Latest update: 16/12/2008 

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Steel industry fined a record 575 million euros for price fixing
Steel industry fined a record 575 million euros for price fixing
France's steel industry has been fined 575 million euros for price-fixing. Indian giant ArcelorMittal has been ordered to pay 301.7 million euros while KDI, a subsidiary of the German group Kloeckner, has been fined 169.3 million euros.

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AFP - French competition regulators on Tuesday slapped a record fine of 575 million euros (785 million dollars) on giant Arcelor Mittal and 10 other steel firms for price fixing.

Topping the list of offenders, three subsidiaries of ArcelorMittal, the world's biggest steelmaker, were ordered to pay 301.7 million euros followed by KDI, a subsidiary of the German group Kloeckner, fined 169.3 million euros.

It was the biggest fine imposed by the French competition council since its creation in 1986.

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