Heidtman Steel Products Says Chinese Firm Owes It $7 million
11/21/2012 - A Toledo com­pany that has sup­plied steel for the Detroit Three auto­makers and raw ma­teri­als to steel mills says it was duped eight years ago by a Chi­nese busi­ness that claimed to have a great sup­ply of cok­ing coal for sale, the Toledo Blade reports.
A Toledo company that has supplied steel for the Detroit Three automakers and raw materials to steel mills says it was duped eight years ago by a Chinese business that claimed to have a great supply of coking coal for sale.
After nearly a decade of legal wrangling overseas, Heidtman Steel Products Inc. is still owed nearly $5.9 million, plus 5 percent interest from the Chinese company. The interest brings the award to about $7 million.
"A simple business transaction. Well, it never shipped and they never returned the money," said Mark Ridenour, chief financial officer for Heidtman Steel. "I think we got ripped off, to be perfectly honest. I think we got shanghaied..."
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