Steel Mills
October 25, 2015
Claims to be Paid in Anti-Trust Suit
Written by Sandy Williams
Claimants in a steel anti-trust suit that has been ongoing since 2008 will finally receive some satisfaction. Last week, a U.S. District Court judge in Illinois approved the distribution of settlement funds for 1,857 claims totaling almost $103.7 million.
The settlement stems from a 2008 price fixing case involving eight steel manufacturers. Standard Iron Works and four other companies filed a lawsuit against ArcelorMittal, U.S. Steel, Commercial Metals Company, AK Steel Holding Corp., Gerdau Ameristeel Corp., Nucor, Steel Dynamics and SSAB, charging the steelmakers conspired “to manipulate the supply and price of steel products sold in the United States.” The period in question stretched from April 1, 2005 to December 31, 2007.
