Thu Aug 18, 2011
FRANKFURT Aug 18 (Reuters) - Germany's biggest steelmaker ThyssenKrupp held off bidding for a German railway contract after it was subject to a price-fixing probe, a German newspaper reported, citing industry sources.
German authorities said in late June they were investigating 10 steel and rail companies, including ThyssenKrupp subsidiary GfT Gleistechnik GmBH, for operating a cartel between 2001 and 2008.
Thyssen normally buys rails for Deutsche Bahn tenders from competitors such as Voestalpine and ArcelorMittal , but supplies from these companies were "no longer available", forcing Thyssen to stay out of the bidding, the sources told financial daily Handelsblatt.
Handelsblatt calculated from cartel documents in its possession that damage claims linked to the case could total up to 1 billion euros ($1.4 billion), on top of any fines imposed by regulators.
Austrian metals group Voestalpine said in July it had blown the whistle on the scheme and said it expected to escape fines in the investigation. ($1=.7099 Euro)
FRANKFURT Aug 18 (Reuters) - Germany's biggest steelmaker ThyssenKrupp held off bidding for a German railway contract after it was subject to a price-fixing probe, a German newspaper reported, citing industry sources.
German authorities said in late June they were investigating 10 steel and rail companies, including ThyssenKrupp subsidiary GfT Gleistechnik GmBH, for operating a cartel between 2001 and 2008.
Thyssen normally buys rails for Deutsche Bahn tenders from competitors such as Voestalpine and ArcelorMittal , but supplies from these companies were "no longer available", forcing Thyssen to stay out of the bidding, the sources told financial daily Handelsblatt.
Handelsblatt calculated from cartel documents in its possession that damage claims linked to the case could total up to 1 billion euros ($1.4 billion), on top of any fines imposed by regulators.
Austrian metals group Voestalpine said in July it had blown the whistle on the scheme and said it expected to escape fines in the investigation. ($1=.7099 Euro)
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