US Steel agreed Tuesday to pay $58 million to settle a class action lawsuit in an Illinois federal court. The lawsuit, which was filed in 2008 by Standard Iron Works on behalf of “direct purchasers of steel products,” alleged that eight US-based steel producers including US Steel violated federal antitrust laws by strategically restricting steel production between 2005-2007 in order to raise prices.
Other steel mills named in the suit that have already settled include ArcelorMittal ($90 million), AK Steel ($5.8 million), Gerdau ($6.1 million) and CMC ($4 million). Nucor, Steel Dynamics Inc. and SSAB were also named in the suit.