The Kenyan Competition Authority imposes a record $2.3M fine on 9 steel manufacturing companies for their joint role in a price fixing and output-restriction cartel (Devki Steel Mills / Doshi & Hardware / Corrugated Steel / Jumbo Steel Mills / Accurate Steel Mills / Nail and Steel Products...)

CAK imposes highest-ever cartel fine on 9 steel producers* After about a two-year-long investigation, the Competition Authority of Kenya (CAK) has determined guilt and imposed record fines on nine steel manufacturing companies for their joint role in a price-fixing and output-restriction cartel. The fine — the highest-ever imposed by the CAK to date — was set at Ksh. 338,849,427 million (approx. U.S. $2.3m) in total. Back in June 2022, Construction Kenya news outlet reported that the offices of 10 Kenyan steel suppliers had been ‘dawn-raided’ by the CAK on suspicion of price-fixing. “A number of senior officials at the companies, including chief executives, have been interrogated as part of the investigation triggered by builders who complained about excessive pricing of steel.” These