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S. Africa Erred In $96M ArcelorMittal Fine: Court

Law360 (May 29, 2009, 12:00 AM EDT) -- A South African appeals court has set aside a record $96 million antitrust fine that the country's Competition Tribunal imposed on ArcelorMittal SA over allegedly excessive prices for flat steel products, ordering the regulator to reconsider its 2007 decision.

The Competition Appeal Court ruled Friday that the Competition Tribunal erred in its interpretation of South Africa's antitrust statute, leading the regulator to determine that the steel giant had violated the law and to fine the former state-owned entity 691.8 million rand ($96 million).

Calling the tribunal's...
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