BlueScope Steel sued for allegedly attempting to fix prices

Company News

by Rachael Jones

BlueScope Steel (ASX:BSL) informed the ASX today that the Australian Competition and Consumer Commission (ACCC) has started civil proceedings against them and their former employee Jason Ellis alleging contraventions of the Australian competition law cartel provisions.

The proceedings relate to conduct that allegedly involve Mr Ellis, during the period September 2013 to June 2014, attempting to induce various steel distributors in Australia and overseas manufacturers to enter agreements containing a price fixing provision.

The ACCC has not alleged that an agreement was reached or that an agreement was implemented.

Shares in BlueScope Steel (ASX:BSL) trading 0.65 per cent higher at $12.37.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.