German Cartel Office Fines Steel Producers EUR646 Million for Price Fixing
December 12 2019 - 5:42AM
Dow Jones News
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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