The CNMC had also sanctioned Sidenor and Balboa for two very serious violations in the scrap buying market
The National Court has provisionally suspended the implementation of the resolution of the National Commission for Markets and Competition (CNMC) that fined ArcelorMittal EUR 12.12 million, as well as the ban on the company from contracting with the administration.
In its ruling, the National High Court stated that the consequent suspension to the extent of the injunction is “subject to the provision of a guarantee in the form of a bank guarantee or other legally admissible amount for the above amount, once it has been accepted and duly drafted.” within two months of notification of the finality of this order.
Moreover, it considers that “since the scope of the measure is purely economic, it must be assumed that this interest is safeguarded by the requirement of a sufficient guarantee guaranteeing payment of the fine and thus the compensation of the State treasury in the event of a final decision to reject the source”.
The events date back to March, when the CNMC fined steel companies ArcelorMittal, Sidenor and Balboa €24 million for two very serious violations in Spain’s scrap buying market. These companies gave each other information about the prices they would offer to suppliers of scrap.
They also shared data on technical failures at their facilities to anticipate future demand for scrap, and exchanged information on third-party competitor prices received from their suppliers, which was not yet known to the market.
The competition investigation began with anonymous information sent to the European Commission about the possible existence of a cartel in the scrap procurement market.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
