Make Kitco Your Homepage

Australian court finds BlueScope Steel engaged in cartel conduct

Kitco News

(Adds details on proceedings, background)

Dec 9 (Reuters) - Australia's Federal Court on Friday ruled against BlueScope Steel Ltd in civil proceedings initiated by the country's competition regulator in 2019, for cartel conduct in the supply of flat steel products.

The court found BlueScope and its former general manager of sales and marketing tried to get distributors in Australia and an overseas manufacturer to enter into agreements with price-fixing provisions between September 2013 and June 2014, the Australian Competition & Consumer Commission (ACCC) said. "This should serve as a strong warning to all businesses and individuals that even attempting to reach a price-fixing arrangement with one or more competitors may have very serious consequences," ACCC Commissioner Liza Carver said.

BlueScope, in a separate statement, said it now has the opportunity to decide if it had grounds to appeal and that it was "disappointed" by the outcome of the case. Apart from seeking penalties against BlueScope, the ACCC is also looking to disqualify the company's former manager from managing corporations. A separate court hearing to determine penalties and other orders has been set for April 3, 2023, ACCC said.

(Reporting by Himanshi Akhand in Bengaluru; editing by Uttaresh.V)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.