BlueScope Steel has been handed a record $57 million fine for cartel conduct, after attempting to collude with other companies to adjust the price of steel products in Australia.
The company was found guilty in 2022 of approaching eight steel distributors in Australia and one overseas manufacturer, with the intention of entering agreements to manipulate the price of flat steel.
In a punishment handed down by the Federal Court on Tuesday, BlueScope's former general manager Jason Ellis was also personally fined $575,000 for his role in the scheme, the Australian Competition and Consumer Commission said.
The watchdog first launched legal action against BlueScope in 2019.
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