Steel Dynamics caused $1B loss, suit claims

February 6, 2008
A lawsuit filed in Steel Dynamics Inc.'s headquarters city of Fort Wayne accuses the steelmaker of causing a steel company in Thailand to lose $1 billion.

Prime Eagle Group Ltd., owner of the Thai steel company, claims investors abandoned Nakornthai Strip Mill after Steel Dynamics publicly criticized the project while acting as a consultant to the mill, according to Bloomberg.

After the mill had been closed for five years, it reopened without the changes Steel Dynamics said were necessary.

Steel Dynamics used the criticisms to steal trade secrets, the suit alleges.

Steel Dynamics responded that the suit is without merit.

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