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South Korean steelmakers fined USD 273 million for price fixing .
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It is reported that antitrust body fined POSCO, Hyundai Hysco Co and five other South Korean steelmakers were fined a combined KRW 291.7 billion (USD 273 million) for fixing the price of some products.
The Fair Trade Commission said in a statement the companies colluded to boost prices of cold-rolled steel plates, galvanized steel sheets and color steel sheets in the domestic market during the six years to 2010.
POSCO South Korea’s largest steelmaker, and unit POSCO Specialty Steel Co. were fined 117.6 billion won, the largest penalty. Hyundai Hysco, a unit of South Korea’s biggest automaker, was asked to pay KRW 75.3 billion.
POSCO said that “It’s not true to say we collude to fix prices. We will file an administrative litigation to prove our innocence.”
Spokesman Kim Byung Kyu said that Hyundai Hysco will abide by the ruling and tighten internal compliance.
Source: SteelGuru
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