CSN, Usiminas Lose Bid To Toss $29M Steel Cartel Fine

Law360, New York (June 15, 2010, 5:26 PM EDT) -- A Brazilian court has ordered steelmakers Companhia Siderurgica Nacional, Usiminas and Companhia Siderurgica Paulista to pay 52 million reais ($29.1 million) in fines for fixing prices for flat steel products in the 1990s.

The judges of the Federal Court of the First Region unanimously upheld the fines that Brazil's Administrative Council for Economic Defense, or CADE, imposed in 1999, the regulator said Monday.

CSN, Usiminas and Cosipa, which is now part of Usiminas, agreed to hike prices for their flat steel products in 1996. Three years...
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