Three Colombian cement producers are facing allegations of price fixing by the country’s competition authorities. Holcim Colombia, Cementos Argos, and Cemex are facing sanction for allegedly collaborating to raise the price of cement between 2010 and 2013.
Cementos Argos rejected the findings, however, arguing that the rise in cement prices was a natural result of high demand during period of economic expansion. In addition, the company noted that taking a longer-term perspective shows cement prices rising well below inflation and the increase in the minimum wage.
“For example,15 years ago, a Colombian could but 18 sacks of cement with a minimum wage; today he can buy 35,” the company said in a statement.
The company said it would continue to cooperate with the investigation but that it expected its arguments to “be taken into account when evaluating the recommendation” to sanction the companies.