OUTOTEC OYJ PRESS RELEASE APRIL 18, 2016 at 9.30 AM
Outotec and Sarda Energy and Minerals have settled dispute over obligations in a filter delivery
Outotec and Indian based steel producer Sarda Energy and Minerals Ltd. (SEML) have settled their dispute over obligations in a filter delivery. Larox Oyj (acquired by Outotec in 2010) agreed with SEML on the delivery of a pressure filter with related spare parts for SEML's iron ore pellet plant in 2007. SEML claims that Larox has not fulfilled its contractual obligations and submitted application for arbitration at the International Court of Arbitration against Outotec in 2013 (press release on September 27, 2013) claiming compensation from Outotec for loss of profit. The arbitration has been cancelled and all financial impacts have been taken into account in Outotec's 2016 first quarter financial result. The settlement of the dispute will not impact Outotec's financial guidance for 2016.
For further information please contact:
Nina Kiviranta, General Counsel
Tel. +358 20 529 2017
Eila Paatela, Director - Corporate Communications
Tel. +358 20 529 2004, mobile +358 400 817198