US Steel takes Slovak state to arbitration court over fees

A shareholder of the Košice-based steelworks US Steel is claiming damage compensation from the Slovak state amounting to almost €260 million, suing for the fees it has to pay for the production and distribution of its own electric power to the administrator of transmission network.

A shareholder of the Košice-based steelworks US Steel is claiming damage compensation from the Slovak state amounting to almost €260 million, suing for the fees it has to pay for the production and distribution of its own electric power to the administrator of transmission network.

The potential liability is mentioned by the government in the next year’s budget proposal, the daily Sme writes in its September 6 issue. The disputed fees were set in 2007 by the head of the Regulatory Office for Network Industries (ÚRSO) Jozef Holjenčík.

Arbitration is already underway. In the spring, the government acknowledged compensation to the steelworks in a similar issue, amounting to €15 million annually. The government memorandum will in no way influence the ongoing arbitration, company spokesman Ján Bača told Sme.

US Steel Košice was established when the US Steel Corporation took control of the former Východoslovenské Železiarne (VSŽ) steelworks in June 2000. It is now one of the biggest producers of flat rolled steel in Europe, which it supplies mostly to the automotive, engineering and electro-technical industries. The steelworks currently employ about 10,600 people.

(Source: Sme)
Compiled by Zuzana Vilikovská from press reports
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