Germany fines BMW, Daimler, Volkswagen for forming steel cartel

Germany fines BMW, Daimler, Volkswagen for forming steel cartel
  • Clock-gray 14:50
  • calendar-gray 21 November 2019

Germany’s cartel authority said on Thursday it was fining the country’s three major carmakers - BMW (BMWG.DE), Volkswagen (VOWG_p.DE) and Daimler (DAIGn.DE) - a total of 100 million euros ($110.84 million) for unlawful actions in relation to steel purchases, APA reports citing Reuters.

The carmakers unlawfully coordinated on the prices they paid for steel from suppliers, the cartel office said in a statement, adding that the resulting prices were paid until at least 2016.

All three companies accepted what the cartel office determined, it added.

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