ArcelorMittal SA can pay off R1.5bn penalty for collusion
The Competition Tribunal has confirmed that ArcelorMittal SA can pay off an initial R300m annual penalty in tranches of R100m, in the first year of five years paying off a R1.5bn fine imposed for market fixing. A first payment due in November 2017 has already been paid, with subsequent payments due to be paid on April 1 2018 and July 1 2018. The amended agreement takes pressure off the balance sheet of SA’s largest steel producer, which posted a loss of R5.1bn for the year to December 2017. "Taking into account the company’s financial position resulting largely from the tough trading conditions in the global and local steel industries, the Competition Commission agreed to divide ArcelorMittal’s anticipated 2017 payment into three separate tranches," the company said on Thursday. In late 2016, ArcelorMittal SA concluded a settlement agreement with the Competition Commission, agreeing to pay R1.5bn, plus interest, for market manipulation. The agreement was confirmed by the tribunal in...
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