Germany fines BMW, Daimler, Volkswagen for forming steel cartel

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BERLIN (Reuters) – Germany’s cartel authority said on Thursday it was fining the country’s three major carmakers – BMW (DE:), Volkswagen (DE:) and Daimler (DE:) – 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.

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