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Six cement makers fined for price fixing

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World Cement,

South Korea's antitrust watchdog has announced that it has fined six local cement makers a combined US$167.6 million for fixing the prices of cement products and sullying the market.

According to the Fair Trade Commission (FTC) in South Korea, the cement companies have allegedly conspired to rig the prices of cement products by controlling output and market share in 2011.

The suspected companies are Ssangyong Cement Industry Co., Tongyang Cement & Energy Corp., Hanil Cement Co., Sungshin Cement Co., Hyundai Cement Co. and Asia Cement Co.

Ssangyong was set to take 22.9% of the total market share, while Tongyang and Hanil were in charge of 15.1% and 14.9%, respectively.

The prices of cements increased by 43% to 66 000 won per t in April, 2012 from 46 000 won per t in March, 2011.

Industry leader Ssangyong was fined 87.6 billion, followed by Hanil with 44.6 billion won and Sungshin with 43.7 billion won.

Edited from sources by Joseph Green. Source: Global Post, Korea Herald, Korea Times

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