Posted on 06/30/2010 2:48:26 PM PDT by Cheap_Hessian
BRUSSELS — The European Commission fined 17 steel producers a total of 518 million euros (635 million dollars) on Wednesday for running a price-fixing cartel, with industry giant ArcelorMittal hit the hardest.
The European Union's competition watchdog said the companies ran a cartel that lasted 18 years to fix the prices of prestressing steel, the long, curled steel wires used in construction to make foundations, balconies or bridges.
(Excerpt) Read more at google.com ...
Energy companies are already under attack.
Now the attacks will start on the materials companies without whose prosperity no recovery can take place .
Just great.
Government shakedowns sure are popular these days!
Just an observation after having lived in Germany for fifteen years...the big guys of steel...ARE price-fixing. It’s been a fact for at least five decades. When you count in the union guys, the political pay-off’s to parties, and invisible money sent off to off-shore accounts to avoid taxes...this is one of the most corrupt groups in Europe.
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