EU To Fine Steel Makers For Price Fixing Wednesday - Sources
29 Giugno 2010 - 6:45PM
Dow Jones News
The European Commission will Wednesday fine steel makers for
operating a cartel in prestressed steel, people familiar with the
case said Tuesday.
The commission's cartel decision on the prestressed steel cartel
will involve 36 companies, found guilty of fixing steel prices over
a period of 18 years, one person familiar with the cartel told Dow
Jones Newswires.
Prestressed steel, consisting of metal wires and strands made of
wire rod, is mainly used in the construction industry. Together
with various forms of concrete it can be used for balconies,
foundation piles, underground engineering and bridge building.
Seven of the companies found guilty of price fixing are likely
to have their fines reduced under the commission's leniency
program, while three companies will qualify for lower fines due to
their inability to pay full fines because they are struggling in
the current economic climate.
The market leader ArcelorMittal (MT), as well as Finnish steel
company Rautaruukki Oy (RTRKS.HE) and Austrian steel company
Voestalpine AG (VOE.VI), have in the past said they were involved
in the commission's cartel investigation.
-By Peppi Kiviniemi, Dow Jones Newswires; +3227411483;
peppi.kiviniemi@dowjones.com
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