
The Korea Fair Trade Commission (KFTC) fined Hyundai Steel Co. and six other steelmakers a combined 300 billion won (US$271 million) for colluding to fix the purchase price of steel scrap.
It marked the fourth-largest amount of fines levied South Korea’s antitrust regulator over price collusion. The price rigging occurred between 2010 and 2018.
According to KFTC, as the supply of local steel chronically falls short of demand, the seven steelmakers colluded to secure the material and stabilize the purchase price.
Hyundai Steel, South Korea’s No. 2 steelmaker, is expected to be levied 90.9 billion won (US$82.1 million) and Dongkuk Steel with 49.9 billion won (US$45.1 million).
KFTC will conduct a separate session to review whether to file complaints with the prosecution over the collusion.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
OpenAI Board Denies Receiving Formal Bid from Elon Musk
Feb 12, 2025 by
CPI
Thomas Kauper, Former DOJ Antitrust Leader, Dies at 89
Feb 12, 2025 by
CPI
BlackRock’s Acquisition of Preqin Secures UK Regulatory Approval
Feb 12, 2025 by
CPI
NFL Sued Over Bluesky Ban by Fans Citing Antitrust Violations
Feb 12, 2025 by
CPI
Warburg Pincus Strikes $1 Billion Deal to Acquire Vermont Information Processing
Feb 12, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Criminal Enforcement
Jan 23, 2025 by
CPI
The Antitrust Division’s Recent Work to Combat International Cartels
Jan 23, 2025 by
Emma Burnham & Benjamin Christenson
Information Sharing: The New Frontier of U.S. Antitrust Enforcement
Jan 23, 2025 by
Brian P. Quinn, Casey Kovarik & Michael Tubach
The Key Role of Guidelines on Exchanges of Information Among Competitors and the Divergent Transatlantic Paths
Jan 23, 2025 by
Rosa Abrantes-Metz & Albert Metz
Leniency, Whistleblowers, and Compliance
Jan 23, 2025 by
Richard Powers, Tara O’Malley & Cory Gordon