South Korean steelmakers fined for price fixing in scrap purchases

Wednesday, 27 January 2021 15:04:05 (GMT+3)   |   Istanbul

The South Korea Fair Trade Commission has announced that it has imposed fines totaling around KRW 300.08 billion ($271.46 million) on seven companies including Hyundai Steel, Dongkuk Steel, Korea Steel, Daehan Steel and YC Steel responsible for exchanging information to fix scrap purchase price. The commission found that the companies changed the standard scrap purchase prices in the 2010-2018 period, hindering market competition.

Hyundai Steel is expected to be levied with a fine of KRW 90.95 billion ($82.29 million), Dongkuk Steel with KRW 49.92 billion ($45.16 million) and Korea Steel with KRW 49.61 billion ($44.89 million).

The Fair Trade Commission plans to take strict measures on the principle of zero tolerance against collusion that restricts competition in the market.

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