US steel pays $58 million for settling antitrust lawsuit
Steel News | 2014-07-10 08:39:52
US Steel agreed to pay $58 million to resolve a class action lawsuit filed in 2008 in Northern Illinois federal court.
By Paul Ploumis
WASHINGTON (Scrap Monster): US Steel agreed to pay $58 million to resolve a class action lawsuit filed in 2008 in Northern Illinois federal court. The lawsuit was filed by Standard Iron Works for direct steel product purchasers.
It alleged that eight American steel producers violated the federal antitrust laws by limiting the steel products production between 2005 and 2007 for raising the steel prices.
The defendants in the lawsuit include U.S. Steel, Nucor, Arcelor Mittal, AK Steel, Gerdau, SSAB, Steel Dynamics Inc, and Commercial Metals Company (CMC).
The US Steel settlement follows previous settlements by Arcelor Mittal ($90 million), AK Steel ($5.8 million), Gerdau ($6.1 million), and Commercial Metals Company ($4 million).
