
ArcelorMittal To Pay $110 Mn Fine For Price Fixing In S.Africa
Mohammad Ali (@ChaudhryMAli88) Published August 22, 2016 | 09:42 PM

JOHANNESBURG, (APP - UrduPoint / Pakistan Point News - 22th August, 2016) : Steelmaker ArcelorMittal has agreed to pay a $110-million (88-million-euro) fine for illegal price fixing in South Africa, the country's competition watchdog announced Monday. The Competition Commission launched a probe into steel producers in the country in 2008 following concerns around high steel prices, and found that the company colluded with its competitors in "fixing" prices and allocating customers. The company "admits having been involved in the long steel and scrap metal cartels, and agrees to pay an administrative penalty of 1.5 billion rand" ($110 million), it said in a statement. The local unit of the company will pay the fine in five annual instalments of at least 300 million rand each. The South African government said it welcomed the punishment of the country's largest steel maker in what it ranked the "largest single" fine imposed so far against an individual firm by the competition authorities.
"The action by the competition authorities is part of a crackdown against abuse of market power and price-fixing that undermine the performance of the economy," Economic Development Minister Ebrahim Patel said in a statement. The watchdog's chief commissioner Tembinkosi Bonakele said the "penalty sends a strong message of deterrence and is an important milestone in the Commission's enforcement against cartels". ArcelorMittal South Africa is the continent's largest steel producer, supplying more than 61 percent of the steel used in Africa's most industrialised country.
Related Topics
Recent Stories

Shan Masood promoted in PCB's central contract list

OIC Secretary-General Congratulates Saudi Arabia’s Leadership, Government and ..

Pakistan Navy Special Services Group Participates In Bilateral Exercise Ayyildiz ..

The Ministerial Committee Assigned by the Joint Arab Islamic Extraordinary Summi ..

PITB, PHC sign contract to regulate Healthcare Services Prices

Minister of State for Tourism Wasi Shah, announced substantial progress in the d ..

Diplomat Henry Kissinger dies at 100

POL prices likely remain stable, with slight decrease for diesel, kerosene

PM Kakar in Dubai to head Pakistani delegation at COP28 conference

Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 30 November 2023

Today Gold Rate in Pakistan 30 November 2023

Climate change poses imminent threat to global biodiversity
More Stories From World
-
Prisoners dilemma: Israel faces challenge on Gaza soldier hostages
8 minutes ago -
One dead, several missing in Russian attack on east Ukraine
28 minutes ago -
German govt loses key climate court case
38 minutes ago -
2023 set to be hottest year ever: UN
38 minutes ago -
UK former prime ministers hail Kissinger
47 minutes ago -
German govt loses key climate court case
48 minutes ago
-
Top US diplomat Kissinger, who made 1971 Pakistan-facilitated pathbreaking trip to China, dies
48 minutes ago -
Global warming casts cloud over Winter Olympics future
58 minutes ago -
Bhutan holds primary polls ahead of general elections
1 hour ago -
Putin to hold end-of-year press conference on December 14: Kremlin
1 hour ago -
UK's Cameron and Blair hail Kissinger
1 hour ago -
Fire at dawn in Kazakhstan hostel kills 13
1 hour ago