Tata Steel Limited, which had completed a full and final settlement of claims with the consortium of former offtakers of its subsidiary Tata Steel UK Limited (TSUK), has received an aggregate sum of approximately $130m.
TSUK had on January 5, 2011 received a partial final award in its favour in an ongoing arbitration between TSUK and certain offtakers of the Teesside Cast Products business (TCP). Among other matters, the arbitral tribunal found that the offtakers did not validly terminate their offtake agreements. The arbitration proceedings were held under the auspices of the ICC International Court of Arbitration. Following that partial final award, a commercial settlement to all disputes relating to the offtake agreements was reached and on June 21, 2011 Tata Steel completed a full and final settlement of claims.