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Malaysia: Authorities prove stronger than steel with $1.4M fine

 |  November 3, 2013

Malaysia’s competition regulator MyCC issued a more than $1 million find against steel giant Megasteel Sdn after determining the company engaged in anticompetitive pricing strategies, reports say.

MyCC issued a statement Friday to announce the fine. MyCC head Shila Dorai Raj confirmed the company violated competition law “by abusing its dominant position” and fixing prices.

The MyCC said in its statement the steel company fixed Hot Rolled Coil prices, disproportionately setting prices as compared to its Cold Rolled Coil.

Full content: Malaysia Insider

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