Japan FTC Fines Steel Cos. $19M For Bid-Rigging

Law360, New York (June 4, 2008, 12:00 AM EDT) -- Japan's Fair Trade Commission has ordered three of the nation's biggest steel companies to pay a 2 billion yen ($19 million) fine for rigging bids against the government for steel gas-pipeline construction projects.

Nippon Steel Corp., JFE Steel Corp. and Kubota Corp. were fined for agreeing to raise prices for steel posts used in engineering works during 2004 and 2005.

Exempted from the fine was Japan's third-largest steelmaker, Sumitomo Metal Industries Ltd. Though the company participated in the alleged conspiracy, it was protected from fines for...
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