EU to Fine Steelmakers

The European Commission is due to fine 17 steel companies Wednesday on grounds they colluded illegally to fix prices, a senior official for the commission said. Ironically, the fines will be announced the day after the commission meets industry representatives to seek cuts in production capacity as part of an attempt to haul the beleaguered sector out of trouble. Among the firms in line for fines are Arbed, British Steel, Unimetal, Saarstahl, Ferdofin, Fried Krupp-Hoesch, NMH Stahlwerke and Fundia Norske, the official said. Under European Union antitrust rules, the commission can fine firms up to 10% of their annual sales revenue.