June 6, 2017 / 9:37 PM / a year ago

UPDATE 1-Brazil's Usiminas, Porto Sudeste settle $62.5 mln port dispute

(Recasts first sentence with reason for dispute, adds details of agreement)

SAO PAULO, June 6 (Reuters) - A unit of Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais SA has ended an arbitration case with Porto Sudeste do Brasil SA that centered around access to a key shipping hub in Rio de Janeiro state.

Under the terms of the agreement, which were unveiled in a securities filing on Tuesday, Porto Sudeste will pay $62.5 million to Mineração Usiminas SA to end the dispute.

The accord will also result in the rescinding of the contract between the two parties and the signing of new terms, the filing said.

The agreement gives Mineração Usiminas SA the right, but not the obligation, to move up to 17.5 million tonnes of iron ore through Porto Sudeste’s port terminal in Itaguaí.

The new terms end a dispute related to use of the port facilities under a contract signed between the dissenting parties in 2011, the filing added.

Reporting by Ana Mano; Editing by Jonathan Oatis and Matthew Lewis

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