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Thursday, 06 August 09
CASES FILED AGAINST ESSAR ALGOMA OVER TERMINATED COAL SHIPMENTS
 Steel Guru reported that, It is reported that units of International Coal Group Inc and Arch Coal Inc have filed federal lawsuits in the same court against Essar Steel Algoma Inc over allegations that the steel company has refused to take full contract shipments of metallurgical coal.
A lawsuit was filed April 27th 2009 in the U.S. District Court for the Southern District of West Virginia by ICG LLC. Essar has steelmaking facilities in Sault Ste. According to the suit, in July and September of 2008, ICG and Essar entered into two separate purchase orders under which Essar agreed to buy 65,100 tonnes of coal from ICG during the rest of calendar 2008.
The July 2008 order was for 42,000 tonnes of coal to be shipped by the end of 2008 at USD 175 per tonne FOB mine. Of that total, 28,000 tonnes was supposed to be high volume coal from the Sentinel Clarion mine in Barbour County and 14,000 tons would be low volume coal from the Carlos mine in Allegany County.
ICG said in the lawsuit that despite its commitments under each contract, Essar took only 14,944.25 tonnes under the July deal and 14,464.25 tonnes under the September agreement.
ICG is asking the court to find Essar in breach of the contracts and to award damages of at least USD 75,000. The USD 75,000 figure is probably not representative of actual damages and is instead a standard figure that represents a minimum damage amount in a federal lawsuit.
In a July 9th 2009 response to the ICG suit, Essar denied the ICG claims. It said that "Essar's performance was commercially impracticable and excused. Essar's performance was substantially frustrated and excused."
Arch subsidiary Arch Coal Sales Co Inc filed a similar suit May 20th 2009 at the same West Virginia court against Essar. In that suit, Arch said that it and Essar signed a September 2008 agreement for 60,000 to 72,000 tonnes of high volume coal to be delivered from September through December 2008.
Arch said that Essar had accepted and paid for a total of only 25,767 tonnes of the coal shipped via two of the four intended vessels. Despite requests that it take the rest of the coal, Essar has refused to do so. Arch is asking that Essar be found in breach of contract and for damages of at least USD 75,000. Unlike ICG in its lawsuit, Arch redacted coal contract pricing information from its suit.
Source: Steel Guru
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Tuesday, 28 July 09
BUKIT ASAM ENJOYS STRONG FIRST HALF
The Jakarta Post reported that, state coal miner PT Tambang Batubara Bukit Asam (PTBA) enjoyed a strong first half performance with six-month net pr ...
Tuesday, 28 July 09
NEWCASTLE LOADED 1.943 MILLION TONS OF COAL IN THE WEEK ENDED 27TH JULY 2009
COALspot.com (Singapore) : The volume exported from Australia’s Newcastle port in the week ended - 07:00 hours 27 July 2009 ...
Monday, 27 July 09
INDIA PAYING HIGHEST PRICE FOR S.AFRICA COAL - PRODUCERS
* Spread between South African and Pacific origin coal very wide
* Lack of European buying makes India indicator of value
Reuters reported that, ...
Monday, 27 July 09
TAIWAN'S FORMOSA EYES S.AFRICAN COAL FOR Q4: TRADE
Reuters reported that, Taiwan's Formosa Plastics Group is looking to buy two South African thermal coal cargoes for delivery in the fourth-quarter, ...
Monday, 27 July 09
ADANI POWER'S $625 MILLION IPO TO GENERATE HOT DEMAND
WSJ reported that, Adani Power, the electricity generating unit of India's Adani Enterprises Ltd., is set raise up to US$625 million in wha ...
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