• Germany's news in English

ThyssenKrupp fined €103 million for price-fixing

The Local · 5 Jul 2012, 13:08

Published: 05 Jul 2012 13:08 GMT+02:00

Facebook Twitter Google+ reddit

Essen-based corporation ThyssenKrupp received by far the largest of the fines - €103 million of a total of €124.5 million handed out - after an investigation that lasted over a year.

The company is believed to have formed a cartel and fixed the price for track steel over several years. The biggest victim was German rail operator Deutsche Bahn, but tracks were also sold in Switzerland and Austria.

"The track producers gave each other virtually constant proportions of the Deutsche Bahn orders for years," cartel office president Andreas Mundt said in a statement. The cartel had "observed order quotas, divided up orders among themselves and fixed prices to manipulate the bidding," he added.

The other companies implicated were Hamburg Stahlberg Roensch, part of the Vossloh corporation, which received a fine of €13 million, and two subsidiary companies of Austrian steel corporation Voestalpine, who have to pay €8.5 million.

The fine only concludes the first part of the investigation, which is now turning its attention to other steel giants. Altogether, seven companies from five different countries are thought to have been involved.

"The Federal Cartel Office will now shift the focus of investigations in the railway track case onto other areas," said Mundt.

The companies still have the option of appealing against the fines. If they do, the case will go before a regional court in Dusseldorf.

Story continues below…

The Local/DAPD/AFP/bk

The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

14:01 July 5, 2012 by lucksi
A hundred million fine. Nevermind that due to the price fixing DB overpaid more than that in a single year.

I wonder what will come due to the fine. Will some managers see jail? Will they receive smaller bonuses? Or will some workers be fired or prices be raised to make up for the fine?
09:51 July 6, 2012 by AlexR
No surprises here. ThyssenKrupp together with Ferrostaal is also involved in the submarine deal scandal in Greece, one of two the biggest scandals in Greece the past two decades -the other one involved again a German company, Siemens. German prosecutors are investigating whether millions of euros in bribes were paid to Greek officials. And at the moment, the Greek ex minister of Defense is in jail.

"The Submarine Deals That Helped Sink Greece"

Today's headlines
Student fined for spying on women via their webcams
Photo: DPA

Student from Munich fined €1,000 for spying on 32 different computers, using their webcams to take photographs, or record their keyboard history.

This is how much startup geeks earn in Germany
Photo: DPA

A comprehensive new survey of 143 startup founders shows how much you are likely to be earning at a German startup, from entry level all the way up to sitting on the board.

Man dies after beating for peeing near Freiburg church
The Johannes Church in Freiburg. Photo Jörgens Mi/Wikipedia

A middle-aged man from southern Germany has died after being attacked by a group of men who took umbrage with the fact he was urinating in the vicinity of a church.

The Local List
Seven German celebrities with uncanny doppelgängers
Former Berlin mayor Klaus Wowereit and actor Alec Baldwin. Photo: DPA; Gage Skidmore, Wikimedia Commons

Check out these seven look-a-likes of well known German figures - we admit that some are more tenuous than others...

Israel seeks to buy three new German submarines: report
A Dolphin class submarine. Photo: DPA

Israel is seeking to buy three more advanced submarines from Germany at a combined price of €1.2 billion, an Israeli newspaper reported Friday.

Here’s where people live the longest in Germany
Photo: DPA

Germans down south seem to know the secret to a long life.

More Germans identify as LGBT than in rest of Europe
Photo: DPA

The percentage of the German population which identifies as lesbian, gay, bisexual or transgender is higher than anywhere else in Europe, according to a new study.

'Reichsbürger' pair attack police in Saxony-Anhalt
File photo: DPA.

A "Reichsbürger" and his wife attacked police officers on Thursday, just a day after another Reichsbürger fatally shot an officer in Bavaria.

Five things not to miss at the Frankfurt Book Fair
Photo: DPA

From consulting a book doctor to immersing yourself in an author's world with the help of virtual reality, here are five things not to miss at this week's Frankfurt Book Fair, the world's largest publishing event.

Parents who don't get nursery spot for kid entitled to pay
Photo: DPA

The Federal Court of Justice (BGH) ruled on Thursday that parents whose children don't receive placements in nursery care are entitled to compensation.

Sponsored Article
How to vote absentee from abroad in the US elections
10 things you never knew about socialist East Germany
Sponsored Article
Last chance to vote absentee in the US elections
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
Sponsored Article
How to vote absentee from abroad in the US elections
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
Eleven famous Germans with surnames that'll make your sides split
The best ways to get a visa as an American in Germany
jobs available
Toytown Germany
Germany's English-speaking crowd