Clean energy company Primary Energy Recycling Corporation has entered into an agreement with ArcelorMittal to amend the contract between the two companies for their Harbor Coal joint venture.
Primary Energy has agreed to a tolling fee reduction on the project in return for the elimination of any responsibility for operation and maintenance costs on the project going forward.
The company has incurred fluctuating annual operation and maintenance costs for the Harbor Coal project in recent years.
The project, located in East Chicago, Indiana, has the capacity to produce 110 tons per hour of dried pulverized coal for blast furnaces.
Primary Energy chief executive John Prunkl said that this amendment reduces risk and financial volatility for the company by removing a variable cost that was expected to increase at a level greater than the reduction in the tolling revenue.