Ohio Steel Company Wants Judge’s Help Recovering $3.7 Million

A publicly-traded steel company based in suburban Cleveland said scammers defrauded it out of $3.7 million by posing as its vendor’s servicer, and are asking a judge for his help in clawing it back.

Olympic Steel Inc. said in a lawsuit filed Wednesday against unnamed defendants that fraudsters posing as a subsidiary of fellow steel company ArcelorMittal emailed the company in January with instructions to wire the requested money, which was intended to pay invoices to its actual vendor. The steel company, which said the fraudsters were impersonating the subsidiary as a servicer, wired the money to two bank accounts ...