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Tata Steel Announces Arbitration Settlement for Teesside Cast Products
06/23/2011 - Following a partial final award, Tata Steel has reached a commercial settlement to all disputes relating to the former offtake agreements.
Tata Steel Limited disclosed that one of its subsidiaries, Tata Steel UK Limited (TSUK), has received a partial final award in its favor in an ongoing arbitration between Tata Steel UK and certain offtakers of the Teesside Cast Products business.
Arbitration proceedings were held under the auspices of the ICC International Court of Arbitration. Amongst other matters, the arbitrating tribunal found that the offtakers did not validly terminate their offtake agreements.
Following that partial final award, a commercial settlement to all disputes relating to the offtake agreements was reached. Tata Steel completed a full and final settlement of claims with the consortium of former offtakers on June 21, 2011.
Arbitration proceedings were held under the auspices of the ICC International Court of Arbitration. Amongst other matters, the arbitrating tribunal found that the offtakers did not validly terminate their offtake agreements.
Following that partial final award, a commercial settlement to all disputes relating to the offtake agreements was reached. Tata Steel completed a full and final settlement of claims with the consortium of former offtakers on June 21, 2011.
As a result of the settlement, Tata Steel has received an aggregate sum of approximately US$130m.
Established in 1907, Tata Steel Group is among the top ten global steel companies with an annual crude steel capacity of over 27 million tonnes. It is now one of the world's most geographically diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of US$26.64 billion in FY '11, has over 81,000 employees across five continents and is a Fortune 500 company. The Group’s vision is to be the world’s steel industry benchmark in “Value Creation” and “Corporate Citizenship” through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency.
Established in 1907, Tata Steel Group is among the top ten global steel companies with an annual crude steel capacity of over 27 million tonnes. It is now one of the world's most geographically diversified steel producers, with operations in 26 countries and a commercial presence in over 50 countries. The Tata Steel Group, with a turnover of US$26.64 billion in FY '11, has over 81,000 employees across five continents and is a Fortune 500 company. The Group’s vision is to be the world’s steel industry benchmark in “Value Creation” and “Corporate Citizenship” through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency.
