Intermet inks scrap cost pacts with 10 large auto customers
Dec 29, 2004 | 09:44 AM
| Philip Burgert
Automotive castings supplier Intermet Corp., Troy, Mich., has reached agreements with its 10 largest automotive industry customers to change contract terms for steel scrap and other raw materials cost recovery as part of its effort to reorganize under Chapter 11 bankruptcy protection.
The agreement could end an effort the company launched in November to seek court approval to reject supply contracts with the customers because of terms that did not allow Intermet to sufficiently recover raw materials costs, primarily for steel scrap.....
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