MOSCOW, February 1 - RAPSI. The Supreme Commercial has not reconsidered lower-court decisions refusing to bring into effect the arbitration tribunal's execution of the recovery of $312.4 million from Novolipetsk Iron & Steel Corporation (NLMK) for Maxi-Group founder Nikolai Maximov, the Russian Legal Information Agency (RAPSI/ reported from the court on Wednesday.

NLMK is one of the largest steel producers in the world. The company produced 11.5 million tons of steel and earned $8.4 billion in 2010.

Maximov's lawsuit against NLMK, which was submitted to the arbitration tribunal, deals with the price of Maxi-Group's portfolio acquired by NLMK in December 2007.

NLMK acquired a 50-percent plus one share stake in Maxi-Group from Maximov in December 2007. The equity purchase contract did not stipulate a fixed price for the deal, as the parties agreed to postpone a final settlement until a financial and legal examination of Maxi-Group's subsidiaries has been completed. NLMK paid a 7.3 billion ruble ($240.06 million) down payment to Maximov. The parties eventually disagreed on the final cost of the deal, which resulted in several mutual lawsuits.