Porto Sudeste, a port in Brazil’s Rio de Janeiro state, will pay a settlement of $62.5m to a unit of steel company Usinas Siderúrgicas de Minas Gerais SA (Usiminas) to conclude an arbitration case about Usiminas’ access to a terminal at the port, according to Reuters.
With the agreement, the 2011 contract between the parties is rescinded and new terms will come into force, the main one of which will give Usiminas the right to move as much as 17.5 million tonnes of iron ore through Porto Sudeste’s terminal in Itaguai.
The privately-owned port, which focuses primarily on exports, is located about 75km west of the city of Rio de Janeiro.
Usiminas accounts for more than a quarter of Brazil’s total steel output.
