Bloomberg reported that European Union regulators reinstated a total of EUR 83 million in fines against Riva Fire SpA and seven other Italian steelmakers for fixing the price of steel rods used in the construction industry.

The European Commission reissued the penalties, which were first imposed in 2002, after a European court annulled the regulator’s decision in 2007 on procedural grounds.

Riva Fire was ordered to pay EUR 26.9 million fine. Lucchini SpA and its SP unit were fined EUR 14.4 million. Six other companies shared fines totaling EUR 42.1 million.

(Sourced from Bloomberg)