{"id":9562,"date":"2012-04-02T15:47:26","date_gmt":"2012-04-02T13:47:26","guid":{"rendered":"http:\/\/www.myza.co.za\/04\/update-1-arcelormittals-s-africa-unit-faces-collusion-fine\/"},"modified":"2012-04-02T15:47:26","modified_gmt":"2012-04-02T13:47:26","slug":"update-1-arcelormittals-s-africa-unit-faces-collusion-fine","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-arcelormittals-s-africa-unit-faces-collusion-fine\/","title":{"rendered":"UPDATE 1-ArcelorMittal’s S.Africa unit faces collusion fine"},"content":{"rendered":"

\t\t<\/span><\/p>\n

(Adds detail)<\/span><\/p>\n

<\/span><\/p>\n

JOHANNESBURG, April 2<\/span> (Reuters) – Africa’s largest
\nsteelmaker ArcelorMittal South Africa could face a fine
\nof more than 3 billion rand ($390 million)for price fixing,
\nSouth Africa’s competition regulator said on Monday.<\/p>\n

<\/span><\/p>\n

South Africa’s Competition Commission has asked the
\ncountry’s competition court to penalise ArcelorMittal and
\nsmaller competitor Evraz Highveld Steel and Vanadium up
\nto 10 percent of their annual turnover for collusion.<\/p>\n

<\/span><\/p>\n

ArcelorMittal’s turnover for 2011 was 31.5 billion rand
\nwhile Highveld reported a turnover of 5.5 billion rand for the
\nyear to end December 2011.<\/p>\n

<\/span><\/p>\n

“Evidence before the commission indicates that the steel
\nproducers engaged in concerted practices or had understandings
\nthat Highveld would follow Mittal’s lead on the pricing
\nmechanism and changes in pricing, including discounts and
\ntransport tariffs,” the regulator said.<\/p>\n

<\/span><\/p>\n

The recommendation to the competition court comes four years
\nafter a complaint was filed with the authorities alleging that
\nMittal and Highveld adjusted their prices for steel products
\naround the same time and with similar percentage increases.<\/p>\n

<\/span><\/p>\n

<\/span><\/p>\n

ArcelorMittal spokesman Themba Hlengani said that the
\ncompany would comment after consulting with its lawyers.<\/p>\n

<\/span><\/p>\n

Shares of ArcelorMittal dropped more than 4.4 percent on
\nMonday to 53.48 rand by 1150 GMT, underperforming the JSE’s All
\nShare index, which was 0.42 percent up on the day.<\/p>\n

<\/span><\/p>\n

ArcelorMittal’s shares were also hurt by news that it had
\nbeen excluded from the South African government’s preferential
\nprocurement programme, which is designed to benefit local
\nmanufacturers, and a downgrading by Barclays Capital.
\n($1 = 7.6745 South African rand)\t<\/p>\n

(Reporting by Sherilee Lakmidas, editing by Ed Stoddard)<\/p>\n

<\/span><\/p>\n

\n

\t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"

(Adds detail) JOHANNESBURG, April 2 (Reuters) – Africa’s largest steelmaker ArcelorMittal South Africa could face a fine of more than 3 billion rand ($390 million)for price fixing, South Africa’s competition regulator said on Monday. South Africa’s Competition Commission has asked the country’s competition court to penalise ArcelorMittal and smaller competitor Evraz Highveld Steel and Vanadium […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-9562","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=9562"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/9562\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=9562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=9562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=9562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}