Tata Steel receives $130 million in arbitration settlement

Thursday, 23 June 2011 12:16:20 (GMT+3)   |  
       

On June 22, Indian steelmaker Tata Steel Limited announced it has received $130 million as a result of the arbitration proceedings between its UK-based subsidiary Tata Steel UK Limited and some buyers who broke off an offtake agreement with Tata's Teesside Cast Products plant.

 "Amongst other matters, the arbitral tribunal found that the offtakers did not validly terminate their offtake agreements." the company statement said.  The arbitration proceedings were held under the supervision of the International Court of Arbitration of the International Chamber of Commerce (ICC).

As SteelOrbis previously reported, on January 11 this year Tata Steel UK Limited received a partial final award in its favor in the ongoing arbitration.


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