EUROPEAN COMMISSION LEVIES HUGE FINES OVER STEEL CARTEL
June 1st, 2010
BY KEITH NUTHALL
THE EUROPEAN Commission has fined 17 producers of prestressing steel Euro 518 million for operating a cartel that lasted 18 years until 2002 and covered all but three of the then 15 European Union (EU) member states - Britain, Ireland and Greece.
Following a long inquiry, Commission competition officials have concluded that collaboration between these companies had broken EU legislation banning cartels and restrictive business practices. With prestressing steel a key component of construction materials, the Commission is concerned about the ...
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