The Korea Fair Trade Commission (FTC) recently announced that five domestic manufacturers have been fined 6.549 billion won (approximately US$4.58 million) for colluding on prices of four types of steel wire rod products. The FTC stated that the five companies involved are Korea Steel, Daehan Steel, Cheongwoo Steel, Hanil Steel, and Jinheung Steel.
These illegal activities took place over a period of more than five years, from December 2016 to February 2022. During this time, company representatives, sales executives, and employees held meetings to reach agreements and engage in price manipulation. They agreed not to compete with each other, to coordinate price increases, and to maintain stable prices even when costs declined.
