Error Prompts EU To Cut Fines For Steel Cartel Members

Law360, New York (October 7, 2010, 3:55 PM EDT) -- Citing an error in calculation, European competition authorities have reduced the fine for ArcelorMittal from €315 million ($383.8 million) to €230.4 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 €458 million in fines on all of the companies involved, down from €518 million when the fines were first announced June 30.

Regulators on Wednesday also adjusted fines for WDI/Pampus, based in...
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