South Korean media reported that South Korea's antitrust regulator the Korea Fair Trade Commission has decided to fine seven steelmakers including Hyundai Steel Co & Dongkuk Steel Mill Co a combined KRW 300 billion (USD 272 million) for colluding to fix the purchase price of steel scrap between 2010 and 2018. Korea Fair Trade Commission said “As supply in the local steel scrap market chronically falls short of demand, the steelmakers colluded to stably secure the material and stabilize the purchase price, hampering market competition.”
Hyundai Steel - KWR 90.9 billion
Dongkuk Steel – KWR 49.9 billion
The affected steelmakers said they plan to lodge an administrative suit against the decision, saying that the amount of the fines appears excessive.