The European Commission, Wednesday imposed fines totaling 518.47 million euros on 17 prestressing steel producers for implementation of agreements on price fixing and market sharing for about two decades. The largest fine of 276.48 million euros was imposed on ArcelorMittal (MT), the highest-profile member of the cartel, however the company received a 20% reduction for its co-operation to the investigations.
In addition, Spain-based group including Emesa, Galycas and ArcelorMittal was fined 40.80 million euros, with 5% reduction.
The Commission revealed that the fined steel producers operated a cartel covering most EU states, except the United Kingdom, Ireland and Greece. In the cartel, the companies set quotas and individual prices, allocated customers and exchanged sensitive commercial information. In addition, they set agreements on prices and customers through a quota system of national coordinators and bilateral contacts.
The cartel agreement was initially made at the meeting held in Zurich, Switzerland and the agreement was designated as 'Club Zurich'. It was then renamed 'Club Europe'. The cartel also had two regional interconnected branches in Italy and in Spain / Portugal and involved 36 companies from 17 different business groups.
The Commission found that the involved companies usually met on the sidelines of official business meetings in hotels across Europe and said it can demonstrate the holding of more than 550 such meetings.
The cartel, which is in violation of Article 101 of the Treaty on the Functioning of the EU, ended in 2002 when cartel member DWK / Saarstahl revealed its existence in it under the leniency program of the EU introduced the same year and the Commission carried out unannounced inspections at the premises of suspected members.
Following the commission's announcement, ArcelorMittal responded after an initial review that it estimates the fines imposed on subsidiary companies of the Group to be about EUR 315 million. The company added that it will review the decision in detail and respond within the time limits provided on receipt of the full Commission decision. The company plans for options including appeal.
Other steel producing groups in the cartel are Emesa/Galycas, GlobalSteelWire/Tycsa and Proderac in Spain, Companhia Previdente/Socitrel and Fapricela in Portugal, Nedri/HIT Groep in the Netherlands, WDI/Pampus and DWK/Saarstahl in Germany, Voestalpine Austria Draht, Rautaruukki/Ovako in Sweden/Finland, Italcables/Antonini, Redaelli, CB Trafilati Acciai, ITAS, Ori Martin/Siderurgica Latina Martin and Emme Holding in Italy.
MT is currently trading at $27.43, down $0.17 or 0.62%, on a volume of 2.096 million shares on the NYSE.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.