Illegal price fixing costs ArcelorMittal $110 million

Steelmaker ArcelorMittal in South Africa has agreed to pay a $110-million fine for illegal price fixing, the country`s competition commission announced Monday.

The Competition Commission launched a probe into steel producers in the country in 2008 following concerns around high steel products, and found that the company colluded with its competitors in "fixing" prices and allocation of customers.

The company "admits having been involved in the long steel and scrap metal cartels, and agrees to pay an administrative penalty of 1.5 billion rand," it said in a statement.

The local unit of the world`s top steel maker will pay the fine in five annual instalments of at least 300 million rand.