German Regulator Fines Steel Companies EUR205 Million in Price-Fixing Probe
July 12 2018 - 6:36AM
Dow Jones News
By Max Bernhard
Germany's Federal Cartel Office said Thursday that it imposed
fines totaling about 205 million euros ($240.1 million) on six
stainless-steel companies for price fixing and exchanging sensitive
information.
The proceedings follow a leniency application by Austria's
Voestalpine AG (VOE.VI), which will not be fined, the regulator
said.
Voestalpine confirmed its involvement in the proceedings, saying
it discovered violations in routine audits and subsequently
disclosed them to the German regulator. "The employees mainly
involved no longer work at Voestalpine Group," it said, adding that
board members weren't involved or aware of these violations.
The German competition watchdog said it fined German
ArcelorMittal (MT.FR) subsidiary ArcelorMittal Commercial Long
Deutschland GmbH, as well as Doerrenberg Edelstahl GmbH, Kind &
Co. Edelstahlwerke GmbH & Co.KG, Saarstahl AG, Schmidt +
Clemens GmbH + Co. KG, and Zapp Precision Metals GmbH.
An industry association and ten people were also fined, while
four other companies and one association are still under
investigation, the cartel office said.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
July 12, 2018 06:21 ET (10:21 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Arcelor Mittal (NYSE:MT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Arcelor Mittal (NYSE:MT)
Historical Stock Chart
From Sep 2023 to Sep 2024