Germany fines 3 steelmakers 646 mn euros for price fixing

FRANKFURT AM MAIN, Dec 12, 2019 (AFP) – Germany’s antitrust watchdog on Thursday said it had issued a 646-million euro ($720 million) fine against three steel manufacturers and three individuals for fixing prices for plate steel. Between 2002 and 2016, Germany’s Thyssenkrupp Steel Europe, Salzgitter-owned Ilsenburger Grobblech and Austria’s Voestalpine Grobblech “agreed on the most important price supplements and surcharges for specific quarto plates in Germany”, said Andreas Mundt, president of Germany’s Federal Cartel Office. The companies have admitted to the accusations and accepted a settlement, he added.