It is reported than Japanese Fair Trade Commission has ordered three steel sheet makers to cease their illegal cartel and imposed a record JPY 15.5 billion in combined penalties for their alleged price fixing.
The three are Nippon Steel & Sumikin Coated Sheet Corporation, Nisshin Steel Co and Yodogawa Steel Works Limited. The amount of penalty surcharge imposed on the three is the highest in price fixing cases, topping the JPY 12.9 billion slapped on 44 bridge builders in 2006 over their alleged bid rigging practices.
Nippon Steel & Sumikin was ordered to pay about a JPY 6.34 billion surcharge, Nisshin Steel about JPY 5.49 billion and Yodogawa Steel some JPY 3.68 billion.
Another steel sheet maker, JFE Galvanizing & Coating Co, was also a party to the price cartel agreements. But the company was not slapped with a surcharge because it voluntarily reported the price fixing cartel to the FTC.