The Port Authority of New York & New Jersey and a Canadian steel supplier for One World Trade Center have resolved a lawsuit over steel shipments, paving the way for the tower to be completed on schedule.
The Port Authority had accused ADF Steel Corp., which is supplying the material for the tower’s antenna, of keeping the final steel shipment “hostage” due to a $6 million dispute over steel needed for the Lower Manhattan Transportation Hub, the New York Daily News reported. As part of today’s deal, the Port Authority will drop the lawsuit, and the antenna’s steel will ship out of Canada before shipping channels freeze over.
A spokesperson for the Port Authority told the Daily News that both sides agreed on a price for the steel needed at the Transportation Hub, but declined to reveal the actual number.
As previously reported, the Port Authority’s big spending on the World Trade Center site has led to a downgrade for the agency’s bond rating. [NYDN] — Zachary Kussin