Tata Steel Ltd.

Tata Steel has received about $130 million (Rs 585 crore) in an arbitration settlement between its UK subsidiary and a consortium of international buyers that broke an offtake agreement with its TCP plant in England. Following the termination of the offtake agreement by the consortium, Tata Steel last year mothballed its Teeside Cast Product (TCP) mill and sold the assets to Thailand’s largest steel producer Sahaviriya Steel Industries (SSI) for $469 million early this year. Tata Steel UK Limited (TSUK), had on January 5, 2011, had received a partial final award in its favour in the ongoing arbitration between itself and certain offtakers of the Teeside Cast Products business. A commercial settlement to all disputes relating to the offtake agreements was reached and Tata Steel completed a full and final settlement of claims with the consortium.crackcrack