The European Commission dramatically slashes the fine in its second amendment to the pre-stressing steel cartel fines (ArcelorMittal)

In an unprecedented move, the European Commission has slashed the fine imposed on the ArcelorMittal group for its participation in a pre-stressing steel cartel, by around 80 per cent. On 30 June 2010 the Commission had fined ArcelorMittal, and 16 other producers, a total of around €518.5 million for their participation in a price-fixing and market-sharing cartel in pre-stressing steel lasting 18 years between 1984 and 2002. ArcelorMittal was fined around €276.5 million, the largest sanction. On 6 October 2010, the Commission surprised the competition law community by announcing that the total fines had been lowered by €60.47 million, to around €458 million, due to, “errors in the calculation of the fine”. ArcelorMittal was one of the producers affected, its fine decreased to €230.4

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Authors

  • Herbert Smith Freehills (London)
  • White & Case (London)

Quotation

Morris Schonberg, Joanna Cohen, The European Commission dramatically slashes the fine in its second amendment to the pre-stressing steel cartel fines (ArcelorMittal), 4 April 2011, e-Competitions April 2011, Art. N° 36454

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