Steel Mills
Cliffs Lawsuit Against Essar Steel Algoma Dismissed
Written by Sandy Williams
December 4, 2015
A law suit filed by Cliffs Natural Resources against Essar Steel Algoma was dismissed without prejudice on Dec. 3 by the Court for the Northern District of Ohio, in recognition of Algoma’s current CCAA proceedings. The ruling includes the suit filed on January 12, 2015 by Cliffs for US $90 million and Essar Steel Algoma’s counterclaim filed February 13 for damages in excess of US $164 million.
Essar Steel Algoma’s Chief Executive Officer Kalyan Ghosh commented on the development, “We are very pleased with this decision by the Ohio Judge. We believe the issues between Cliffs and the Company can be effectively addressed in conjunction with the CCAA proceeding and, if required, the US chapter 15 Court. The Ohio Court’s action appears consistent with this belief.”
Essar Steel Algoma last week asked courts in Ontario and Detroit to reinstate shipments of ore that Cliffs Natural Resources terminated in October. The company wants Cliffs be declared a critical supplier so that Algoma can finish supplying its ore inventory before navigation on the Great Lakes ends for the season.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
AHMSA opens doors to potential buyers as $1.3B asset auction nears
AHMSA is opening its doors to potential buyers to tour its steel plant and mining operations in northern Mexico in preparation for the next stage of its bankruptcy process: the auction of its assets.
USW seeks clarity on USS plans for Granite City Works
The United Steelworkers union has asked U.S. Steel to elaborate on its Granite City Works plans following reports that the steelmaker is ending processing at the facility.
Nucor maintains plate prices, opens October order book
Nucor aims to keep plate prices flat for a seventh straight month with the opening of its October order book.
ArcelorMittal Mexico to import from sister mills as it works to resume DRI production
ArcelorMittal has partially restarted operations at its direct reduction plant in Lazaro Cardenas, Michoacan. An explosion on Aug. 18 rocked the massive steelworks on Mexico’s Pacific coast, impacting production of direct-reduced iron (DRI).
Fall maintenance outages are coming in hot
Labor Day has passed, the sun is starting to set a little earlier each day, and cooler weather has begun to find its way down to many of us across North America. And you know what that means for the steel industry… Fall maintenance outages!