Germany competition authority Buneskartellamt has imposed a penalty of €646mn ($722.2mn) on German-based Ilsenburger Grobblech and Thyssenkrupp and Austria’s Voestalpine for price fixing of hot-rolled flat steel. Authorities exempted state-owned Dillinger Hüttenwerke from the penalty as it was the first company to cooperate with the authority.
The Buneskartellamt stated that these companies were exchanging information and agreeing on certain price supplements and surcharges for quarto plates (hot rolled flat steel) in Germany. This illegal unity on prices was practiced from mid-2002 until June 2016.
The fine amount by Bundeskartellamt was calculated after the companies admitted to the accusations. However, the cartel authority said the decision can be contested in the Düsseldorf Higher Regional Court.
(€1= $1.11)