Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

German antitrust inquiry into steel eyes fines: Spiegel

Published 06/02/2018, 11:45 AM
Updated 06/02/2018, 11:50 AM
© Reuters.  German antitrust inquiry into steel eyes fines: Spiegel

BERLIN (Reuters) - Germany's competition regulator is in talks with the steel industry over fines of up to a total of 500 million euros ($583 million) after an investigation into a suspected violation of antitrust laws, Spiegel magazine reported on Saturday.

The competition regulator last year widened an inquiry, which already covered makers and sellers of stainless steel, car manufacturers and suppliers, with ArcelorMittal (AS:MT) and Salzgitter (DE:SZGG) confirming searches.

Without citing its sources, Spiegel said the investigation had reached a decisive phase, with the regulator now in talks with some of the around 12 companies involved over a possible settlement to avoid drawn-out court proceedings.

The magazine said it was still open how many companies might reach a deal, noting that

ArcelorMittal, the world's largest steel producer which has said it was fully cooperating with the authorities, and Salzgitter, Germany's second-largest steelmaker, were not immediately available for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.