Friday, February 06, 2009

EU targets suspected cartel of steel companies

The European Union's antitrust regulators are investigating a suspected cartel among a number of producers of steel wire and rods, known as prestressing steel.

The European Commission said in a statement on Thursday it suspected the companies of "participation in a cartel in violation of EU rules on restrictive business practices."

It did not name any of the suspected companies, to which it sent last October a statement of objection, a formal step in Commission antitrust investigations.

The Commission said it was now considering their replies. If found guilty, they may face a fine of up to 10 percent of their turnover.

Yahoo! News UK

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