On Friday, May 26, ArcelorMittal South Africa Ltd. (ArcelorMittal SA), South Africa-based unit of world steel giant ArcelorMittal, won an appeal to set aside a ruling that fined the company ZAR 691.8 million ($85 million) for competition abuse.
Accordingly, the Competition Appeal Court of South Africa overturned the fine imposed on ArcelorMittal SA by the country's Competition Tribunal in September 2007 for charging "excessive" prices on flat steel products.
The Competition Tribunal also imposed other remedies designed to prevent ArcelorMittal from imposing or agreeing with customers conditions that would prevent customers from reselling flat steel products.
ArcelorMittal SA has welcomed the decision by the Competition Appeal Court to set aside the Competition Tribunal's decision, but said, "It is unfortunate that today's decision does not bring these proceedings to a conclusion."
ArcelorMittal SA will study the Appeal Court's decision and comment once it has completed its review of the documents.