ArcelorMittal Pays $90 Million Settlement in Antitrust Suit

ArcelorMittal has agreed to pay a $90 million settlement in an antitrust lawsuit brought in the US District Court of the Northern District of Illinois.

The class action lawsuit, filed in 2008 by Standard Iron Works on behalf of direct purchasers of steel products, alleged that eight U.S. steel producers violated federal antitrust laws by restricting production of steel products between 2005 and 2007 for the express purpose of raising steel prices. The defendants in the case included ArcelorMIttal, Nucor, U.S. Steel, Gerdau, AK Steel, Steel Dynamics, SSAB and Commercial Metals Company (CMC).