Steel Mills
US Steel to Pay $58 Million in Antitrust Settlement
Written by Sandy Williams
July 10, 2014
US Steel agreed in a Northern Illinois federal court on Tuesday to pay $58 million to settle a class action lawsuit filed in 2008 by Standard Iron Works on behalf of direct purchasers of steel products. The suit 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 U.S. Steel, ArcelorMIttal, Nucor, Gerdau, AK Steel, Steel Dynamics Inc., SSAB and Commercial Metals Company (CMC). There are still three mills who have not yet settled: Nucor, SDI and SSAB.
The US Steel settlement follows previous settlements by ArcelorMittal ($90 million), AK Steel ($5.8 million), Gerdau ($6.1 million), and Commercial Metals Company ($4 million).
US Steel and attorneys for Standard Iron Works declined comment.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Cliffs opens June spot order book at $910/ton HR
Cleveland-Cliffs opened its June order book for spot material at $910 per short ton (st).
Op-Ed: Ternium CEO Máximo Vedoya wants a fair future forged in steel
After recently receiving an industry honor on behalf of Ternium, I had the opportunity to reflect and share my vision on the state and future of our industry.
Nippon eyeing new $4B U.S. Steel mill to sweeten deal: Report
Nippon Steel could build a new domestic U.S. Steel mill with a total investment of $4 billion.
Nucor cuts CSP by $20/ton, third straight drop
Nucor has lowered its consumer spot price by $20 per short ton, marking the third consecutive weekly decrease.
Nucor reports IT systems breach
Nucor said it temporarily and proactively halted some production operations at various locations.