Tuesday, September 16, 2008

Steel fabricator file suit against steel majors in US

Bloomberg reported that a direct buyer claimed in an antitrust lawsuit that ArcelorMittal, United States Steel Corp and six other producers of the steel for the US market have for three years plotted to fix prices by limiting production.
Steel fabricator Standard Iron Works claimed in its complaint filed on September 12th 2008 alleged that the companies conspired to restrict output and to fix, raise, stabilize and maintain at artificially high levels the prices they charged for steel products in the US.
The lawsuit, filed by the Scranton, Pennsylvania-based company in Chicago federal court, seeks class action or group status for anybody who has bought steel from the firms since January 2005, together with unspecified money damages.

SteelGuru - News

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