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Essar Steel's cheque is in the mail to Cliffs

Essar Steel Algoma is paying Cliffs Natural Resources $129 million as part of an iron ore pricing dispute. Cliffs announced Jan. 6 it received the “true up” payment from Essar stemming from pellets sold by Cliffs to Essar in 2010.
Northern Ontario Business Staff
Essar Steel Algoma is paying Cliffs Natural Resources $129 million as part of an iron ore pricing dispute.

Cliffs announced Jan. 6 it received the “true up” payment from Essar stemming from pellets sold by Cliffs to Essar in 2010. Cliffs was awarded the amount in arbitration.

Both sides said they will continue to pursue the matter in court where Essar wants to have the arbitration award vacated.

In announcing the payment, Essar said it was anteing up to “ensure continuity of iron supply supply during the critical winter months.”