Market Segment
June 15, 2014
ArcelorMittal Pays $90 Million Settlement in Antitrust Suit
Written by Sandy Williams
ArcelorMittal has agreed to pay a $90 million settlement in an antitrust lawsuit brought in the US District Court of the Northern District of Illinois.
The class action lawsuit, filed in 2008 by Standard Iron Works on behalf of direct purchasers of steel products, alleged that eight U.S. steel producers violated federal antitrust laws by restricting production of steel products between 2005 and 2007 for the express purpose of raising steel prices. The defendants in the case included ArcelorMIttal, Nucor, U.S. Steel, Gerdau, AK Steel, Steel Dynamics, SSAB and Commercial Metals Company (CMC).
ArcelorMittal’s settlement agreement is higher than the combined settlement of $15.9 million by AK Steel, Gerdau and CMC who individually paid $5.8 million, $6.1 million and $4 million, respectively.
“ArcelorMittal continues to strongly deny any liability or wrongdoing and believes the claims are without merit,” said an ArcelorMittal spokesperson. “In order to avoid further costs and distraction of management resources, as well as to mitigate further risk, ArcelorMittal agreed to a settlement with the plaintiff class.”
