Germany’s antitrust authority has fined six stainless steel makers, an industry association and 10 individuals a total of €205 million (US$181 million) for price fixing and exchanging market-sensitive information, reported The Financial Times.
The office called the penalties the “first fines” and said it is still investigating four other companies and one association. Andreas Mundt, head of the cartel office, announced producers, processors and traders of special steel products had agreed on important price components for the distribution of stainless steel.
The office said steel producers “jointly agreed on and implemented the uniform method of calculation” from 2004 until November 2015, when raids were conducted for evidence.
“By coordinating the calculation and implementation of uniform scrap and alloy surcharges across the sector and extensively exchanging competitively sensitive information, they have significantly restricted price competition between each other,” he said.
Full Content: Financial Times