South Korea's antitrust watchdog said Tuesday that it has fined six local cement makers a combined 199.4 billion won ($167.6 million) for fixing the prices of cement products and divvying up the market.
According to the Fair Trade Commission (FTC), cement companies have allegedly colluded to rig the prices of cement products by controlling output and market share in 2011.
The suspected companies are Ssangyong Cement Industry Co., Tongyang Cement & Energy Corp., Hanil Cement Co., Sungshin Cement Co., Hyundai Cement Co. and Asia Cement Co.
Ssangyong was set to take 22.9 percent of the total market share, while Tongyang and Hanil were in charge of 15.1 percent and 14.9 percent, respectively.
"Managers of the six companies had regular monthly meetings to oversee whether or not the members comply with the arranged shipments," said the FTC.
The prices of cements surged 43 percent to 66,000 won per ton in April, 2012 from 46,000 won per ton in March, 2011.
Industry leader Ssangyong was slapped with 87.6 billion won in fines, followed by Hanil with 44.6 billion won and Sungshin with 43.7 billion won.
Tongyang was exempted from the penalty, as the cement maker has been under court receivership since October 2013.
The FTC said that it will strictly crack down on price-rigging practices in backbone industries to build sound market order and fair competition. (Yonhap)
According to the Fair Trade Commission (FTC), cement companies have allegedly colluded to rig the prices of cement products by controlling output and market share in 2011.
The suspected companies are Ssangyong Cement Industry Co., Tongyang Cement & Energy Corp., Hanil Cement Co., Sungshin Cement Co., Hyundai Cement Co. and Asia Cement Co.
Ssangyong was set to take 22.9 percent of the total market share, while Tongyang and Hanil were in charge of 15.1 percent and 14.9 percent, respectively.
"Managers of the six companies had regular monthly meetings to oversee whether or not the members comply with the arranged shipments," said the FTC.
The prices of cements surged 43 percent to 66,000 won per ton in April, 2012 from 46,000 won per ton in March, 2011.
Industry leader Ssangyong was slapped with 87.6 billion won in fines, followed by Hanil with 44.6 billion won and Sungshin with 43.7 billion won.
Tongyang was exempted from the penalty, as the cement maker has been under court receivership since October 2013.
The FTC said that it will strictly crack down on price-rigging practices in backbone industries to build sound market order and fair competition. (Yonhap)
