ArcelorMittal fined $415 mn by French competition council

The French competition council today slapped a fine of about 302 million euros on ArcelorMittal, the steel giant led by the India-born Lakshmi Mittal, after a four-and-a-half-year probe into anti-competitive practices in steel sector.

The French competition council on Tuesday slapped a fine of about 302 million euros ($415 million) on ArcelorMittal, the steel giant led by the India-born Lakshmi Mittal, after a four-and-a-half-year probe into anti-competitive practices in steel sector.

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"The Conseil de la Concurrence (the French competition council) has imposed 301.78 million euros fine on French subsidiaries of ArcelorMittal active in steel distribution (in France)," the company said in a statement.

Three of the ArcelorMittal's group firms - PUM Service Acier, Arcelor Profil, AMD Sud Ouest - which operate in the region were fined 288 million euros ($396 million), 12.95 million euros ($18 million) and 830,000 euros ($1.1 million) respectively.

The statement said the company "takes matters of this nature extremely seriously and has a rigorous global compliance programme in place to combat anti-competitive practices".