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

                                  December 2002

                        Valley of the Doce River Company
                 (Translation of Registrant's name into English)

                          Avenida Graca Aranha, No. 26
                      20005-900 Rio de Janeiro, RJ, Brazil
                     (Address of principal executive office)

     (Indicate by check mark whether the registrant files or will file annual
     reports under cover of Form 20-F or Form 40-F.)

                        (Check One) Form 20-F X Form 40-F
                                             ---          ---

     (Indicate by check mark whether the registrant by furnishing the
     information contained in this Form is also thereby furnishing information
     to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
     Act of 1934.)

                               (Check One) Yes    No X
                                              ---   ---

       (If "Yes" is marked, indicate below the file number assigned to the
              registrant in connection with Rule 12g3-2(b). 82- .)

This current report on Form 6-K is hereby incorporated by reference into the
Registration Statement on Form F-4 of Companhia Vale do Rio Doce and Vale
Overseas Limited, File No. 333-84696.

[COMPANHIA VALE DO RIO DOCE LOGO]                                  Press Release

         Consolidation of CVRD Common Shares Held by Litel into Valepar

Rio de Janeiro, December 26, 2002 - Companhia Vale do Rio Doce informs that
Valepar S.A., its controlling shareholder, released a press release with the
following content: "Valepar S.A., closed corporation, with headquarters at Av.
Graca Aranha, 26, 19(0) floor (part), in the City and State of Rio de Janeiro,
registered in the National Register of Corporate Bodies with the Ministry of
Finance (CNPJ) under No. 01.772.413/0001-57 ("Valepar"), as controlling
shareholder in the Companhia Vale do Rio Doce ("CVRD"), publicly held company,
informs the public, in the form of Instruction CVM No. 358, of January 3, 2002,
that 25,272,641 common CVRD shares belonging to Litel Participacoes S.A.
("Litel"), one of its controlling shareholders, signatory of the Valepar
Shareholders' Agreement, signed on April 24, 1997, were consolidated in its
shareholders' equity.

The consolidation of the 25,272,641 common CVRD shares held by Litel was done
through an increase in Valepar capital, approved at the Extraordinary General
Shareholders Meeting of Valepar held on December 26, 2002, with the strict
observance of the applicable provisions of Law No. 6,404/76. The common shares
referred to, had already been tied to the Valepar Shareholders' Agreement and
since May 1997, Litel has been and is a part of the CVRD controlling group. As
from the mentioned increase in capital, and once the common shares which exceed
49% of the voting capital have been converted into preferred shares, in the
terms of the statutory alteration approved in the mentioned Extraordinary
General Shareholders Meeting, the share structure of Valepar becomes the
following: Litel with 49.00% of the common shares and 100.00% of the Class B
preferred shares; Eletron S.A. with 18.15% of the common shares; Babie
Participacoes Ltda. with 12.46% of the common shares; Sweet River Investments,
Ltd. with 10.11% of the common shares; Clube de Investimentos dos Empregados da
Vale - Investvale with 9.23% of the common shares; and BNDES Participacoes S.A.
- BNDESPar with 1.04% of the common shares. The percentages do not consider the
eventual exercise of the right of preference to subscription of new shares
during the period of 30 days stipulated for this purpose.

By means of this operation, Valepar has become titleholder of 130,715,711 common
shares representing approximately 52.3% of the CVRD voting shares, thus
consolidating its situation as controller of the company."


                                         For further information,please contact:
   Roberto Castello Branco: roberto.castello.branco@cvrd.com.br +55-21-3814-4540
                         Andreia Reis: andreia.reis@cvrd.com.br +55-21-3814-4643
                     Barbara Geluda: barbara.geluda@cvrd.com.br +55-21-3814-4557
                     Daniela Tinoco: daniela.tinoco@cvrd.com.br +55-21-3814-4946
         Eduardo Mello Franco: eduardo.mello.franco@cvrd.com.br +55-21-3814-9849
                     Rafael Azevedo: rafael.azevedo@cvrd.com.br +55-21-3814-4700

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 economy and securities markets, which exhibit volatility and can be
adversely affected by developments in other countries; relating to the iron ore
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 Comissao de Valores
Mobiliarios and the U.S. Securities and Exchange Commission.


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.

                                            COMPANHIA VALE DO RIO DOCE

Date:  December 27, 2002

                                            By: /s/ Fabio de Oliveira Barbosa
                                                  Fabio de Oliveira Barbosa
                                                  Chief Financial Officer