Arcelor Mittal co ordered to pay $ 5.6mn compensation
Arcelor Mittal Galati must pay $ 5.6 million in compensation to Romanian transporter Dunarom Trading Company, a court ruled.
By Agencies |
Bucharest: Arcelor Mittal Galati must pay $ 5.6 million in compensation to Romanian transporter Dunarom Trading Company, a court ruled.
The High Court of Justice ruled on Thursday that Arcelor Mittal Galati had contributed to Dunarom's bankruptcy after it unilaterally decided to cancel the contract with the transporting company. The court's decision is final. There was no immediate comment from representatives of Arcelor Mittal Galati.
Arcelor Mittal Galati is part of ArcelorMittal SA, the world's largest steel maker.
In 2001, Lakshmi Mittal's company took over Sidex Galati, a Romanian steel maker in Galati on the Danube. One of the first measures that Mittal took was to get rid of what were called "leech" companies that drained the company of resources. Dunarom was considered to be one of these companies.
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