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    Market Segment

    April 2, 2014

    Nucor and Reliance Steel to Appeal Antitrust Settlement Awarded to MM Steel

    Written by Sandy Williams

    A Houston, Texas jury returned a verdict for $52 million in damages against Nucor Corp., Reliance Steel & Aluminum Co., its unit Chapel Steel Corp., American Alloy Steel Inc., and JSW Steel Inc. in an antitrust lawsuit brought by former plate steel distributor MM Steel, LP.  SSAB was also named in the lawsuit but settled its dispute with MM Steel last month and was dismissed from the case.

    MM Steel claimed the defendants conspired to boycott selling plate steel to MM Steel which forced the company out of business in 2012. The federal court awarded MM Steel $52 million in damages against all defendants jointly and individually, an amount that is subject to trebling (tripling) under anti-trust law. It is unknown at this time how much each company will pay.

    Sandy Williams

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