Posted in | 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

    Cliffs Natural Resources. (2019, February 18). Cliffs Natural Resources Successfully Discloses Arbitration with Essar Steel Algoma. AZoMining. Retrieved on September 16, 2019 from https://www.azomining.com/News.aspx?newsID=2188.

  • MLA

    Cliffs Natural Resources. "Cliffs Natural Resources Successfully Discloses Arbitration with Essar Steel Algoma". AZoMining. 16 September 2019. <https://www.azomining.com/News.aspx?newsID=2188>.

  • Chicago

    Cliffs Natural Resources. "Cliffs Natural Resources Successfully Discloses Arbitration with Essar Steel Algoma". AZoMining. https://www.azomining.com/News.aspx?newsID=2188. (accessed September 16, 2019).

  • Harvard

    Cliffs Natural Resources. 2019. Cliffs Natural Resources Successfully Discloses Arbitration with Essar Steel Algoma. AZoMining, viewed 16 September 2019, 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
Submit