Hyundai Steel, 10 other steelmakers fined for price fixing

Korea's antitrust regulator said Thursday it has decided to impose a combined fine of 256.5 billion won ($197.5 million) on the country's No. 2 steelmaker, Hyundai Steel, and 10 other firms for fixing bidding prices.

Hyundai Steel, Dongkuk Steel Mill and nine others colluded to fix their quotations between 2012 and 2018 to bid on rebar contracts put forward by the state procurement agency, according to the Fair Trade Commission (FTC).

The price collusion helped them post a combined revenue of 5.5 trillion won during the cited period.

Hyundai Steel will be hit with the largest fine of 86.6 billion won, followed by Dongkuk Steel Mill with 46.2 billion won.

The FTC has also decided to ask the prosecution to investigate seven steelmakers and nine of their former and existing officials over the collusion.

The regulator said it will closely monitor possible price-fixing practices in the raw materials and intermediary goods market, and take stern actions against anti-competition activities.

Yonhap