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Companies Respond to European Commission Decision on Pre-Stressed Steel Case
07/01/2010 - The European Commission has completed its investigations into dozens of companies manufacturing prestressing steel. A total of 17 European steel producers will be fined for price collusion between competitors during the years 1984-2002. The Commission ordered fines totaling €518 million for the companies involved.
The European Commission has completed its investigations into dozens of companies manufacturing prestressing steel. In accordance with the Commission decision, a total of 17 European steel producers will be fined for price collusion between competitors during the years 1984-2002.
The Commission ordered fines totaling €518 million for the companies involved.
The prestressing steel business practiced during 1997-2001 by Rautaruukki's former subsidiary, Fundia, was included in the investigation. Rautaruukki sold its interest in Fundia to Ovako in 2005-2006. Rautaruukki, along with the Ovako companies concerned, has been ordered to pay a fine of €4.7 million.
Rautaruukki says it will examine the grounds for the Commission decision and evaluate any further action warranted. The company notes that Commission decisions can be appealed at the Court of Justice of the European Union in Luxembourg.
The Commission has also imposed fines on voestalpine Austria Draht GmbH, in the amount of €22 million. The company says that it has made it “abundantly plain” to the EU Commission that it has never been involved in the prestressing steel cartel. voestalpine plans to take legal action against the decision.
Subsidiary companies of the ArcelorMittal Group have also been fined. The company notes that an initial review of the European Commission’s announcement suggests that the fines imposed amount to about €315 million.
When it receives the full Commission decision, ArcelorMittal says it will review the decision in detail and respond within the time limits provided. The company will consider all options including appeal.
