SeverCorr Reaches Settlement with Nucor
07/01/2008 - SeverCorr, LLC reaches a settlement in the case of Nucor versus John Bell and SeverCorr.
SeverCorr, LLC has reached a settlement in the case of Nucor Corp. versus John Bell and SeverCorr, with SeverCorr and Bell entering into a 12-month moratorium on the production of interstitial-free and/or ultra-low carbon steel.
As detailed in an Order of Court by the United States District Court for the District of South Carolina, Charleston Division, the moratorium will commence after SeverCorr has conducted performance testing contemplated in equipment-supply agreements.
SeverCorr said that the settlement would not have a material effect on annual production, nor would it impact Phase II expansion at the mill.
Other terms of the settlement, which are subject to legal confidentiality obligations, were not disclosed.
Columbus, Miss., based SeverCorr is a unique next-generation mill that produces high-quality steel by combining an electric arc furnace steelmaking process with an integrated finishing plant. SeverCorr is a subsidiary of OAO Severstal and complements Severstal’s other U.S. businesses based in Dearborn, Mich., and Baltimore, Md.
