Russian steel producer Magnitogorsk Iron and Steel Works (MMK) has paid off iron ore supply debts worth Ruble 764 million ($22.93 million) to Lebedinsky GOK, a mining subsidiary of Russian iron ore and steel producing company Metalloinvest Holding (Metalloinvest). The agreement regarding payment of the debts was reached out of court, following which Lebedinsky GOK withdrew its claim against MMK.
In February 2009, Metalloinvest's iron ore subsidiaries Lebedinsky GOK and Mikhailovsky GOK (MGOK) filed a lawsuit against MMK for total debts of Ruble 926 million ($27.8 million). However, MGOK later dropped its Ruble 161.82 million ($4.86 million) claim.
According to Metalloinvest's press office, currently the parties are determining further areas and forms of cooperation.