Germany fines steelmakers €646M for fixing prices

Thursday, 12. December 2019 12:18

The German Federal Cartel Office fined on Thursday three steelmakers for fixing prices on certain price supplements and surcharges for heavy plates. The companies immediately admitted to the accusations and agreed to a settlement.

Ilsenburger, Thyssenkrupp and Voestalpine will have to pay around €646 million for exchanging information and agreeing on prices in the period from mid-2012 to June 2016. In addition to the three companies, another three persons who were responsible for the agreement were also fined.

The fourth company which took part in the deal, Illinger Hüttenwerke, was granted full immunity from fines as it was the first to cooperate with the Cartel Office.

Related Links: ThyssenKrupp AG
Author:
Breaking the News / GG