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Hyundai Steel, 10 other steelmakers fined for price fixing

All News 14:57 August 11, 2022

SEOUL, Aug. 11 (Yonhap) -- South Korea's antitrust regulator said Thursday it has decided to impose a combined fine of 256.5 billion won (US$197.5 million) on the country's No. 2 steelmaker, Hyundai Steel Co., and 10 other firms for fixing bidding prices.

Hyundai Steel, Dongkuk Steel Mill Co. and nine others colluded to fix their quotations between 2012 and 2018 to bid on rebar contracts put forward by the state procurement agency, according to the Fair Trade Commission (FTC).

The price collusion helped them post a combined revenue of 5.5 trillion won during the cited period.

Hyundai Steel will be hit with the largest fine of 86.6 billion won, followed by Dongkuk Steel Mill with 46.2 billion won.

The FTC has also decided to ask the prosecution to investigate seven steelmakers and nine of their former and existing officials over the collusion.

The regulator said it will closely monitor possible price-fixing practices in the raw materials and intermediary goods market, and take stern actions against anti-competition activities.

This image, provided by Yonhap News TV, shows the exterior of the Korea Fair Trade Commission in the central administrative city of Sejong. (PHOTO NOT FOR SALE) (Yonhap)


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