Industry News

3 firms fined 233 mln won for price fixing over steel plate transportation

Views : 91
Update time : 2022-01-17 21:57:07

SEOUL, Jan. 17 (Yonhap) -- South Korea's antitrust regulator said Monday it has decided to impose a combined 233 million won (US$195,800) in fines on three companies for colluding to fix bidding prices over the transport of steel plates.

Dongbang and two other firms colluded to fix their quotations between 2016 and 2018 for bids on thick plates by the country's largest steelmaker POSCO, according to the Fair Trade Commission (FTC).

Prior to the bidding, the companies colluded to divide the sections over which they will transport the plates and fix the bidding prices. The move helped them log a combined 5.4 billion won in revenue.

The FTC said it will closely monitor the situation to prevent similar price collusion from occurring in the transport market.

Related News
Read More >>
South Africa launches critical minerals strategy, opens new mining law for public comment South Africa launches critical minerals strategy, opens new mining law for public comment
May .22.2025
South Africa launches critical minerals strategy, opens new mining law for public comment
China's iron ore production declines in Jan-Apr China's iron ore production declines in Jan-Apr
May .22.2025
China's iron ore production declines in Jan-Apr
US’ steel coil exports go up in Mar US’ steel coil exports go up in Mar
May .22.2025
US’ steel coil exports go up in Mar
US increases CRC imports in Mar US increases CRC imports in Mar
May .22.2025
US increases CRC imports in Mar