The Federal Court of Australia has dismissed BlueScope’s appeal against civil proceedings initiated by the Australian Competition and Consumer Commission (ACCC). The case concerned price fixing allegations, which had initially resulted in the steel manufacturer being fined $57.5 million. BlueScope is a global steel company that manufactures and markets a range of steel products and solutions. It serves customers in building and construction, manufacturing, and other industries.
BlueScope has informed the market that it accepts the court’s decision, effectively bringing the long-running legal matter to a close. The ACCC had alleged that between September 2013 and June 2014, BlueScope attempted to persuade various steel distributors, both within Australia and among overseas manufacturers, to enter into agreements that contained a price fixing provision.
The initial ACCC investigation and subsequent court proceedings have been closely watched by industry participants and regulatory bodies alike. The dismissal of the appeal marks the end of a significant chapter for BlueScope in relation to these allegations. Investors reacted modestly to the news; shares in BlueScope experienced a slight increase of 0.4 per cent on Friday.
