Posted in | News | Iron Ore | Mining Business

Cliffs Natural Resources Successfully Discloses Arbitration with Essar Steel Algoma

Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced that the Company was successful in its previously disclosed arbitration with Essar Steel Algoma, Inc.

In a binding decision by the American Arbitration Association, an arbitration panel redefined world prices for blast furnace pellets, a factor used in determining annual price increases or decreases under Cliffs' supply agreement with Essar Steel Algoma. This redefinition currently entitles Cliffs to use an increase in excess of 95% over 2009 prices for seaborne blast furnace pellets in the supply agreement's pricing formula. With today's final award, Cliffs anticipates collecting a cash payment in the near term from Essar Steel Algoma for the portion of revenue from 2010 pellet sales that were disputed in the arbitration.  

Source: Cliffs Natural Resources Inc.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Cleveland-Cliffs Inc. (2019, February 18). Cliffs Natural Resources Successfully Discloses Arbitration with Essar Steel Algoma. AZoMining. Retrieved on June 07, 2023 from https://www.azomining.com/News.aspx?newsID=2188.

  • MLA

    Cleveland-Cliffs Inc. "Cliffs Natural Resources Successfully Discloses Arbitration with Essar Steel Algoma". AZoMining. 07 June 2023. <https://www.azomining.com/News.aspx?newsID=2188>.

  • Chicago

    Cleveland-Cliffs Inc. "Cliffs Natural Resources Successfully Discloses Arbitration with Essar Steel Algoma". AZoMining. https://www.azomining.com/News.aspx?newsID=2188. (accessed June 07, 2023).

  • Harvard

    Cleveland-Cliffs Inc. 2019. Cliffs Natural Resources Successfully Discloses Arbitration with Essar Steel Algoma. AZoMining, viewed 07 June 2023, https://www.azomining.com/News.aspx?newsID=2188.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit