Tata Steel gets $130 mn in arbitration

Tata Steel said on Wednesday it had received about $130 million as part of an arbitration settlement between its subsidiary and certain third parties relating to the Teesside Cast Products business.

Earlier this year,the world’s No.7 steelmaker said it signed a $469 agreement to sell some assets of Teesside Cast Products (TCP) to Thailand’s SSI.

TCP,based in the northeast of England,was mothballed a year ago after a consortium of offtakers withdrew from a 10-year supply agreement.