Germany fines BMW, Daimler, Volkswagen for forming steel cartel

From 2004 to 2013, the carmakers regularly met steelmakers and other companies in the supply chain to discuss uniform surcharges when purchasing steel, the cartel office has said.
By : Reuters
| Updated on: 21 Nov 2019, 16:42 PM
Image used for representational purpose. (AFP)
Image used for representational purpose. (AFP)
Image used for representational purpose. (AFP)
Image used for representational purpose.

BERLIN : Germany's cartel authority said on Thursday it was fining the country's three major carmakers - BMW, Volkswagen and Daimler - a total of 100 million euros for forming a cartel to buy steel.

From 2004 to 2013, the carmakers regularly met steelmakers and other companies in the supply chain to discuss uniform surcharges when purchasing steel, the cartel office said.

Unlawful prices resulting from the cartel were paid until at least 2016, it added.

Trending Cars

Find More Cars

The carmakers accepted the fines.

BMW said it would pay a penalty amounting to 28 million euros. Daimler will have to pay 23.5 million euros, a spokeswoman said.

Volkswagen, Germany's biggest carmaker, declined to comment on the amount it would pay but welcomed the end of the cartel probe and the legal clarity created.

FOLLOW US:Stay Updated with latest content - Subscribe us on
FOLLOW US:Stay Updated with latest content - Subscribe us on

The cartel office said that purchasing prices for long steel products - the steel type affected by the cartel and which is used for crankshafts, gearwheels or steering rods - account for less than 1% of a car's final value.

First Published Date: 21 Nov 2019, 16:42 PM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city