"Following discussions with the Competition Commission, Aveng has entered into a settlement agreement with the Commission to settle the complaint against Duraset," the company said in a statement on Tuesday.
The penalty represented five percent of Duraset's annual turnover for the financial year ending June 30, 2008.
Aveng said the referral to the Competition Tribunal of the investigation involving its Steeledale Mesh business unit had been set down for hearing of evidence and argument in November 2010.
"In other matters which may potentially involve group businesses, the Competition Commission is still engaged in investigations relating to the steel reinforcing and construction industries, as well as other infrastructure products and services."
Aveng said it would fully co-operate with the Commission.
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