The U.S. Supreme Court made a decision to deny any further consideration of appeals by Massey Energy Company and Central West Virginia Energy Company filed in connection with a previous jury verdict in favor of Severstal subsidiaries Wheeling Pittsburg Steel Corporation and Mountain State Carbon, the statement said.
Severstal's subsidiaries earlier sued Massey Energy over its failure to honor contracts on coal supplies.
The decision ends a contract dispute between Massey Energy Company and its subsidiary, Central West Virginia Energy Company, and Mountain State Carbon and Wheeling Pittsburgh Steel, now collectively known as Severstal Wheeling, Inc., Severstal said.
"In so doing, the court has deemed as final the judgment supporting the compensatory and punitive damages, including interest, totaling approximately $267 million, originally awarded to Wheeling Pittsburgh Steel and Mountain State Carbon in July 2007 by a West Virginia Circuit Court jury," the company statement said.
Severstal acquired Wheeling Pittsburg Steel and the remaining 50% stake in the joint venture Mountain State Carbon as part of its deal to buy Esmark Inc., a U.S. manufacturer and distributor of flat rolled and other steel products. The deal was finalized in August 2008.
Esmark, now a wholly-owned subsidiary of Severstal, has been renamed Severstal Wheeling Holding Company.
Digg
Reddit
Stumbleupon
Delicious
Facebook
