The Supreme Economic Court of Ukraine has approved the decisions of the courts of first and second instance for the legal collection of about of UAH 205.59 million (approx. $24.46 million) from the Ukrainian steelmaker ArcelorMittal Kriviy Rih in favor of ferroalloys producer Zaporozhye Ferro Alloys Plant (ZZF).
As SteelOrbis has previously reported, the amount in question is to be paid to ZZF as prepayment for ferroalloy deliveries, which, according to ZZF, were originally to be acquired by ArcelorMittal Kriviy Rih in the fourth quarter of 2008. ArcelorMittal Kriviy Rih intends to appeal this latest decision at the Supreme Court of Ukraine.
Last week, the economic court of the Dnepropetrovsk region obliged ArcelorMittal Kriviy Rih to pay to UAH 134 million (approx. $16 million) and UAH 40.3 million (approx. $4.8 million) to ZZF as prepayment for ferromanganese deliveries. The steelmaker appealed the decisions at the economic court of appeal of the Dnepropetrovsk region and at the Supreme Economic Court of Ukraine.