EU Fines Arcelor €315M For Part In Steel Cartel

Law360, New York (June 30, 2010, 11:20 AM EDT) -- European competition authorities on Wednesday hit ArcelorMittal with a fine of €315 million ($383.8 million) for participating in a nearly 20-year price-fixing scheme with 15 other steel companies.

ArcelorMittal, the world's largest steel producer, received the heftiest penalty from the European Commission, which levied a total of €518 million in fines on all of the companies involved.

The next three biggest penalties went to Spain-based Global Steel Wire SA's Tycsa PSC unit, which was fined €54.4 million; WDI/Pampus, based in Germany, which was fined €56 million;...
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