ThyssenKrupp - fresh cartel fine covered by existing provisions

DUESSELDORF, Germany, July 23 Tue Jul 23, 2013 5:25am EDT

Related Topics

DUESSELDORF, Germany, July 23 (Reuters) - German steelmaker ThyssenKrupp said on Tuesday the latest fine imposed by a regulator in a case involving price fixing for train track rails was already covered by existing provisions it had set aside.

Germany's federal cartel office earlier said it was imposing an additional 98 million euros ($129 million) in fines against eight companies, including 88 million for ThyssenKrupp.

In July last year, the office fined four companies - ThyssenKrupp, two units of Voestalpine and Germany's Vossloh - a combined 124.5 million euros for fixing the price of rail tracks and said it was investigating others.

($1 = 0.7580 euros) (Reporting by Tom Kaeckenhoff; Writing by Maria Sheahan; Editing by Christoph Steitz)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video