The European Commission Wednesday fined 17 steel makers a total of EUR518.5 million for fixing prices and sharing out markets for pre-stressed steel over two decades.

Among those fined were ArcelorMittal (MT), which must pay EUR276.5 million; Voestalpine Austria (VOE.VI) which must pay EUR22 million; and Rautaruukki (RTRKS.HE), which together with Ovako was fined EUR4.7 million.

Prestressing steel produces long, curled steel wires which are used with concrete to construct foundations, balconies or bridges.

"It is amazing how such a significant number of companies abused nearly the entire European construction market for such a long time and for such a vital product," the European Union's Competition Commissioner Joaquin Almunia said.

The first cartel meetings were held in Zurich, Switzerland and was known as "Club Zurich." Later it became "Club Europe, but there were also regional branches, "Club Italia" in Italy and "Club Espana" in Spain, the commission said.

-By Carolyn Henson, Dow Jones Newswires; +32 2 741 1481; carolyn.henson@dowjones.com
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