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First Financial Daily: Rizhao Steel with Australia Gibson company reached a settlement
First SEEC: "First Financial Daily" October 17, from Rizhao Steel Holding Group Co., Ltd. (hereinafter referred to as the "RiZhao Steel"), exclusively learned that lasted three years, and foreign concern Rizhao Iron and Steel and Australia Gibson ore tradingdispute, recently came to an end, and ultimately the two sides reached a settlement, re-established partnerships.
Rizhao Steel who told reporters that the end of 2008, subject to the impact of the financial crisis and the availability of product quality, the performance of the long-term ore sales contracts between the Rizhao Iron and Steel and Australia Gibson ore blocked, and thus caused the dispute, both parties to an arbitration institution application for dispute.
August 17, 2010, Western Australia arbitration institution to make an arbitral award, determination of Rizhao Steel needs $ 114 million compensation to the Gibson company, the award is made, the Rizhao Iron and Steel in accordance with the law with the Australian Judiciary application for cancellation of an award, and in the country has also taken the appropriate legal measures in order to recoup their losses.
After more than a year's game, the two sides to abandon the controversial, and in early June of this year to get back on the negotiating table. Both sides, several rounds of consultations, the two sides recently reached a settlement agreement package, finally the two sides signed a settlement agreement on October 11, pending the resolution of all disputes through the form of a continued supply of iron ore. Since then, the two sides not only were no longer any dispute, to achieve a win-win situation, but also established long-term partnership.
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