South Korea’s antitrust regulator said it has decided to fine Hyundai Steel and five other steelmakers a combined US$105 million for conspiring to fix prices of reinforcement products, which are widely used in construction.
The Fair Trade Commission (KFTC) plans to lodge a complaint with the prosecution against five steelmakers, including Hyundai Steel and Dongkuk Steel Co.
According to the KFTC, the companies rigged prices between May 2015 and December 2016, in order to buttress their earnings amid a rise in imports from China.
The six companies’ combined share in the local steel reinforcement market is above 80 percent, which means that their collusion had a significant impact on the product price.
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