Boulder Steel announced last week that it has terminated Framework Agreement No 1 with Arabia for Business Strategies LLC (ABS), relating to the planned joint establishment of the Gladstone Iron & Steel Project.

The release said “The company has not been satisfied with progress made under the agreement in respect to many aspects of joint responsibility for the project.”

The release added that “The change will allow the company and ABS to focus their ongoing collaboration on the joint establishment of rail and heavy beam plant in Saudi Arabia and the joint acquisition of raw material sources in Australia, which are subject of Framework Agreement No 2 and Framework Agreement No 3 respectively.”

Boulder Steel release said “The company will progress the Gladstone Iron & Steel Project in collaboration with MCC International Incorporation Ltd and MCC WISDRI under the MoU announced on ASX on December 9 2010.”