Czech govt, ArcelorMittal halt arbitration case

09.11.2007 | , Reuters
Zpravodajství ČTK


perex-img Zdroj: Finance.cz

Steel maker ArcelorMittal and the Czech Republic have halted their 20 billion crown ($1.1 billion) arbitration case and have begun seeking a...

...settlement, the Czech Finance Ministry said on Friday.

"The arbitration tribunal decided on Nov. 8, 2007 to interrupt this arbitration case," the ministry said. "The parties asked for an interruption of proceedings with regards to ongoing settlement talks."

ArcelorMittal, the world's largest steel maker which owns a plant in the Czech Republic, had sued the Czech government in relation with the privatisation of Vitkovice Steel, bought by Russia's Evraz .

The government banned Mittal from taking part in the privatisation due to coke pricing disputes between ArcelorMittal and Vitkovice Steel. Mittal demanded 20 billion crowns in compensation. (Reporting by Jan Lopatka; Editing by David Holmes) ($1=18.27 Czech Crown)

Keywords: CZECH MITTAL/

[PRAGUE/Reuters/Finance.cz]

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