Erdemir and Jim Walters Resources settle coking coal supply dispute

On April 27, Turkish integrated steelmaker Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir) announced that, following negotiations, the dispute concerning a coking coal supply agreement with US coking coal producer and exporter Jim Walters Resources Inc. has been settled with the signing of an agreement.
 
As SteelOrbis previously reported, due to postponement of certain terms of a coking coal supply agreement, in early April this year Jim Walters Resources had opened a case against Erdemir in Alabama, US demanding $89.32 million.
 
In early December last year, Jim Walters Resources had announced that it had settled its dispute with Erdemir over 280,000 metric tons of premium coking coal that the steelmaker had contracted to purchase during the 2008-2009 contract year at $319/mt.
 
Prior to the disputed deliveries, Jim Walters Resources had already delivered half of the original contract total of 560,000 metric tons and received payment in full for the shipped volume at the original contract price.
 
In January, it had been announced that Erdemir would accept delivery of all remaining carryover tons of coal between April 1, 2010, and March 31, 2011.
 
Erdemir said in its statement dated April 27, 2010 that Jim Walter Resources Inc. filed a petition with North Alabama district court for the renouncement of the case in question.