6-K

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                                    FORM 6-K
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                        REPORT OF FOREIGN PRIVATE ISSUER
                    PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                             dated October 20, 2004


                        Commission File Number 001-11005


                              ARACRUZ CELULOSE S.A.
                    (Exact Name as Specified in its Charter)

                             ARACRUZ CELLULOSE S.A.
                       ----------------------------------
                       (Translation of Registrant's Name)

                   Rua Lauro Muller, 116--40th floor, Botafogo
                      Rio de Janeiro, RJ, 22299-900, Brazil
                      -------------------------------------
               (Address of principal executive offices) (Zip code)


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

         Form 20-F  X    Form 40-F___

         Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): ______

         Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): ______

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

         Yes ____                 No  X

         If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): Not applicable.

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                                   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.


Date:    October 20, 2004

                                        ARACRUZ CELULOSE S.A.



                                        By: /s/ Carlos Augusto Lira Aguiar
                                           -------------------------------------
                                            Name:   Carlos Augusto Lira Aguiar
                                            Title:  Chief Executive Officer






                                  EXHIBIT INDEX


Exhibit      Description of Exhibit
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99.1.        Notice to the Shareholders dated October 19, 2004

EX-99

                                                                    Exhibit 99.1




                           NOTICE TO THE SHAREHOLDERS


We hereby inform the Shareholders of Aracruz Celulose S.A. ("the Company") that
the Executive Board of the Company, exercising the powers granted by the Board
of Directors, in accordance with the decision taken in the meeting held on June
9, 2004, has today approved the declaration and payment of Interest on
Shareholders' Equity to the total amount of R$ 198,000,000 (one hundred and
ninety eight million reais). This Interest on Shareholders' Equity shall be
attributed to the minimum compulsory dividend relating to the fiscal year 2004,
and the individual declaration to the shareholders shall be made pursuant to the
equity holdings at the close of the Sao Paulo stock market on October 26, 2004
("Brazilian Record Date").

The amounts to be declared and paid as Interest on Shareholders' Equity shall,
respectively, be as follows:

o     Each block of 1,000 (one thousand) common shares shall be entitled to the
      gross amount of R$181.93988472; and

o     Each block of 1,000 (one thousand) preferred shares of classes "A" and "B"
      shall be entitled to the gross amount of R$200.13387319.

1  -  The amounts declared as Interest on Shareholders' Equity are subject to
      Income Tax Withheld, at the rate of 15%, resulting in a net amount of
      R$154.64890201 for each block of 1,000 (one thousand) common shares and a
      net amount of R$170.11379221 for each block of 1,000 (one thousand)
      preferred shares of classes "A" and "B". Shareholders domiciled in
      countries that do not tax income, or tax income at a maximum rate of less
      than twenty percent, are subject to Income Tax Withheld, at a rate of 25%,
      under the prevailing legislation.

2  -  Shareholders that have adhered to the Special Taxation Regime (RET) and
      that have not yet informed Banco Itau S.A. of this fact must do so by
      October 27, 2004, at any of the service outlets listed in item 5 below.
      Other shareholders with tax exemption must provide the Company's Investor
      Relations Management (at Rua Lauro Muller 116, 40th floor, Rio de Janeiro,
      RJ - Tel: ++55 21 3820 8131 - Mr. Denys Ferrez), with documentary evidence
      of their tax situation, by October 27, 2004, in order not to be subject to
      the withholding of Income Tax.

3  -  The  payment of Interest on Shareholders' Equity, without monthly
      correction, shall be made as from November 11, 2004, through BANCO
      ITAU S.A., by means of credits to the bank accounts of the
      shareholders, as per the records of Banco Itau S.A.. The Interest on
      Shareholders' Equity attributable to shareholders whose records with
      Banco Itau S.A. are not up-





      to-date shall remain at the disposal of such shareholders within the
      Business Services Department (Superintendencia de Servicos para
      Empresas) of Banco Itau S.A., until their records are updated.

4  -  The shares of the Company shall be traded "ex-Interest on Shareholders'
      Equity" as from October 27, 2004.

5  -  SERVICE OUTLETS - Branches Specialized in Shareholder Assistance:

          o    Sao Paulo - Rua Boa Vista, 176 - Subsolo

          o    Rio de Janeiro - Rua Sete de Setembro, 99 - Subsolo

          o    Belo Horizonte - Av. Joao Pinheiro, 195 - Terreo

          o    Porto Alegre - Rua Sete de Setembro, 746 - Terreo

          o    Salvador - Av. Estados Unidos, 50/ 2(0) andar - Edif.
                               Sesquicentenario

          o    Brasilia - SCS Quadra 3 Ed. Dona Angela, 30, bloco A - s/loja

          o    Curitiba - Rua Joao Negrao, 65 - s/loja


Aracruz, October 19, 2004


ISAC ROFFE ZAGURY
Investor Relations Officer