Last checked at 22 Jun 2011 10:12
Teesside cast products (tcp) arbitration settlement
Mumbai, June 22, 2011 - On January 11, 2011 Tata Steel Limited disclosed that one of its subsidiaries, Tata Steel UK Limited (TSUK), had on January 5, 2011 received a partial final award in its favour in an ongoing arbitration between TSUK and certain offtakers of the Teesside Cast Products business (TCP). Amongst other matters, the arbitral tribunal found that the offtakers did not validly terminate their offtake agreements. The arbitration proceedings were held under the auspices of the ICC International Court of Arbitration.
Following that partial final award, a commercial settlement to all disputes relating to the offtake agreements was reached and on June 21, 2011 Tata Steel completed a full and final settlement of claims with the consortium of former offtakers. As a result of this settlement, Tata Steel has received an aggregate sum of approximately US$130m.
About Tata Steel
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 per annum (mtpa). 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. For further details, please visit www.tatasteel.com.
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Tata Steel Limited | |
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Mr. Praveen Sood Tel : + 91 22 6665 7306 e-mail : p.sood@tatasteel.com | Mr. Bob Jones Tel:+ 44 20 7717 4532 e-mail: bob.jones@tatasteel.com
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Mr. Subhra Das Tel:+ 91 22 66657382 email: subhra.das@tatasteel.com
| Mr. Prabhat SharmaTel : + 91 657 2425216e-mail: prabhat.sharma@tatasteel.com
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