logo
Plus   Neg
Share
Email

Steel Dynamics To Settle Antitrust Lawsuit For $4.6 Mln - Quick Facts

Steel Dynamics, Inc. (STLD) said it has entered into an agreement to settle the direct purchaser class action litigation, Standard Iron Works v. Arcelor Mittal, et al, for $4.6 million.

The antitrust lawsuit was brought in Chicago federal court in 2008 by a class of direct steel purchasers, alleging that the company had participated in a conspiracy with other steel manufacturers to restrict steel production. A Motion for Summary Judgment, earlier filed by Steel Dynamics, was pending at the time of settlement.

The settlement requires preliminary and final approval by the Court, which the company anticipates it will receive.

Mark Millett, President and Chief Executive Officer said, "While we had great confidence that we would prevail on the facts and the law, we felt it was prudent at this time to exit this costly, protracted and distracting litigation. We maintained at all times that the lawsuit was without merit and that we did not conspire to limit steel production."

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Retail giant Walmart Inc. and its India-based e-commerce site Flipkart said Tuesday that Binny Bansal has resigned as chief executive officer of Flipkart Group, effective immediately. Bansal's decision to step down follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of "serious personal misconduct." Bansal has strongly denied the allegation. Tyson Foods, Inc. (TSN) reported fourth-quarter adjusted net income per share attributable to Tyson of $1.58 compared to $1.43, prior year. The company noted that the lower enacted tax rates positively impacted the fourth quarter adjusted EPS by $0.20. On average, 14 analysts polled by Thomson Reuters... British telecom giant Vodafone Group Plc reported Tuesday a hefty loss in its first half, compared to prior year's profit, mainly reflecting impairment charges and weak revenues. Looking ahead for fiscal 2019, the company narrowed its EBITDA growth view, and said it sees organic service revenue growth to be slightly higher. Vodafone Shares were trading around 9 percent higher in London.
Follow RTT