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