A PYMNTS Company

US: Steelmaker spends $90M to settle price-fixing class action

By  |  June 20, 2014

One of several steelmakers in the US has reportedly settled a class action lawsuit alleging the companies of colluding to fix steel product prices, reports say.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    ArcelorMittal reached an agreement to pay $90 million to settle claims; three other steel companies had previously settled for a combined $15.9 million.

    ”ArcelorMittal continues to strongly deny any liability or wrongdoing and believes the claims are without merit,” the company said in a statement announcing the settlement.

    The lawsuit was originally filed by metal fabricator Standard Iron Works; reports say an estimated 5,500 other companies that acquired steel between 2005 and 2007, could claim part of the settlement.

    Full content: NWI.com

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.