Arcelor Mittal, Others Hit With €575M Fine For Cartel

Law360, New York (December 16, 2008, 12:00 AM EST) -- The French Competition Authority slammed a group of 10 steel brokers and sellers on Tuesday with a record-breaking €575.4 million penalty for forming a cartel, inflicting the largest fine on industry giant Arcelor Mittal.

Arcelor Mittal's French subsidiaries were ordered to shell out €301.8 million ($424 million) for allegedly taking part in a cartel, masked as a trade group, that raised prices by up to 10 percent and eliminated competition in France's steel market, the regulator said on Tuesday. Klockner Distribution Industrielle SA received the second-largest...
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