Tata Steel Ltd.

Tata Steel has received an aggregate sum of $130 million or about Rs 585 crore through its UK subsidiary -Tata Steel UK. The company has received an amount as a part of commercial settlement on outstanding disputes between Tata Steel UK and certain customers of the Teesside Cast Products Business. The settlement follows the completion of arbitration proceedings between the two parties which took place under the ICC International Court of Arbitration.

In 2009 after the key customers of the plant walked away from a contract, Tata Steel UK's Teesside unit had to be shut down. Among other matters, the arbitral tribunal found that the customers did not terminate their agreements.

Tata Steel UK had received a partial final award in its favour in the arbitration on January 05, 2011. Following which a commercial settlement to all disputes relating to the agreements were reached and on June 21, 2011, Tata Steel completed a full and final settlement of claims with the consortium.