AMSA, Competition Commission agree to payment plan for outstanding funds under 2016 settlement
Steel producer ArcelorMittal South Africa (AMSA) says it has agreed to a payment plan with the Competition Commission, subject to confirmation by the Competition Tribunal, for the payment of outstanding funds under a 2016 settlement agreement with the commission.
The payment plan staggers the payments of the remaining portion of the administrative penalty under the settlement agreement over the period from 2022 to 2028.
AMSA has made the first payment under the payment plant, with the next payment in respect of this year due on or before December 31.
The steel producer in 2016 agreed to pay a R1.5-billion penalty for its involvement in long steel and scrap metal cartels.
"AMSA has, pursuant to the settlement agreement, embarked on a number of interventions to strengthen competition law compliance.
"The company can confirm that it will continue with such interventions, which include additional training, communication and monitoring, to ensure competition law compliance continues to remain a priority focus area for management and board of directors," it states.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation