Fabricator claims eight steel firms fixed prices
Sep 16, 2008 | 12:04 PM
| Corinna Petry
A steel fabricator has filed a class-action lawsuit alleging that eight major U.S. steel producers "conspired to fix, raise, maintain and stabilize the price at which steel products were sold in the United States" since January 2005.
The effect was to "artificially restrict the supply of steel products in the United States, thereby allowing (the) defendants to charge supra-competitive prices to the plaintiff class," according to the lawsuit filed in the U.S. District Court for Northern Illinois by Standard Iron Works, Scranton, Pa.
The company alleges that ArcelorMittal USA Inc., U.S. Steel Corp., Nucor Corp., Gerdau Ameristeel Corp., Steel Dynamics Inc., AK Steel Holding Corp., SSAB Swedish Steel Corp. and Commercial Metals Co. (CMC). "met with each other to discuss the need to impose industry production 'discipline' and to 'adjust their production rates so the price of steel doesn't drop'." ....
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