EU fines Celsa Group for price fixing

Thursday, 09 June 2016 17:19:42 (GMT+3)   |   Istanbul
       

The Court of Justice of the European Union (CJEU) has announced that it has confirmed a fine of €54.4 million for Spanish steel producer Celsa Group, including its subsidiaries Moreda-Riviere Trefilerías (MRT), Trefilerías Quijano (TQ), Trenzas y Cables de Acero PSC (Tycsa PSC) and Global Steel Wire (GSW), for participating in a cartel with the aim of fixing prices during the 1980s and 1990s, refusing their application seeking the reassessment of their ability to pay and a reduction in the amount of the fines.

The Court stated that the European Commission was also justified in taking the view that the financial situation of the group's shareholders made it possible for the companies to cope with the payment of a fine of €54.4 million, which did not represent an unsustainable burden for Celsa Group.

In 2010, the European Commission (EC) announced that it was fining 17 producers of prestressing steel for operating a cartel that lasted 18 years until 2002. The EC decision concluded that the producers violated the European Union's ban on cartels and restrictive business practices.

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