FTC fines 8 companies for colluding in aluminum deals

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FTC fines 8 companies for colluding in aluminum deals

Korea's antitrust regulator said Wednesday it is imposing a combined 20.7 billion won ($17.6 million) in fines on eight makers of aluminum alloy products for colluding to fix bidding prices.
Altechno Metal and seven other firms colluded to fix their quotations between 2011 and 2021 for bids on aluminum alloy products by the country's largest carmaker Hyundai Motor and  Kia, according to the Fair Trade Commission (FTC).
Prior to the bidding, the companies colluded to divide the total volume of orders by Hyundai Motor into similar amounts and fix the bidding prices in accordance with pre-set amounts.
The practice helped them win certain amounts of orders without fail every year since 2011 at relatively high prices, the regulator said.
Along with the fine, the FTC also ordered them to take corrective steps.
The regulator added it discussed with Hyundai Motor and Kia ways to improve their bidding system and the two carmakers will implement an enhanced bidding system next year to prevent bidders from colluding. Yonhap
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