MMX Adjusts Its Production Levels in Light of the Current Global

RIO DE JANEIRO, BRAZIL--(Marketwire - November 7, 2008) - MMX Mineração e Metálicos S.A. ("MMX" or the "Company") (BOVESPA: MMXM3) (TSX: XMM), pursuant to article 157 of Law 6404/76, and CVM Instruction No. 358/02, hereby informs that the Company is taking measures to adjust its production levels in light of the current global economic slowdown.

This new scenario requires that MMX reduce its iron ore and pig iron production plan, which will lead to a cutback in output levels during the 4th quarter of 2008. We believe that this decision will contribute to reduce our operating costs and to avoid inventory increase.

In this context, MMX is taking the necessary steps to suspend, by end of November, the production in its pig iron plant and iron ore mine in Corumbá, in the state of Mato Grosso do Sul. This suspension will be temporary and will not cause layoffs. Operations are expected to resume upon the improvement in global economic conditions.

There will not be any slow-down or suspension of MMX Sudeste's activities.

Also as a consequence of the global economic slow-down, MMX has decided to postpone all investments related to the construction of the billet plant in Corumbá, which contemplated a budget of approximately US$ 200 million, as per the Company's Business Plan.

Rio de Janeiro, November 7th, 2008