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Oct 29, 2024

Nucor Corp. Sues Paragon Industries for $32M

by Arkansas Business Staff - October 28, 2024, 12:00am Nucor Corp. recently sued one of its customers over allegations the client hadn’t paid for supplies it ordered and received. The amount allegedly

by Arkansas Business Staff - October 28, 2024, 12:00am

Nucor Corp. recently sued one of its customers over allegations the client hadn’t paid for supplies it ordered and received.

The amount allegedly owed by Paragon Industries Inc. of Sapulpa, Oklahoma?

$32.56 million.

In addition to the principal amount, interest is growing at a rate of more than $325,000 a month, according to Nucor’s lawsuit, which was filed earlier this month in federal court in Jonesboro.

So far, the accrued interest is more than $7.8 million.

“Paragon has failed and refused to pay the amount due and owing,” according to the lawsuit filed by attorney Paul Waddell of Waddell Cole & Jones of Jonesboro.

Between May and July 2022, Paragon placed multiple orders for steel products with Nucor Steel Arkansas, according to the lawsuit.

And Nucor said it supplied the steel products and billed Paragon.

But Paragon failed to pay, the lawsuit said. Paragon has bought “substantial volumes” of sheet steel from Nucor over the years. Paragon uses sheet steel as the key element in its making of steel piping and related products.

On its website, Paragon Industries said it has more than 40 years of experience and is an American Petroleum Institute-licensed manufacturer of oil country tubular goods, line pipe products, structural piling, sprinkler pipe and more.

Nucor Steel Arkansas is a division of Nucor Corp. of Charlotte, North Carolina. Nucor Steel Arkansas produces various sheet steel products and has hundreds of workers.

An email message to Paragon wasn’t returned.

by Arkansas Business Staff - October 28, 2024, 12:00am

by Arkansas Business Staff - October 28, 2024, 12:00am

by Arkansas Business Staff - October 28, 2024, 12:00am