US: US Steel agrees to $58M class action deal

US Steel agreed Tuesday to a multimillion dollar settlement to end a class action suit against the firm, according to reports.

The company agreed to the fine in court to settle the lawsuit first filed by Standard Iron Works in 2008; the suit was filed on behalf of direct purchasers of steel products, reports say.

Standard Iron Works accused US Steel of manipulating the steel market by restricting production between 2005 and 2007 with the intention of raising product costs.

The defendants, in addition to US Steel, include ArcelorMittal, AK Steel, and others. US Steel is the fifth company in the case to settle the matter.

Full content: Steel Market Update

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