According to news reports, a federal judge in Texas tripled damages Tuesday against Nucor Corp., Reliance Steel & Aluminum Co., American Alloy Steel Inc. and JSW Steel (USA), entering a final judgment of $156 million. The lawsuit stemmed from distributor MM Steel LP’s complaint that the companies conspired to drive them out of business.
US District Judge Kenneth M. Hoyt granted MM Steel’s motion to increase the $52 million jury verdict against the steel firms, finding that they violated federal antitrust laws through an organized boycott to cut off MM Steel’s customers.