BlueScope Steel slammed with record $57.5 million fine for attempting to fix prices
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Update time : 2023-08-29 16:10:06
Major Australian manufacturer BlueScope Steel has been fined a record $57.5 million for attempting to fix prices by setting up a cartel with its competitors.
The fine comes after the Federal Court found in December last year that the company and its former general manager, Jason Ellis, tried to "induce" eight other Australian distributors and one overseas manufacturer into agreements to fix or raise prices for flat steel products between 2013 and 2014.
In addition to the fine for BlueScope, Ellis was ordered to pay a $575,000 penalty.
