70.8 F
Tuesday, October 19, 2021
Home Germany German Carmakers Fined For Forming Cartel to Fix Steel Prices

German Carmakers Fined For Forming Cartel to Fix Steel Prices


Daimler, BMW, Volkswagen accused by competition watchdog

Daimler, BMW and Volkswagen were together fined €100 million ($111 million) on Thursday for forming a cartel to fix steel prices.

Germany’s competition watchdog, the Bundeskartellamt, imposed the fine, accusing the three companies of engaging in “anticompetitive practices” to buy steel.

In a statement, the Bonn-based authority said Volkswagen, Daimler and BMW met regularly with steel producers “between 2004 and the end of 2013” to discuss uniform surcharges for purchasing the raw material.

Unlawful prices resulting from these cartel meetings were in place until at least 2016, the statement added.

The case refers specifically to “long steel,” a crucial element used in manufacturing car parts such as crankshafts, steering rods and cogs.

The companies accepted the fine, the watchdog said. Volkswagen is expected to pay €48.7 million. BMW said it would pay €28 million, while Daimler will pay €23.5 million.

The three carmakers are also under investigation by the European Commission for allegedly agreeing not to compete on emissions reduction technologies.

The Bundeskartellamt has launched a number of recent probes into price rigging in the steel industry. In July 2018, the authority ordered six stainless steel producers to pay €205 million for price-fixing.

A separate investigation targeting several producers for “flat steel” price rigging is still ongoing. German media reports have suggested fines in that case could amount to €500 million.

Alex Jones Confronts Leftist Demons & Trump In Austin

During President Trump’s visit to Austin, Texas, Alex Jones shows up to confront him and is met by leftist demons against free speech.

By the way, overhaul your body’s cellular engine with our fan-favorite DNA Force Plus!

Facebook, Google Deemed a 'Threat to Human Rights' in New Report

Canada Launches Major Class-Action Lawsuit Against Monsanto, Bayer