German Antitrust Watchdog Fines Steel Cartel €35M

Law360, London (February 4, 2021, 5:12 PM GMT) -- Germany's competition watchdog said on Thursday that it has fined three steel-forging manufacturers and two individuals €35 million ($42 million) for agreeing to pass on cost increases to customers including large auto companies.

The Bundeskartellamt, or Federal Cartel Office, said the suppliers had taken part "in an anti-competitive exchange of information," hijacking a working group that met three times a year from at least October 2002 to December 2016.

Andreas Mundt, the cartel office's president, said the information shared by the cartel included the manufacturers' pricing strategies and negotiations with suppliers and customers.

"The aim was to pass on cost increases...

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