Ford, GM opt out of steel antitrust settlement

Jul 15, 2014 | 04:21 PM | Nat Rudarakanchana

Tags  steel, ArcelorMittal, Ford Motor, General Motors, automotive, U.S. Steel, Gerdau, AK Steel Commercial Metals

NEW YORK — Ford Motor Co. and General Motors Co. have opted out of a multimillion-dollar legal settlement over claims that U.S. steelmakers unfairly fixed steel prices, although it is unclear why the automakers have denied themselves some initial compensation.

Eight major U.S. steelmakers were named in a 2008 federal antitrust lawsuit, which alleged that the steelmakers conspired to reduce production and fix steel prices. So far, five companies have settled for a collective $163.9 million: Luxembourg-based-based ArcelorMittal SA, Pittsburgh-based U.S. Steel Corp., Tampa, Fla.-based Gerdau Ameristeel Corp., Irving, Texas-based Commercial Metals Co. (CMC) and West Chester, Ohio-based AK Steel Corp. (, July 9). ....

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