Steel giant invalidation of power grid lease agreement denied
ST.-PETERSBURG, May 24 - RAPSI. The Moscow Commercial Court has held against Severstal's lawsuit against the United Energy Systems Federal Network Company and the North-Western Interregional Distribution Network Company to partially quash a power grid lease agreement.
The electrical grid lease agreement under dispute was concluded on August 19, 2001. Severstal wanted the court to prohibit the companies from applying the agreement to the parties' relations before July 1, 2008.
Severstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, North America and Europe.