Essar Steel Algoma and Ohio-based miner Cliffs Natural Resources reached a deal on its iron ore contract for 2011.
It comes on the heels of an arbitration award accepted by Essar that will set the price and volume for iron ore pellets between the Ohio-based miner and the Sault Ste. Marie steel producer.
Earlier this year, Essar paid $129 million in settling an arbitration case with Cliffs. The two companies had a dispute over the price of iron ore sold to Essar last year.
“We are pleased to announce the settlement with Essar Steel Algoma and value the quality commercial relationships we have had and have re-established with this important customer,” said Don Gallagher, Cliffs' president of global commercial, in a news release. “With the (April 20) announcement, all major arbitrations and litigations with our North American Iron Ore customers are now settled."
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