Jim Walter, Turkish firm reach coal agreement

AP News
Posted: Jan 05, 2010 3:10 PM

Jim Walter Energy says it has settled its dispute with a Turkish steel mill over an unpaid $89 million bill.

The Birmingham News reports the operator of coal mines in Tuscaloosa County said in a statement that the Erdemir steel company has agreed to accept delivery of 280,000 tons of metallurgical coal it has earlier refused to take.

Tampa, Fla.-based Walter sued Erdemir last month in U.S. District Court in Birmingham.

The suit says Erdemir refused to accept delivery of the last four shipments of an eight-shipment contract.

Victor Patrick, Walter's chief executive, said in a statement that the company is lokking forward to continuing what has been a long and mutually beneficial relationship with one of its most important customers.