Five metallurgical companies in South Korea were fined about $ 300 million for a monopoly pricing conspiracy. Among the fined firms, the largest steel manufacturer of this country is Posco.
Posco and its Posco Specialty Steel department presented a fine in the amount of more than 110 million dollars (117 billion 600 million won). According to the special commission of the control of free trade in South Korea, the country's metallurgical enterprises agreed on the minimum price for a steel sheet in order to increase its value. Monopoly prices were also recorded for galvanizing and coating steel.
Representatives of Posco disagree with the charges and filed an appeal to the decision of the fair trade commission in South Korea.
The largest South Korean metallurgical company Posco was fined for dishonest competition
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