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S. Africa Fines ArcelorMittal

S. Africa Fines ArcelorMittalS. Africa Fines ArcelorMittal

The Competition Commission slapped South Africa’s largest steel producer, ArcelorMittal, with a R1.5 billion ($111.2 million) fine for its involvement in the long steel and scrap metal cartels, IOL reported. The settlement—the largest fine for a South African company—brings to an end various anti-competition investigations and complaints against the company. The investigations, which have been going on for several years, include those that relate to participation in long steel, flat steel and scrap metal cartels. “ArcelorMittal admits that it engaged in collusion with (scarp-based steel making company) Cisco, (steel and steel product manufacturer) Scaw and (wire and steel manufacturer) Cape Gate by fixing prices and discounts, allocating customers and sharing commercially sensitive information in the market for the manufacture of long steel products, in contravention of the Competition Act. It also admits that it fixed the purchased price of scrap metal with Columbus Steel, Cape Gate and Scaw,” the commission said.

Financialtribune.com