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Global Steel Holdings settles State Trading Corporation's Rs 2,210-cr claim

Pursuant to a court order, an amount of Rs 2,210 crore has been paid to STC and no amount is due, Global Steel Holdings Ltd said in a statement issued here.

March 20, 2019 / 07:33 PM IST
 
 
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UK-based Global Steel Holdings Ltd on Tuesday said an amount of Rs 2,210 crore has been paid to State Trading Corporation of India Limited (STC). Government-owned STC is a premier international trading company engaged primarily in exports, and imports operations.

Pursuant to a court order, an amount of Rs 2,210 crore has been paid to STC and no amount is due, Global Steel Holdings Ltd said in a statement issued here.

According to the statement, Global Steel Holdings Ltd (GSHL), Global Steel Philippines Inc (GSPI) and the State Trading Corporation of India Limited (STC) had a long-standing and successful business relationship since September 2003.

Due to an unprecedented meltdown in the steel industry and depression in the world economy during 2008-2010, GSPI suffered huge losses, and consequently, a substantial amount became due and payable by GSPI to STC, it said.