Apparently Steelwind Industries has not been paid for the metal fabrication work and materials they have provided to complete Essar’s taconite plant in Minnesota. Looks like the company from Mumbai, India
has some explaining to do considering they owe Steelwind Industries a current balance of $425,000 for the $800,000 in work and materials. It also appears there are other companies and contractors that are owed millions of dollars. Essar has been having a tough time with financing, causing the work on the plant to be stopped. This has got to be frustrating, I am willing to bet that Steelwind Industries has cut many of the materials to be used on the project according to specs. So how do many of you handle these types of projects and billing? I’ll tell you one thing, if I owned an organization like that I would most likely ask for a certain percentage up front. While I may not know exact protocol, I do know that every company always needs to protect itself in case something like this were to happen. You can read the full article in the Milwaukee Wisconsin Journal Sentinel by clicking here.