On 6 October the Commission announced it had adopted a decision reducing the level of fines imposed on a number of producers of prestressing steel who had been engaged in cartel activity between 1984 and 2002 after acknowledging an apparent miscalculation. The original fine, set on 30 June 2010, totalled €518.5 million and that figure has been reduced to €458.5 million.
The cartel had been operating between 1984 and 2002 across all but three of the then Member States and included such firms as ArcelorMittal (then Arcelor), Voestalpine Austria Draht and Siderurgica Latina Martin. During its active years, the cartel fixed individual quotas and prices, exchanged information and carved up markets. Fines were reduced for ArcelorMittal, Emesea, Galycas, WDI, Pampus, Rautaruukki and Ovako.
The Commission did not explain the nature of the calculation errors.
IP/10/1297 - 6 October 2010