The body that monitors competition in Spain has verified that the three exchanged data relating to the future purchase prices that they intended to offer to their suppliers of ferrous scrap, as well as on the technical stoppages of their steel mills.
The National Commission of Markets and Competition, the body that monitors competition in Spain, has fined €24 million to the steel companies Balboa, Sidenor and Arcelormittal for exchanging sensitive information that affected the correct behavior of the competition in the market for the purchase of ferrous scrap.
As reported on Monday by the CNMC, these companies information was exchanged on the prices they would offer to suppliers of ferrous scrap.
In addition, they shared data on the technical stoppages of their facilities in order to anticipate future demand for scrap, and they exchanged information on the prices of third-party competitors obtained from their suppliers, which was not yet public to the market.
With this, explains the CNMC, they were able to anticipate reductions in the level of demand scrap and further restrict competition.
Said data exchanges took place, on the one hand, between Siderúrgica Balboa and Sidenor Aceros Especiales, on the one hand, and between Sidenor and Arcelormittal Aceralia Basque Holding (Arcelormittal), on the other hand, adds the CNMV, which had access to this information through an anonymous communication filed with the European Commission.
Source: Eitb
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