Steel manufacturer
The penalty ordered by the Federal Court today is the highest penalty ever imposed for cartel conduct in
The Court also imposed a
In
"This should serve as a strong warning to all businesses and individuals that attempting to fix prices with competitors will have very serious consequences, even if the attempt fails and they do not reach an agreement," ACCC Commissioner
"We welcome this substantial penalty against BlueScope. It is important that penalties are sufficiently large to deter even large companies and their employees from breaching
"Cartel conduct is illegal because it cheats Australians by increasing the prices consumers and business customers have to pay, and by restricting healthy economic growth,"
"If BlueScope had been successful in reaching an agreement to fix prices with its competitors, this would have reduced price competition and increased prices for flat steel products which are widely used in the construction, manufacturing, automotive and transport industries."
He found that the conduct by BlueScope was of a serious kind, was carried out at a senior level of the company, had the potential to occasion significant loss and damage and to deliver substantial financial gain to BlueScope.
BlueScope and
Background
BlueScope is the major manufacturer of flat steel products in
In
In
In
The next highest cartel penalty imposed by the Federal Court was a
A cartel exists when businesses agree to act together instead of competing with each other. Conduct can include price fixing, sharing markets, rigging bids and controlling the output or limiting the amount of goods and services. More information on cartel conduct can be found on the ACCC's website at Cartels.
The ACCC investigates cartel conduct, manages the immunity process and, in respect of civil cartel contraventions, takes proceedings in the Federal Court.
For corporations, the maximum fine for each cartel contravention before
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- three times the total benefits that have been obtained and are reasonably attributable to the commission of the offence, or
- if the total value of the benefits cannot be determined,10 per cent of the corporation's annual turnover connected with
An individual found to have been involved in civil cartel conduct before
The maximum fines and civil penalties for cartel conduct by corporations were substantially increased with effect from
Anyone who thinks they may be involved in cartel conduct is urged to call the ACCC Cartel Immunity Hotline on (02) 9230 3894. More information about the immunity process is available on the ACCC website at Cartels.
Suspected cartel conduct can also be reported by using the ACCC's anonymous cartel portal, or by using the ACCC's online form to make a general enquiry.
https://www.accc.gov.au
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(C) 2023 M2 COMMUNICATIONS, source