ArcelorMittal SA to pay R1.5 billion fine in installments
The Competition Commission says ArcelorMittal SA can pay off its R1.5 billion fine in installments
ArcelorMittal SA has reached an agreement with the Competition Commission to not only pay off its fine in installments, but also to divide the first amount due into three part-payments of R100 million each.
The company was fined R1.5 billion for colluding to fix steel prices. It agreed last year to pay the record fine in five annual instalments of no less than R300 million each. According to Reuters, it has thus far paid R100 million and will pay a second and third instalment on 1 April and 1 July, before reverting to annual payments of at least R300 million, as agreed.
In addition to the hefty fine, the Competition Commission imposed a five-year-long ten percent cap on the company’s EBIT margin on domestic sales of flat steel products.
Pictured: newly appointed CEO Kobus Verster