France's competition authorities Tuesday slapped a record euro575 million ($776 million) in fines on 11 companies, including subsidiaries of global steel giant ArcelorMittal, for running a cartel in the steel trading sector from 1999 to 2004.
The damage to the French economy caused by the cartel amounts to "hundreds of millions of euros," France's Conseil de la Concurrence said in a statement.
ArcelorMittal steel trading subsidiary PUM Service Acier received the largest fine, euro288 million, for its role as one of three "leaders" of the cartel, said Virginie Guin, a spokeswoman for the regulator.
That makes it the largest …
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