Europe sustains appeals against price fixing fines

Europe sustains appeals against price fixing fines

According to a statement made by the European Court of Justice yesterday, they have sustained appeals of five steel companies and Eurofer (European Confederation of Iron and Steel Industries) which were found to have participated in price fixing for steel beams and fined by the European Commision in 1994. However, the Court also announced that the Commission's determination regarding a €10 million fine on Arbed has been revoked and Siderurgica Aristrain Madrid partly rescinded. Both companies are now a part of Arcelor. Furthermore, a fine of €273 million against a shipping cartel for Arbed is eliminated by the Court of First Instance, lower tribunal of the Court of Justice. Henceforth, the fines that remain valid on five companies are as follows; Corus (€20 million), Salzgitter (€8.6 million), Thyssen Stahl (€4.4 million), Ensidesa (€3.35 million) and Krupp Hoesch (€9.000).