Lakshmi Mittal-led ArcelorMittal has been levied with a fine of about 302 million euros ($415 million) by the French competition council. The council called Conseil de la Concurrence has imposed the multi-dollar fine on steel giant after a four-and-a-half-year probe into anti-competitive practices in steel sector. As per the company sources, the council has imposed the fine on French subsidiaries of ArcelorMittal which operates steel distribution activities in France. ArcelorMittal’s group three firms viz PUM Service Acier, Arcelor Profil, AMD Sud Ouest were fined 288 million euros ($396 million), 12.95 million euros ($18 million) and 830,000 euros ($1.1 million) respectively.

 

Commenting on the issues, the company in a statement said that ArcelorMittal has taken the matter with utmost seriousness. It said that the company has a rigorous global compliance programme in place to combat anti-competitive practices. Formed in 2006 after by the merger of Arcelor and Mittal Steel, the company is one of the largest steel manufacturing companies in the world. With 326,000 employees in more than 60 countries, ArcelorMittal is a market leader in automotive, construction, household appliances and packaging.