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South Korea: Millions fined to steel price-fixers

 |  January 8, 2013

A $272 million fine was issued by South Korean antitrust regulators to seven steel companies for price-fixing, say reports. According to the authority, the companies – which include Posco – regularly met to share pricing information for cold-rolled steel, galvanized steel and color steel in the past several years. The South Korean Fair Trade Commission has also said it will bring prosecutors into the case. Posco was issued the largest fine of the group, totaling about $90 million.


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