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South Korea's manganese-alloy iron producers hit with sanctions for bid-rigging activities

By Jenny Lee ( December 13, 2023, 06:13 GMT | Insight) -- South Korea's manganese-alloy iron producers have been slapped with a fine of 30.5 billion won (about $23.2 million) and corrective orders by the country's competition watchdog for participating in bid-rigging activities. The Korea Fair Trade Commission said in a statement today that DB Metal, Simpac, Dongil Industries and Taekyung Industrial colluded on bid prices and volumes for manganese-alloy iron, an essential raw material in steelmaking. The regulator said these practices enabled the four companies to maintain a stable supply without real competition over a prolonged period.South Korea's manganese-alloy iron producers have been slapped with a hefty fine of 30.5 billion won (about $23.2 million) and corrective orders by the country's competition watchdog for participating in bid-rigging activities....

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