Voestalpine and possibly ArcelorMittal to appeal EC cartel decision

Following the European Commission's decision concerning anti-competitive practices of 17 European manufacturers of pre-stressed wire and strands steel products, the hard-hit steel giant ArcelorMittal Group implied that the investigation dated back to a distant period, adding that ArcelorMittal operates a strong compliance program across all its subsidiaries to ensure that all business activity remains in accordance with the highest legal and ethical standards. The company also said that all options including appeal will be considered. The fines imposed on subsidiary companies of ArcelorMittal amount to approximately €315 million.
 
Meanwhile, another European steel giant, Austria-based Voestalpine, said that the company was never involved in the pre-stressed steel cartel and that it therefore will take legal action against the decision. The fine imposed on Voestalpine is €22 million.
 
While Finnish steelmaker Rautaruukki also noted that EC decisions can be appealed at the Court of Justice of the European Union in Luxembourg, the other steelmakers which were fined did not release any statement.