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Johannesburg - ArcelorMittal, the world's largest steel producer, is among 17 steel makers fined a total of
€518.5m by the European Commission (EC) for fixing prices and sharing out markets for prestressed steel over two decades.
The ruling, passed down on Wednesday, indicates that fines imposed on ArcelorMittal subsidiary companies amount to about €315m - more than half the total amount.
Others fined include Voestalpine Austria which must pay €22m and Rautaruukki, which together with Ovako was fined €4.7m.
The EC investigation has been pending since 2002 and the alleged anticompetitive practices that it has examined date back to a period over 25 years ago.
But ArcelorMittal said it might appeal the decision.
"When it receives the full commission decision, the company will review the decision in detail and respond within the time limits provided. All options including appeal will be considered," ArcelorMittal said in a statement.
- I-Net Bridge
The ruling, passed down on Wednesday, indicates that fines imposed on ArcelorMittal subsidiary companies amount to about €315m - more than half the total amount.
Others fined include Voestalpine Austria which must pay €22m and Rautaruukki, which together with Ovako was fined €4.7m.
The EC investigation has been pending since 2002 and the alleged anticompetitive practices that it has examined date back to a period over 25 years ago.
But ArcelorMittal said it might appeal the decision.
"When it receives the full commission decision, the company will review the decision in detail and respond within the time limits provided. All options including appeal will be considered," ArcelorMittal said in a statement.
- I-Net Bridge
