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South Korean steel fiber makers hit with $1.7 million fine for colluding on prices

By Jenny Lee ( January 22, 2024, 04:24 GMT | Insight) -- Four companies manufacturing and selling steel fibers were hit with a total fine of 2.22 billion won (about $1.7 million) by the South Korean antitrust watchdog for participating in a price-fixing scheme. The Korea Fair Trade Commission said Kookjea Metallic, Kumkang Steel, Daeyu Steel and Kosteel, which command the entire market for steel fibers used in tunnel construction in South Korea, were found guilty of conspiring to drive up product prices from January 2021 to May 2022.Four companies manufacturing and selling steel fibers were hit with a total fine of 2.22 billion won (about $1.7 million) by the South Korean antitrust watchdog for participating in a price-fixing scheme....

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