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. Last Updated: 07/27/2016

EU Fines Steelmakers

The European Commission fined 16 steelmakers a record $116 million on Wednesday for operating a clandestine cartel to illegally rig prices and markets for steel building beams, saying they had broken every rule in the book.

Dubbed one of the "habitual offenders," British Steel bore the brunt of the ruling, with a fine of 32 million ecus ($36 million), European Commissioner Karel Van Miert said.

"Everything which could be infringed has been infringed," he said. "It's a copybook case."