Australia’s full federal court of Australia upheld a record fine of $ 57.5 million against the Australian manufacturer Bluescope Steel, confirming the company's participation in an attempt by a cartel conspiracy. The resolution also provides for a fine of $ 500,000 against the former CEO of Jason Ellis, which is the most severe punishment that has ever imposed for violation of competition legislation in Australia.
The background of the case
from September 2013 to to June 2014, Bluescope and Ellis tried to convince eight steel distributors in Australia, as well as the Taiwanese manufacturer Yieh Phui, agree on an agreement to establish prices for flat steel products.
The Australian Commission for Competition and Protection of Consumer Rights (ACCC) claimed that Ellis and other representatives tried to encourage competitors to use information about Bluescope prices as a guide, effectively undermining the competition and potentially overstating prices for steel in the market.
Court's decisionfull court rejected the appeal as from Bluescope, and from Ellis, confirming earlier conclusions of December 2022 and August 2023. The fines remain as follows:
- Bluescope Steel: $ 57.5 million (record fine)
- Jason Ellis: a fine of $ 500,000
ACCC
ACCC acting chairman Catrion Law welcomed the importance of the compulsory performance of the cartel: “This case concerned the cartel attempt, which could, if successful could have been successful
