Steel mill cartel fined
By Aoife White |
July 1, 2010, Thursday
|
Print Edition
Print Edition
EUROPEAN Union regulators yesterday fined steel producer ArcelorMittal 276 million euros (US$337 million) for secret deals to fix steel prices for nearly two decades with 16 other steel makers.
The European Commission says it fined all of the companies a total of 518 million euros, bringing to 1.49 billion euros the amount of fines it has levied this year on businesses who formed cartels.
It accuses the steel producers of holding more than 550 meetings from 1984 to 2002 to fix prices across Europe and allocate customers for prestressing steel, long curled steel wires used by builders to make foundations, balconies or bridges.
ArcelorMittal, the world's largest steel maker, received the largest fine based on the size of its operations and revenues - but also won a reduction for cooperating with investigators.
Austria's Voestalpine said it would appeal its 22 million-euro fine, saying it "has made it abundantly plain to the EU commission that the company has never been involved in the prestressing steel cartel."
Spain-based Global Steel Wire's unit Tycsa was fined 54 million euros while Emesa, Galycas and ArcelorMittal's Spanish unit were jointly fined 40.8 million euros.
The European Commission says it fined all of the companies a total of 518 million euros, bringing to 1.49 billion euros the amount of fines it has levied this year on businesses who formed cartels.
It accuses the steel producers of holding more than 550 meetings from 1984 to 2002 to fix prices across Europe and allocate customers for prestressing steel, long curled steel wires used by builders to make foundations, balconies or bridges.
ArcelorMittal, the world's largest steel maker, received the largest fine based on the size of its operations and revenues - but also won a reduction for cooperating with investigators.
Austria's Voestalpine said it would appeal its 22 million-euro fine, saying it "has made it abundantly plain to the EU commission that the company has never been involved in the prestressing steel cartel."
Spain-based Global Steel Wire's unit Tycsa was fined 54 million euros while Emesa, Galycas and ArcelorMittal's Spanish unit were jointly fined 40.8 million euros.
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