Posco, S. Korea Steelmakers Fined $273 Million for Price Fixing

Posco (005490), Hyundai Hysco Co. (010520) and five other South Korean steelmakers were fined a combined 291.7 billion won ($273 million) for fixing the price of some products, according to the country’s antitrust body.

The companies colluded to boost prices of cold-rolled steel plates, galvanized steel sheets and color steel sheets in the domestic market during the six years to 2010, the Fair Trade Commission said in an e-mailed statement today.

Posco, South Korea’s largest steelmaker, and unit Posco Specialty Steel Co. were fined 117.6 billion won, the largest penalty. Hyundai Hysco, a unit of South Korea’s biggest automaker, was asked to pay 75.3 billion won, the commission said.

“It’s not true to say we collude to fix prices,” Posco said in a text message to Bloomberg. “We will file an administrative litigation to prove our innocence.”

Hyundai Hysco will abide by the ruling and tighten internal compliance, spokesman Kim Byung Kyu said.

To contact the reporters on this story: Sangim Han in Seoul at sihan@bloomberg.net; Sungwoo Park in Seoul at spark47@bloomberg.net

To contact the editor responsible for this story: Jason Rogers at jrogers73@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.