Schnitzer Korea unit pleads guilty, will pay $7.5M to end payola probe

Oct 17, 2006 | 10:38 AM | Michael Marley

Schnitzer Steel Industries Inc. said its South Korean subsidiary has pleaded guilty to U.S. Justice Department charges in connection with improper payments to scrap purchasing managers at foreign steel mills and will pay a fine of $7.5 million.

Portland, Ore.,-based Schnitzer said in a statement issued late Monday that the allegations against SSI International Far East Ltd., its Korean unit, included violations of the anti-bribery and books and records provisions of the Foreign Corrupt Practices Act, as well as conspiracy and wire fraud.....

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