ArcelorMittal Faces $410M Fine In S. African Price-Fixing Probe

Law360, New York (April 2, 2012, 9:23 PM EDT) -- A unit of steel giant ArcelorMittal SA faces up to $3.15 billion rand ($410 million) in penalties after South Africa's Competition Commission found it had colluded with a smaller competitor to fix the commodity's prices, the regulator said Monday.

ArcelorMittal South Africa Ltd., the continent's largest steel producer with an annual output of 8.6 million tons, and Evraz Highveld Steel & Vanadium Ltd. coordinated price adjustments for flat steel products and applied matching percentage increases, the commission said.

The regulator, which launched a probe of ArcelorMittal...
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