ArcelorMittal, Klockner Distribution Industrielle and eight other steel companies were fined a record ¤575.4 million ($785.6 million) by the French antitrust regulator for price fixing.
Three ArcelorMittal units were fined a total of ¤302 million and KDI was fined ¤169 million, the Conseil de la Concurrence said at a press conference today in Paris. The fine was the highest ever by the regulator.
The cartel was between steel brokers and sellers who effectively raised prices by as much as 10 per cent, the regulator said. They divided the French territories into 11 regions, each with a president and officers appointed to guide, enforce and penalise customers who tried to get around the cartel.
Haroon Hassan, a spokesman for ArcelorMittal based in London, was unavailable for comment. The company didn't contest the existence of the cartel and its fine was reduced by 17 per cent, the French regulator said.
KDI also didn't contest the existence of the cartel and had its fine reduced to ¤169 million from ¤204 million. Another company, Descours & Cabaud SA, was fined ¤82.55 million after participating in a leniency programme. The fine was reduced from ¤127 million.
