South Korea's antitrust watchdog said it had decided to impose a fine of 256.5 billion won ($197.5 million) on Hyundai Steel, the country's second-largest steelmaker, and 10 other local South Korean steel companies.
According to an investigation by the Korea Fair Trade Commission, Hyundai Steel, Dongguk Steel, and nine other companies colluded and colluded privately to determine quotations from 2012 to 2018, bidding for the rebar contract proposed by the State Procurement Bureau. This enabled them to achieve 5.5 trillion won (about $40.827 billion) in revenue during the aforementioned period.
South Korea's antitrust regulator said it would pay close attention to possible price manipulation in the raw material and intermediate product markets and take severe penalties for violations.
