Romanian electricity producer sues steel producer for contract termination

Romanian electricity producer Nuclearelectrica, which operates the country's nuclear power plant at Cernavoda, has sued the steel producer ArcelorMittal Galati for the unlawful termination of a contract in 2013. Nuclearelectrica has asked the steel producer to pay EUR 1.9 million as compensatory damages. The contract between the two companies should have ended on September 30, 2014, but ArcelorMittal ended it in early-2013, as the electricity prices in the market fell under the contract price, which made it more profitable for the steel producer to buy its electricity from the market. ArcelorMittal is the largest steel and mining company in the world, active in over 60 countries. In 2014, it posted revenues of USD 79.3 billion. editor@romania-insider.com