German Auto Makers Fined Over Steel-Buying Practices

Date : 11/21/2019 @ 10:59AM
Source : Dow Jones News
Stock : Bayerische Motoren Werke AG (BMW)
Quote : 44.865  0.0 (0.00%) @ 1:00AM
Bayerische Motoren Werke share price Chart

German Auto Makers Fined Over Steel-Buying Practices

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   By Max Bernhard 
 

Germany's antitrust regulator said Thursday that it fined car makers BMW AG (BMW.XE), Daimler AG (VOW.XE) and Volkswagen AG (VOW.XE) a total of 100 million euros ($110.7 million) for anticompetitive practices in purchasing steel products.

"From 2004 to the end of 2013, representatives of BMW, Daimler and Volkswagen met regularly twice a year with steel manufacturers, forges and major system suppliers to discuss uniform price surcharges for the purchase of long steel," the Federal Cartel Office said.

The authority said that steel suppliers unilaterally changed their pricing models, sometimes threatening to stop supply, after which the car makers agreed to the changes and the meetings started.

"The companies have acknowledged the facts established by the Federal Cartel Office as correct and have agreed to an amicable termination of the proceedings," it noted.

The proceedings are unrelated to EU investigations against various car manufacturers on suspicion of collusion on emissions technologies, added.

 

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

 

(END) Dow Jones Newswires

November 21, 2019 05:44 ET (10:44 GMT)

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