Essar Steel Algoma disputes arbitrator ruling in iron ore battle with Cliffs
Dec 20, 2010 | 06:26 AM
Essar Steel Algoma Inc. has lost a key round in its iron ore supply battle with Cliffs Natural Resources Inc., but Cliffs' victory isn't yet complete.
An American Arbitration Association panel ruled that Cliffs was justified in its attempts to increase iron ore charges to the steelmaker for the 2010 calendar year. The decision essentially allows Cliffs to obtain a 95-percent increase in iron ore pellet prices compared to 2009 prices. Cliffs originally was seeking an increase of as much as 130 percent.....
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