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US: Steelmaker spends $90M to settle price-fixing class action

 |  June 20, 2014

One of several steelmakers in the US has reportedly settled a class action lawsuit alleging the companies of colluding to fix steel product prices, reports say.

ArcelorMittal reached an agreement to pay $90 million to settle claims; three other steel companies had previously settled for a combined $15.9 million.

”ArcelorMittal continues to strongly deny any liability or wrongdoing and believes the claims are without merit,” the company said in a statement announcing the settlement.

The lawsuit was originally filed by metal fabricator Standard Iron Works; reports say an estimated 5,500 other companies that acquired steel between 2005 and 2007, could claim part of the settlement.

Full content: NWI.com

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