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Pangang, Petro-Chem End Fight Over $1M Arbitration Award

Law360, New York (January 29, 2016, 9:26 PM EST) -- Two subsidiaries of Chinese state-owned Pangang Group Co. Ltd. have reached an undisclosed settlement with Petro-Chem Development Co. Inc. over a disputed $1 million International Chamber of Commerce award in a fight involving commercial contracts for specialty industrial heaters.

In a letter Wednesday, an attorney for the Pangang subsidiaries told a New York federal judge that Pangang Group International Economic & Trading Co. Ltd., Pangang Group Chongqing Titanium Industry Co. Ltd. had come to terms with Petro-Chem.

“The parties have agreed on the terms of a...
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