The Korean largest steelmaker Posco and the biggest automaker Hyundai Hysco Co. together with five other steelmakers of the country were fined by its antitrust body for a total amount of 291.7 won billion (US$273 million) for fixing the price of some products.
According to the Fair Trade Commission that the companies colluded to hike prices of cold-rolled steel plates, galvanized steel sheets and color steel sheets in the domestic market during 2004 to 2010.
Posco and unit Posco Specialty Steel Co. were fined the largest penalty for 117.6 won billion. Hyundai Hysco was fined 75.3 won billion.
However, Posco denied the accusation and will make a further appeal for its innocence. Hyundai Hysco in contrast will abide by the ruling and tighten internal compliance.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=62308&division=A9
