The competition watchdog has fined nine steel manufacturers Sh338.8 million for what it describes as "cartel conduct."
Competition Authority of Kenya (CAK) in a statement said the steel manufacturers colluded to increase the prices of their products, subsequently raising the cost of construction of homes and infrastructure.
CAK says the cost of steel products like bars, pipes, and sheets increased by 20 per cent as a result of "artificial inflation."
The affected manufacturers are Nail and Steel Products Ltd, Brollo Kenya Ltd, Blue Nile Wire Products Ltd, Tononoka Rolling Mills Ltd, Devki Steel Mills, Doshi & Hardware Ltd, Corrugated Steel Ltd, Jumbo Steel Mills and Accurate Steel Mills Ltd.
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