Oak Creek WI – September 23, 2014
SteelWind Industries announced today that they have avoided arbitration with Mumbai-based Essar Steel.
Back in April of 2014, SteelWind Industries of Oak Creek, Wisconsin initiated an arbitration claim against Essar Steel alleging that Essar contracted with SteelWind Industries for approximately $800,000 worth of work for the multi-billion dollar steel facility in Northeast Minnesota and had owed SteelWind Industries an outstanding balance of $425,000 for materials when the project was halted because of financial woes.
After initiating the arbitration process, the Mumbai-based Essar Steel made payment in full to SteelWind Industries.
“I am glad we could get this matter resolved with Essar and collect the money owed to us,” said Jason Geiger, Vice President of Operations. “Although they could have handled the matter much differently from the beginning, the important part is that it is resolved moving forward. I hope other companies that are owed funds related to this project experience a similar outcome,” added Geiger.