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Cape Town - The Competition Appeal Court on Friday upheld an appeal by the South African unit of the world's No 1 steel maker, ArcelorMittal SA, against a record fine of R691.8m.
The fine was imposed on the firm by the country's Competition Tribunal in September 2007 for charging "excessive" prices on flat steel products, and represented 5.5% of ArcelorMittal SA's total turnover of R12.76bn earned on flat steel in both the local and export market during 2003.
The tribunal said at the time that ArcelorMittal SA had contravened the Competition Act by charging an excessive price for its flat steel products to the detriment of consumers.
- Reuters