I haven't heard that company's name for prolly 30 years now... no idea if they're still in business, or if not, as of when.
Yes that used to be a typical "hot trick" for stock steel cranks, was to grind them WAY down, like .200", then weld them back up with some kind of superior metal such as high-chrome steel. Stick or wire welding, not "plating". But with aftermarket cranks so cheeeeep and plentiful, not too common any more. After all, you still got some kind of whatever stock steel under all that $$$$$ of effort, with however many miles on it... whereas if you START OUT WITH a forging of better metal, it might not crack or flex or resonate or whatever all else, near as much as stock. Not to mention, you can make it AHELLUVALOT lighter by using better material, and still keep it just as strong.