EU reimposes Rs 60 cr fine on Arcelor Mittal Units
European Union regulators fined three units of Arcelor Mittal 10 million euros (Rs 60 crore) for fixing the price of steel beams, three years after an EU court overturned the penalty on procedural grounds.
By Agencies |
BRUSSELS: European Union regulators fined three units of Arcelor Mittal 10 million euros (Rs 60 crore) for fixing the price of steel beams, three years after an EU court overturned the penalty on procedural grounds.
The European Commission penalty comes 12 years after it originally fined Arcelor Luxembourg SA, formerly known as Arbed SA, 11.2 million euros. Europe's highest court overturned that penalty in 2003 because the commission's charge sheet, or statement of objections, was sent to the wrong company.
The commission, the EU's Brussels-based antitrust authority, re-opened the case and sent the charge sheets to the three Arcelor Mittal units, "correcting the procedural error," the regulator said in a statement on Wednesday.
Today's fine is part of European Competition Commissioner Neelie Kroes's efforts to ensure that companies won't be allowed to get away with past illegal activity.
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