Germany Fines Steelmakers 646 Million Euros for Price Fixing
- Steelmakers exchanged information and agreed on surcharges
- Austria’s Voestalpine has agreed to pay 65.5 million euros
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Thyssenkrupp AG, Ilsenburger Grobblech GmbH and Voestalpine AG were fined 646 million euros ($719 million) in a settlement with Germany’s competition authority over price fixing in the steel industry.
The companies were fined, along with three unidentified people, for exchanging information and agreeing to surcharges on a kind of steel used in bridge building, ships and pipelines, according to a statement from the authority.