Germany's Federal Cartel Office Bundeskartellamt has announced that it has imposed fines totaling around €205 million on six stainless steel companies, an industry association and ten responsible persons for price fixing and the exchange of sensitive information. The investigation is still ongoing against four other companies and one association.
According to Bundeskartellamt, the companies concerned are ArcelorMittal Commercial Long GmbH in Cologne, Dörrenberg Edelstahl GmbH in Engelskirchen, Kind & Co. Edelstahlwerke GmbH & Co. KG in Wiehl, Saarstahl AG in Völklingen, Schmidt + Clemens GmbH + Co. KG in Lindlar and Zapp Precision Metals GmbH in Schwerte.
The investigation was initiated with an industry-wide search in November 2015 following a leniency application by Austrian steelmaker voestalpine AG. In application of the bonus scheme of the Bundeskartellamt, no fine is imposed on voestalpine.
"Over the years, companies have agreed on important price components for the distribution of stainless steel. The coordinated, industry-wide calculation and application of scrap and alloy surcharges and the wide-ranging exchange of sensitive information has significantly affected the price competition between companies," stated Andreas Mundt, president of the Bundeskartellamt.
The aforementioned companies have acknowledged the allegations made against them by the Bundeskartellamt and have approved a consensual termination of the proceedings.