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Contracts Keyed to Ayres
Oglebay Norton Company v. Armco, Inc.
Citation:
556 N.E.2d 515, 52 Ohio St.3d 232 (1990)Facts
Oglebay Norton Company and Armco, Inc. had a long-standing business relationship formalized in a 1957 contract where Oglebay agreed to transport Armco’s iron ore. The contract included primary and secondary pricing mechanisms that relied on published rates and industry information. After 1985, these mechanisms failed because the rates were no longer published, and information about rates charged by other operators was no longer publicly available. The parties had a close business relationship that included joint ventures, interlocking directorates, and Armco’s ownership of Oglebay stock. The contract recognized Armco’s “vital and unique interest” in Oglebay’s vessel fleet and required Oglebay to ship up to 7.1 million gross tons of Armco iron ore annually. When the parties could not agree on a rate for the 1986 shipping season, Oglebay sought court enforcement of the contract.
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