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Mittal Being Sued

Mittal Being Sued

Lakshmi Mittal`s company ArcelorMittal is being sued for $100 million for breach of contract.

Israeli billionaire businessman Sami Ofer, owner of the private shipping company Zodiac Maritime Agencies, is suing Mittal`s compandy according to maritime and transport publication Lloyd`s List

Ofer alleges that ArcelorMittal defaulted on a series of shipping contracts in recent months, including a lease contract with Zodiac for a steel-carrying freight ship.

Lakshmi Mittal stated to Lloyd's List that the steel industry in January and February is at 'the bottom of the market.' However he remains optimistic for the prospects of steel in the second half of this year.

See Also: Mittal`s Stake Plummets - 02-02-09.

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Writer:Boxer
Date:Tuesday February 17 2009
Time: 11:44AM

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Disappointing to see him fall on 'hard times' but like I say I'm sure the steel industry will pick up. Such a necessary commodity.
Boxer
17/02/2009 11:48:00
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