Korea Joongang Daily reported that South Korea's Fair Trade Commission has decided to impose a combined fine of KRW 257 billion (USD 198 million) on 11 other firms for fixing rebar prices. According to the Fair Trade Commission, Hyundai Steel, Dongkuk Steel & nine others colluded to fix their quotations between 2012 and 2018 to bid on rebar contracts put forward by the state procurement agency and the price collusion helped them post a combined revenue of KRW 5.5 trillion won during the cited period.Hyundai Steel - KRW 87 billionDongkuk Steel – RW 46 billionFair Trade Commission has also decided to ask the prosecution to investigate seven steelmakers and nine of their former and existing officials over the collusion. Fair Trade Commission said it will closely monitor possible price-fixing practices in the raw materials and intermediary goods market, and take stern actions against anti-competition activities. Fair Trade Commission had imposed a combined KRW 233 million in fines in January 2022 on Dongbang and two other firms for colluding to fix bidding prices over the transport of steel plates between 2016 and 2018 for bids on thick plates by the country's largest steelmaker POSCO. Prior to the bidding, the companies colluded to divide the sections over which they will transport the plates and fix the bidding prices. The move helped them log a combined KRW 5.4 billion in revenue.In January 2021, Fair Trade Commission had imposed a combined KRW 300 billion (USD 272 million) on 7 firms fine for scrap purchase price fixing from 2010 to 2018.Hyundai Steel – KRW 91 billionDongkuk Steel - KRW 50 billionKISCO – KRW 50 billionYK Steel – KRW 43 billionDaehan Steel – KRW 35 billionHankuk Steel – KRW 31 billionKorea Steel Shapes – KRW 638 million
Korea Joongang Daily reported that South Korea's Fair Trade Commission has decided to impose a combined fine of KRW 257 billion (USD 198 million) on 11 other firms for fixing rebar prices. According to the Fair Trade Commission, Hyundai Steel, Dongkuk Steel & nine others colluded to fix their quotations between 2012 and 2018 to bid on rebar contracts put forward by the state procurement agency and the price collusion helped them post a combined revenue of KRW 5.5 trillion won during the cited period.Hyundai Steel - KRW 87 billionDongkuk Steel – RW 46 billionFair Trade Commission has also decided to ask the prosecution to investigate seven steelmakers and nine of their former and existing officials over the collusion. Fair Trade Commission said it will closely monitor possible price-fixing practices in the raw materials and intermediary goods market, and take stern actions against anti-competition activities. Fair Trade Commission had imposed a combined KRW 233 million in fines in January 2022 on Dongbang and two other firms for colluding to fix bidding prices over the transport of steel plates between 2016 and 2018 for bids on thick plates by the country's largest steelmaker POSCO. Prior to the bidding, the companies colluded to divide the sections over which they will transport the plates and fix the bidding prices. The move helped them log a combined KRW 5.4 billion in revenue.In January 2021, Fair Trade Commission had imposed a combined KRW 300 billion (USD 272 million) on 7 firms fine for scrap purchase price fixing from 2010 to 2018.Hyundai Steel – KRW 91 billionDongkuk Steel - KRW 50 billionKISCO – KRW 50 billionYK Steel – KRW 43 billionDaehan Steel – KRW 35 billionHankuk Steel – KRW 31 billionKorea Steel Shapes – KRW 638 million
