EU court reduces fines on tube producers

EU court reduces fines on tube producers

European Court of First Instance has recently announced that it decided to reduce fines on eight steel tube producers, including Anglo-Dutch steel producer Corus over price fixing. The fines were imposed by European Commission on eight steel tube producers, including Anglo-Dutch, French, Italian, German and Japanese in 1999 after collusion in the market was found out. EU Officials imposed fines on subject producers on the ground that the producers had colluded between 1990 and 1995 not to compete against each other, which is against European antitrust rules. It is stated that fine on Corus is reduced from £8.4 million ($15.5 million) to £7.8 million. Total reduction in fines on all eight producers is £8.6 million ($15.9 million).