Private port terminal; Porto Sudeste do Brasil has paid a US$62.5 million settlement to end a legal case that centred around access to an iron ore shipping terminal, according to Reuters.
Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais’s dispute related to its use of the port facilities under a contract signed in 2011.
A venture of Japanese group Sumitomo Corporation with mining, rail and port transport operations, it produces iron ore for export as well as domestic markets.
Security filings on June 6, 2017 showed the terms of its settlement with Porto Sudeste, including the stipulation that the port will pay US$62.5 million to the steelmaking group company.
The steelmaking group company gains the right to move up to 17.5 million tonnes of iron ore through Porto Sudeste's port terminal in Itaguaí.
A contract between the two parties is recinded and a new one will be signed, the filing said.
Recently other difficulties have affected the terminal. In April 2017 ships waiting to load iron ore at Itaguaí terminal were rerouted halted due to an accident.
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