NEWS ANALYSIS
Struggling metal sector mum on details
Amid paroxysms in the South African steel industry, Afrox said last week that it had reached agreement with ArcelorMittal SA regarding the early termination of a gas supply contract dispute. This had resulted in a full and final settlement of all legal proceedings between the parties. But that is about as much as either party will acknowledge, apart from bland statements on Sens last week. Under the agreement, SA’s largest steel producer settled a claim of R165m by Afrox in a number of tranches, excluding value-added tax. The dispute goes back as far as 1996, for the reported provision of oxygen and nitrogen to the end of 2012, and argon until end 2019.
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