Steel Mills
ArcelorMittal Pays $90 Million Settlement in Antitrust Suit
Written by Sandy Williams
June 15, 2014
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.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Cleveland-Cliffs quietly removes name from Steelton mill
The Cleveland-Cliffs name has been removed from its idled Steelton rail mill. SMU asked Cliffs about the move and if it might signal that it is selling the mill...
Nucor sees sequentially lower Q3 profits across all three business segments
Nucor's third-quarter earnings will be down quarter-over-quarter, but still higher than a year earlier.
Hyundai still on for Louisiana steel mill despite US raid at Georgia battery plant
Hyundai has reaffirmed its commitment to build a steel plant in Louisiana following a US government immigration raid at its battery facility in Georgia.
Hybar lowers output forecast, owning up to EAF startup delay
Hybar LLC’s rebar mill in Osceola, Ark., is now melting scrap and will soon be fulfilling orders, according to CEO David Stickler, despite a six-to-eight-week delay caused by commissioning the world’s first Aura electrical system.
Steel Dynamics guides to more metal, more money in Q3
Steel Dynamics Inc. is bullish heading into the close of the third quarter, with all three of its operating segments tracking higher.