EC PENALIZES STEEL CARTEL

摘要

17 PRODUCERS FINED A TOTAL OF 627 Million dollars LONDON - The European Commission has fined 17 pre-stressed steel producers a total of 627 million dollars for operating a cartel that lasted 18 years until 2002 and covered all the then 15 European Union member states except Britain, Ireland and Greece. Following a lengthy inquiry, EC competition officials concluded that collaboration between the companies violated EU legislation banning cartels and restrictive business practices. With pre-stressed steel a key component of construction, the EC was concerned about the cartel's inflationary effect on a wide range of economic sectors.