ArcelorMittal agrees to pay $90M to settle suit

Jun 13, 2014 | 04:35 PM | Nat Rudarakanchana

Tags  settlement, steel, antitrust lawsuit, price-fixing, ArcelorMittal, Arcelor, ArcelorMittal USA, Standard Iron Works Nat Rudarakanchana

NEW YORK — ArcelorMittal SA and its U.S. subsidiary have agreed to pay $90 million to settle a 2008 lawsuit alleging that the companies and other major steel producers conspired to fix steel prices, according to documents filed in U.S. District Court in Illinois.

Chicago-based ArcelorMittal USA LLC’s settlement is significantly higher than settlements reached earlier this year by other steelmakers, including AK Steel Corp., Gerdau Ameristeel Corp. and Commercial Metals Co. (CMC) (amm.com, May 23)

West Chester, Ohio-based AK Steel, Tampa, Fla.-based Gerdau and Irving, Texas-based CMC paid a combined $15.9 million to settle the claims.

"ArcelorMittal continues to strongly deny any liability or wrongdoing and believes the claims are without merit," an ArcelorMittal representative told AMM. "In order to avoid further costs and distraction of management resources, as well as to mitigate further risk, ArcelorMittal agreed to a settlement."....





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