FRANCE FINES STEEL CARTEL r8BN

French competition regulators yesterday slapped a record fine of R8,1billion on ArcelorMittal and 10 other steel firms for price fixing.

French competition regulators yesterday slapped a record fine of R8,1billion on ArcelorMittal and 10 other steel firms for price fixing.

The total fine for the 11 steel trading firms and units of producers was the biggest imposed by the French body since its creation in 1986.

The council said the firms had formed a cartel between mid-1999 and mid-2004 that influenced prices, clients and markets. - Reuters

X