South Korean steel companies fined by antitrust regulator for price-fixing scheme
By Jenny Lee ( October 18, 2023, 05:18 GMT | Insight) -- Ten steel companies in South Korea, including Kiswire and Daekang Iron Wire, have been slapped with fines totaling 54.9 billion won (about $40.6 million) and issued corrective orders by the country’s antitrust watchdog for price-fixing on steel wire products. The Korea Fair Trade Commission announced the sanction decision in a statement today, saying that these companies colluded from April 2016 to February 2022 to artificially raise or sustain their product prices. The regulator has also announced it will be filing criminal charges against six of the companies.Ten steel companies in South Korea, including Kiswire and Daekang Iron Wire, have been slapped with fines totaling 54.9 billion won (about $40.6 million) and issued corrective orders by the country’s antitrust watchdog for price-fixing on steel wire products....
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