11,134.08 TRY BIST 100 BIST 100
4.59 CNY CNY CNY
33.10 USD USD USD
36.18 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
41.69 TRY Interest Interest
85.43 USD Fossil Oil Fossil Oil
30.44 USD Silver Silver
4.41 USD Copper Copper
106.04 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,626.72 TRY Gold (gr) Gold (gr)

MMK pays $2.6 million fine to Kazakhstan's TransCom company

In the beginning of 2024, the Arbitration Court of the Chelyabinsk Region resolved a dispute between Russia's Magnitogorsk iron & Steel Works plant and Kazakhstan's TransCom, a member of Eurasian Resources Group (ERG).

MMK pays $2.6 million fine to Kazakhstan's TransCom company

The dispute, arising from a delay in the return of railcars, ended with a $2.6 million fine to be paid by MMK to TransCom.

At the centre of the dispute were 124 pellet wagons, which TransCom demanded to return to itself, as well as a fine for the retention of these wagons. According to the materials of the case, TransCom and ERG Sales AG concluded a contract, according to which TransCom was to transport ERG's goods within and beyond Kazakhstan. In doing so, ERG supplied Magnitogorsk iron & Steel Works with iron ore materials produced at the Sokolovsko-Sarbaisky Mining and Processing Production Association.

In 2022, Magnitogorsk Iron and Steel Works received iron ore materials from ERG 160 thousand tonnes of pellets, which were transported on 145 wagons supplied through TransCom, and returned only part of the wagons. The case was pending for more than a year from February 2023. In March 2024, TransCom clarified its claims, asking for a larger fine - in the amount of 244 million rubles (2,6 mln dollars). At the same time, the company abandoned its claims to return 124 wagons to it because Magnitogorsk Iron and Steel Works gradually returned the equipment to it from May to December 2023. In November 2022, MMK stated that the downtime of the wagons was due to reasons outside of its control. TransCom sued the company and its claims were satisfied.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

Transformations in the UAE rebar market

Thursday, July 18, 2024

China and Indonesia's dominance affects Vietnam's stainless steel industry

Thursday, July 18, 2024

India's steel exports plunge 36% in the first quarter of FY 2024-25

Thursday, July 18, 2024

Tosyalı to establish the world's biggest DRI plant in Libya

Thursday, July 18, 2024

Thailand's economic difficulties also affect the steel industry

Thursday, July 18, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now