Thirteen years of wire rope bid rigging...Korea, Manho, and DSR Steel Penalty 1.3 Billion

Steelmakers who have been in dispute for 13 years have been fined 1.3 billion won and some have been investigated by prosecutors for bidding for the purchase of wire rope, a rope made of iron used to move heavy objects.

The Fair Trade Commission has decided to impose a fine of 1.354 billion won on Korea Steel, Manho Steel, and DSR Steel for violating the Fair Trade Act, along with a corrective order, and Manho Steel has decided to file a complaint with the prosecution.

The three companies, which hold 90% of the market share, colluded with the private sector in 34 bids for the public sector over the past 13 years from 2009 by agreeing on potential bidders or sharing bidding prices, the FTC said.

The Fair Trade Commission said it will strengthen monitoring of steel products that have great ripple effects across the industry and take strict measures if violations of the law are caught.