Netherlands-based US Steel Global Holdings, parent company of US Steel Košice, owner of a fully integrated steel making plant in Košice, Slovakia, has agreed to end its pending legal dispute with the Slovak Republic.

The dispute arose when Slovakia introduced electric power fees, which were payable even if the power was produced and consumed by the company concerned, in this case US Steel Kosice.

However, based on the fact that 'significant progress' has been made over the past year, both at EU and member state level, concerning the strategic importance of steel to both the European and Slovak economies, US Steel Global Holdings has decided to drop its case.

The 'significant progress' in question relates to the Steel Action Plan, adopted by the EC in June 2013 and ratified by the European Parliament in February this year. The Slovak Republic was the first member state to adopt important measures set out in the plan, which sets 'a clear path for assessing and addressing the high cost of energy in the EU and enabling foundation industries, like steel, to compete on a level playing field with the rest of the world. The plan 'seeks to address competitive differences in the industry which exist between various member states'.

"We are encouraged by this progress and will continue to work in earnest with the Slovak and EU policy and decision makers to efficiently implement the actions called for in the Steel Action Plan to ensure a sustainable future for the steel industry in Slovakia and the EU," said US Steel Global Holdings.