November 21, 2019 / 10:28 AM / 24 days ago

Germany fines BMW, Daimler, Volkswagen for forming steel cartel

BERLIN, Nov 21 (Reuters) - Germany’s cartel authority said on Thursday it was fining the country’s three major carmakers - BMW, Volkswagen and Daimler - a total of 100 million euros ($110.84 million) for unlawful actions in relation to steel purchases.

The carmakers unlawfully coordinated on the prices they paid for steel from suppliers, the cartel office said in a statement, adding that the resulting prices were paid until at least 2016.

All three companies accepted what the cartel office determined, it added.

$1 = 0.9022 euros Reporting by Tassilo Hummel Editing by Michelle Martin

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