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German auto giants BMW, Daimler, Volkswagen fined for forming steel cartel

German auto giants BMW, Daimler, Volkswagen fined for forming steel cartel
Germany's competition commission Bundeskartellamt has ordered the country’s three major automakers to pay a total fine of €100 million ($110 million) for forming a cartel to fix steel prices.

The watchdog said that BMW, Daimler and Volkswagen met twice a year with steel makers between 2004 and 2013 to set uniform surcharges for the long steel they purchased. Unlawful prices were in place until at least 2016, it said.

Also on rt.com Leading German car makers involved in decades-long price fixing cartel – media

Long steel is a crucial element used in manufacturing car parts such as crankshafts, steering rods and cogs.

The Bundeskartellamt, which has been investigating price rigging in the steel industry last year, ordered six stainless steel producers to pay €205 million for price fixing.

The authority said that the auto companies have accepted "the facts established" and the fine. Volkswagen is expected to cough up €48.7 million ($54 million). BMW said it would pay €28 million ($31 million), while Daimler will pay €23.5 million ($26 million).

Also on rt.com Luxury carmaker Porsche fined over diesel cheating

The three carmakers are still under investigation by the European Commission for allegedly colluding on emissions reduction technologies.

For more stories on economy & finance visit RT's business section

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