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Brazil's Usiminas, Porto Sudeste settle $62.5 mln port dispute
June 6, 2017 / 8:42 PM / 6 months ago

Brazil's Usiminas, Porto Sudeste settle $62.5 mln port dispute

SAO PAULO, June 6 (Reuters) - A unit of Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA has ended an arbitration case with Porto Sudeste do Brasil SA.

Under the terms of the agreement, which were unveiled in a a securities filing on Tuesday, Porto Sudeste has agreed to pay $62.5 million to Mineração Usiminas SA to end the dispute. The accord will also result in the rescinding of the contract between the two parties. (Reporting by Ana Mano; Editing by Jonathan Oatis)

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