Daewoo, Stemcor seek Cosipar pig iron seizure

Dec 20, 2012 | 04:30 PM | Lisa Gordon

Tags  pig iron, Daewoo International, Stemcor USA, Cia. Siderúrgica do Pará, Cosipar, Americas Metals Trading, Lisa Gordon

PITTSBURGH — The U.S. Marshals Service has been ordered to seize nearly $14.5 million in pig iron en route on the Mississippi River to be held as collateral for money allegedly owed South Korean trading house Daewoo International Corp. by a Brazilian supplier and its related trading company.

The writ of foreign attachment allowing the cargo seizure, signed Dec. 17 in U.S. District Court for the Middle District of Louisiana, comes just three days after Seoul-based Daewoo filed a lawsuit against Marabá, Brazil-based pig iron producer Cia. Siderúrgica do Pará Ltda. (Cosipar) and London-based America Metals Trading LLP (AMT) for allegedly failing to deliver millions of dollars worth of prepaid material.

São Paulo-based miner Mineracao Carajas Ltda. was also named in the suit for allegedly acting as the agent for Cosipar and AMT in transporting the material.....

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