Abu Dhabi-based Al Ghurair Iron and Steel has won an arbitration award worth $4.36 million against JSW Steel Ltd as a result of a breach of a contract by Ispat Industries, now owned by JSW. The dispute arose in 2010 over the quality of hot-rolled coils produced under a 2008 contract, signed by Al Ghurair Iron & Steel with Ispat Industries Ltd. The matter was then brought for arbitration in Mumbai. Following detailed hearings on the arbitration proceedings, the Tribunal issued its award in June this year, holding that the coils supplied did not meet the specifications and hence the supply of the coils was in breach of the sales contract.
Thursday, 4 July 2013
JSW Steel to pay $4.36m in dispute
Abu Dhabi-based Al Ghurair Iron and Steel has won an arbitration award worth $4.36 million against JSW Steel Ltd as a result of a breach of a contract by Ispat Industries, now owned by JSW. The dispute arose in 2010 over the quality of hot-rolled coils produced under a 2008 contract, signed by Al Ghurair Iron & Steel with Ispat Industries Ltd. The matter was then brought for arbitration in Mumbai. Following detailed hearings on the arbitration proceedings, the Tribunal issued its award in June this year, holding that the coils supplied did not meet the specifications and hence the supply of the coils was in breach of the sales contract.
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