Severstal, GAZ intend to agree on suits in amount of 400mln rubles
Severstal has submitted a petition to postpone the hearing of the claim for 288 million rubles to JSC GAZ, the RBC reported with reference to the Arbitration Court of Volograd region. The sitting was postponed for March 30, 2009.
The second petition in the amount of 110 million rubles will be considered on April 14.
Severstal and Gorky Automobile Plant (GAZ) will review their own actions to resolve the dispute and agree on suits worth about 400 million rubles.
Severstal did not comment on this information.
Previously, it was reported that the group of GAZ has a debt to Magnitogorsk Metallurgical Combine and Novolipetsk Metallurgical Plant in the amount of 1 billion rubles respectively.
GAZ is Russia's largest manufacturer of commercial vehicles and road construction equipment. The group of GAZ comprises GAZ, 18 automotive companies in Russia, the British LDV auto company.
Severstal is a vertically integrated producer of steel. Production facilities are located in Russia, Europe and the U.S. In 2008, company produced 19.2 million tons of steel.