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Article: ??61 mn EU fine for chemical cartel
- Article from:
- AP Online
- Article date:
- July 22, 2009
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European Union regulators on Wednesday fined seven chemical companies ??61 million for fixing the price of calcium carbide, a chemical used to make steel.
Akzo Nobel NV of the Netherlands escaped a fine because it blew the whistle on the cartel, the European Commission said.
EU Competition Commissioner Neelie Kroes said industrial customers all over Europe suffered from the cartel from 2004 to 2007. "The Commission will not tolerate such economic damage to Europe's industrial base," she said.
Slovakia-based Novacke chemicke zavody and 1.garantovana received the largest individual fine of ??19.6 million. Germany's SKW Stahl-Metallurgie and its owner ARQUES Industries were fined ??13.3 million, ...