U.S. Steel to settle price-fixing lawsuit

Jul 09, 2014 | 04:36 PM | Nat Rudarakanchana

Tags  U.S. Steel, Mario Longhi, settlement, steel, antitrust lawsuit, Standard Iron Works, Eastern States Steel, ArcelorMittal John P. Surma

NEW YORK — U.S. Steel Corp. has agreed to pay $58 million to settle a 2008 lawsuit that alleged the company conspired with others to fix steel prices.

The Pittsburgh-based company will pay the amount into a settlement fund that now totals $163.9 million, according to documents filed in U.S. District Court in Illinois.

Luxembourg-based ArcelorMittal SA recently agreed to pay $90 million to settle the same case (amm.com, June 13), the highest amount among those companies that have settled. West Chester, Ohio-based AK Steel Corp., Tampa, Fla.-based Gerdau Ameristeel Corp. and Irving, Texas-based Commercial Metals Co. (CMC) have agreed to pay a combined $15.9 million.....

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