Nigeria has agreed to pay $496-million to settle a multi-billion dollar claim from Global Steel Holdings Ltd following the termination of a contract to upgrade the country's steel plants, the presidency said on Saturday. Global Steel, which is linked to India's Mittal family, had between 2004-7 acquired rights to Nigeria's entire state steel industry via five major concessions and share purchase contracts. The deal also included access to Nigeria's iron ore reserves and the central railway network.
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