The European Union fined seven companies to by 61 million euros for fixing the price of calcium carbide, a product used for the manufacture of steel.
The regulatory body said that European consumers paid sobrepecios from 2004 to 2007. The companies fixed prices to market calcium carbide powder and granules and pellets of magnesium.
Novack slovaca Company and the company chemicke zavody 1.garantovana fines were qualifying for Euro 19.6 million each. Germany SKW Stahl-Metallurgie ARQUES Industries and its owner were fined 13.3 million euros, the company HSE of Slovenia will pay 9.1 million Euros, the Austrian-German Ecka Granulat must pay 6.4 million and Germany Almamet 3.04 million euros.
Two companies received reductions in their fines by cooperating with regulators: the Austrian Donau Chemie's paid 5 million euros and Germany's Evonik Degussa paid 4.68 million Euros
For its part, the Dutch Akzo Nobel NV escaped fines for reporting the lineup.
Industry: Chemical
Type: Lawsuits and legal processes
Source: PRNewswire-FirstCall
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