ArcelorMittal SA to pay ZAR1.5 billion competition commission fine

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Africa’s leading steel producer, ArcelorMittal South Africa, one of the continent’s major steel producer confirms that the Competition Tribunal has amendment of its payment plan for a ZAR1.5 billion fine for collusion.

In December, ArcelorMittal SA said it had reached an agreement with the Competition Commission, which was subject to confirmation by the Competition Tribunal, to divide the first payment of the fine into three tranches of ZAR100 million rand each.

The company said the Commission had taken into account its financial woes amid the pressure facing the local and global steel industry.

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 15 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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