South Africa’s Competition Commission approved on August 22 a $110-million payment proposal by Africa’s largest steelmaker, ArcelorMittal South Africa Ltd. (AMSA), for its involvement in price fixing and market allocation for construction materials.
The settlement, said to be the largest for a single entity in South Africa, will now settle pending investigations and prosecution against the company—one of many cartel participants that fixed prices for hundreds of public-and-private construction projects in the country.