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Korea: Six cement makers fined for price rigging

By  |  January 5, 2016

South Korea’s antitrust watchdog said Tuesday that it has fined six local cement makers a combined $167.6 million for fixing the prices of cement products and divvying up the market.

According to the Fair Trade Commission (FTC), cement companies have allegedly colluded to rig the prices of cement products by controlling output and market share in 2011.

The suspected companies are Ssangyong Cement Industry Co., Tongyang Cement & Energy Corp., Hanil Cement Co., Sungshin Cement Co., Hyundai Cement Co. and Asia Cement Co.

Ssangyong was set to take 22.9 percent of the total market share, while Tongyang and Hanil were in charge of 15.1 percent and 14.9 percent, respectively.

“Managers of the six companies had regular monthly meetings to oversee whether or not the members comply with the arranged shipments,” said the FTC.

Full content: Global Cement

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