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Rizhao Steel told to pay damages

08-19-2010 09:33 BJT

China's Rizhao Steel Holding Group has been ordered to pay an Australian iron ore miner 114 million US dollars, for breaching a long term iron ore purchase contract.

The contract was signed in 2008, when the financial crisis slashed commodity prices. Miner, Mount Gibson Iron, says an arbitrator found that Rizhao repudiated its obligations under the agreement.

Shandong based Rizhao Steel counter-claimed for wrongful termination of the contract, and for misleading and deceptive conduct, but both counterclaims were dismissed.

Editor:Xiong Qu |Source: CNTV.CN

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