Itabiritos (US$ 417 million), Paragominas II (US$ 115 million) and Fazendão (US$ 111 million), together with investments in logistics necessary

to sustain the expansion of our iron ore operations. The new budget includes investments of US$ 78 million in Salobo I project in 2007.

Goro is one of the largest and best lateritic nickel deposits in the world. It is located in New Caledonia, in the South Pacific, with proven and probable reserves of 120 million tons, with a nickel content of 1.48%, and cobalt content of 0.11%. The estimated production capacity is 60,000 tons a year of finished nickel and 4,600 tons of cobalt.

The project was recently subjected to revision, in which was included the implementation of measures to reduce environmental, operational and technology risks. Its total cost was estimated in US$ 3.212 billion, of which US$ 1.435 billion was already spent from 2001 to 2006. Disbursement of US$ 938 million is budgeted for 2007. The start-up of operations of Goro will occur in the end of 2008.

Salobo I is a project for the production of copper concentrate, with an estimated nominal capacity of 100,000 tons a year of copper in concentrate form, with an annual production of 130,000 oz. of gold as by-product, based on the deposit of Salobo, located in Carajás region, in the Brazilian state of Pará. Salobo has proven and probable reserves of 385 million tons, with copper content of 0.87%.

The cost of the project is estimated at US$ 855 million. The start-up of the development is conditioned to some government approvals including an appropriate tax structure.

Description of main projects

				Budgeted
				US$ million
				2007		2007
Area		Project		Revised		Previous		Total		Status
Ferrous		Expansion to iron		66		14		1,828		This project will add 30 million tons a year of
minerals		ore production								production capacity to CVRD, with the building of a
		capacity at Carajás								new plant, consisting of primary crushing, and processing
		to 130 Mtpa --								and classification units. Completion scheduled for 2009.
		Northern system								Subject to approval by the Board of Directors.
		Fazendão iron ore		111		101		129		Project for the production
		mine --								of 15.8 million tons of ROM (unprocessed
		Southeastern								ore) iron ore per year.
		system								This project will make it possible for Samarco's
										third pellet plant to begin operations. Works began in
										2H06 and will be completed in 1Q08, with the start-
										up of operations.
		Itabiritos		417		385		759		Construction of a pellet plant in Minas Gerais, with
										a nominal production capacity of 7 million tons a
										year, and an iron ore Concentration plant.
										Operational start-up is scheduled
										for the second half of 2008.
Non-ferrous		Cobre -- Salobo I		78		—		855		The project will have an estimated nominal capacity of 100,000 tons a year of copper in concentrate form.
minerals
		Vermelho - nickel		97		92		1,452		Annual production capacity is estimated at 46,000
		mine								tons of nickel in ferronickel form and 2,800 tons of
										cobalt. The process of obtaining of an environmental
										licence is ongoing.

				Budgeted
				US$ million
				2007		2007
Area		Project		Revised		Previous		Total		Status
		Onça Puma -		658		613		1,437		The project will have a nickel production capacity of
		nickel mine								58,000 tons a year. Construction began in July 2006
										and the supply of the main equipment has already
										been contracted. Operational start-up is scheduled
										for 2H08.
		Níquel -- Goro		938		680		3,212		The project has na estimated production capacity is
										60,000 tons a year of finished nickel and 4,600 tons
										of cobalt. Production start-up is scheduled for 2009.
Aluminum		Alunorte modules 6		520		473		846		The project for the construction of modules 6 and 7
		and 7 -- alumina								will increase refinery production capacity to 6.26
										million tons of alumina per year. Completion is
										scheduled for 2Q08.
		Paragominas II -		115		105		196		The second phase of Paragominas will add 4.5
		bauxite mine								million tons to the capacity of 5.4 million tons a year
										obtained in the first phase. Completion is scheduled
										for 2Q08.

For further information, please contact:
+55-21-3814-4540
Roberto Castello Branco: roberto.castello.branco@cvrd.com.br
Alessandra Gadelha: alessandra.gadelha@cvrd.com.br
Marcelo Silva Braga: marcelo.silva.braga@cvrd.com.br
Theo Penedo: theo.penedo@cvrd.com.br
Virgínia Monteiro: virginia.monteiro@cvrd.com.br

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 and Canadian economy and securities markets, which exhibit volatility and can be adversely affected by developments in other countries; relating to the iron ore and nickel 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 Comissão de Valores Mobiliários 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.