JSW Steel Sues Nucor, US Steel & Cleveland-Cliffs of Slab Cartel
JSW Steel (USA) Inc and JSW USA Steel Ohio Inc announce the filing of a federal court lawsuit in the Southern District of Texas against three of the
JSW Steel (USA) Inc and JSW USA Steel Ohio Inc announce the filing of a federal court lawsuit in the Southern District of Texas against three of the largest domestic steel companies, Nucor Corp, United States Steel Corp and Cleveland-Cliffs Inc, including its recent acquisition AK Steel Holding Corp. The lawsuit alleges that the defendant companies conspired to boycott and refused to supply plaintiffs with a critical feedstock, domestic semi finished steel slab, beginning in 2018 and continuing until today. The plaintiffs allege that defendants' cartel cost them hundreds of millions of dollars in lost profits, increased their expenses and caused them other damages, and also led to higher prices and significant harm to US steel buyers and significantly fewer jobs for US steelworkers.
JSW Steel (USA) Board member Mr Parth Jindal said that the defendants have long been the dominant US steel companies and used and continue to use anticompetitive tactics against smaller producers like JSW to succeed at all costs. He said "We bought into the US market a few years ago and made significant progress in improving our facilities and performance. In 2018, we announced our intention to make substantial investments to further expand and upgrade our facilities. These companies derailed those plans, and so we file this suit today to respond assertively. As we allege, they stated repeatedly that they could make semi-finished steel slab in the quantities and quality to meet our needs and that they were willing to sell it to us, but when we tried to get them to move forward, they dragged things out and made excuses. We are now convinced that it was all for show and that, in reality, they never intended to make or sell steel slab to us."
The plaintiffs' Complaint is based upon the federal antitrust laws and Texas state laws as well. It seeks treble damages, which are automatic under the federal antitrust laws, compensatory and exemplary damages, and attorneys' fees and costs. The plaintiffs are represented in the case by the law firm of Baker Botts LLP.