German Cartel Office Fines Steel Producers EUR646 Million for Price Fixing

Date : 12/12/2019 @ 10:42AM
Source : Dow Jones News
Stock : Siemens (PC) (SIEGY)
Quote : 64.19  -0.5 (-0.77%) @ 9:14PM

German Cartel Office Fines Steel Producers EUR646 Million for Price Fixing

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   By Kim Richters 
 

The German Cartel Office has fined steel producers around 646 million euros ($716.8 million) in total for price-fixing practices relating to certain steel products.

The authority said Thursday that it is fining Thyssenkrupp AG (TKA.XE), Voestalpine AG (VOE.VI) and Ilsenburger Grobblech GmbH as well as three responsible people. The companies agreed on surcharges and price supplements for certain steel products in the years between 2002 and 2016, it said.

A spokesperson for Germany's Thyssenkrupp confirmed that a previously announced provision of EUR370 million will cover the imposed fine, which it accepts.

Austrian steelmaker Voestalpine said in a statement that it accepted the fine and will pay EUR65.5 million, while a spokesperson for Ilsenburger Grobblech's parent company Salzgitter AG (SIE.XE) confirmed the fine but declined to comment on the size.

German steel producer Dillinger Huettenwerke was also involved, the authority said, but didn't have to pay as it was the first company to cooperate with the cartel office.

According to the authority, the companies have acknowledged the allegations and agreed to end the proceedings. This was taken into account when the fine was imposed, it said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

December 12, 2019 05:27 ET (10:27 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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