Steelmakers could turn against rivals in lawsuit

May 23, 2014 | 07:40 PM | Nat Rudarakanchana

Tags  settlement, steel, class-action lawsuit, antitrust, steel antitrust, Commercial Metals, CMC, Gerdau AK Steel

NEW YORK — AK Steel Corp. and Gerdau Ameristeel Corp. could help steel fabricators in a federal antitrust lawsuit by providing information against other defendants if a legal settlement scheduled for a July 10 hearing in U.S. District Court in Illinois is approved.

If the settlement is implemented, West Chester, Ohio-based AK Steel and Tampa, Fla.-based Gerdau will assist the plaintiff steel consumers with witnesses for interviews as well as documents.

Scranton, Pa.-based Standard Iron Works filed the original lawsuit in September 2008 alleging that eight major steelmakers colluded to restrict steel production and influence prices.....

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