ArcelorMittal South Africa May Face Fine Related To Collusion Study
April 02 2012 - 10:47AM
Dow Jones News
ArcelorMittal South Africa Ltd. (ACL.JO) could face a fine
relating to a collusion case investigated by the country's
competition authorities accusing the steelmaker and two others of
fixing local prices.
South Africa's Competition Commission said Monday that it has
asked the Competition Tribunal to impose a penalty of 10% of annual
turnover on each of the steel producers included in the
investigation--ArcelorMittal South Africa and smaller producers
Highveld Steel and Vanadium Corporation Ltd.
The commission said an investigation initiated following a
complaint in 2008 yielded evidence that "indicates that the steel
producers engaged in concerted practices or had understandings that
Highveld would follow Mittal's lead on the pricing mechanism and
changes in pricing, including discounts and transport tariffs."
The Tribunal will decide if wrongdoing has taken place.
-By Devon Maylie, Dow Jones Newswires, +27 11 783 7848;
devon.maylie@dowjones.com
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