S. Korea Hits Scrap Metal Cos. With $1.5M Cartel Fine

Law360, New York (October 19, 2010, 4:29 PM EDT) -- South Korea's antitrust watchdog has slapped 25 scrap metal processors with 1.64 billion won ($1.45 million) in fines for allegedly agreeing to set prices for the steelmaking byproduct beginning in 2006.

The Korea Fair Trade Commission voted Tuesday to impose the fines and corrective orders on the Daegu- and Gyeongbuk-area scrap metal companies, which collect and process the scraps created through the steel production process.

From January 2006 through March 2009, the companies agreed to share information and jointly raise or cut prices, ranging from about...
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