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News Cement producers in South Korea face cartel probe

Cement producers in South Korea face cartel probe

Written by Global Cement staff 24 July 2015
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South Korea: The Korea Fair Trade Commission (FTC) has continued its investigation into whether cement producers colluded to raise cement prices. The antitrust watchdog conducted an on-site probe into cement producers including Tongyang Cement & Energy and Hanil Cement in mid July according to industry sources cited by the Maeil Business Newspaper and the FTC. If a fine is levied a legal battle may follow regarding whether the Sampyo consortium, chosen as the preferred bidder to acquire Tongyang Cement & Energy, should pay the fine imposed by the FTC on Tongyang.

Upon the request from the ready-mixed concrete industry, the regulator started an investigation into alleged price-fixing in the South Korean cement industry in April 2013, but it has yet to reach a conclusion. The latest site visit is believed to have been organised to obtain further evidence on suspicions of price-fixing.

The combined sales of the seven cement makers that account for about 88% of South Korea's cement market are estimated at be up to US$855m/yr. Suspicions of cartel-like activity date back to 2011 and this may be reflected in potential fines if any price-fixing is proved.

Published in Global Cement News
Tagged under
  • South Korea
  • Korea Fair Trade Commission
  • Tongyang Cement & Energy
  • Hanil Cement
  • Cartel
  • Price

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