Germany fines BMW, Daimler, Volkswagen for forming steel cartel

Robotic arms manufactured by Kuka AG operate on a Volkswagen Passat saloon chassis on the automated welding production line inside the VW factory in Emden, Germany.

Image: Krisztian Bocsi/Bloomberg via Getty Images Robotic arms manufactured by Kuka AG operate on a Volkswagen Passat saloon chassis on the automated welding production line inside the VW factory in Emden, Germany.

Germany's cartel authority said on Thursday it was fining the country's three major carmakers — BMW, Volkswagen and Daimler — €100m (about R1,6bn) for unlawful actions in relation to steel purchases.

The carmakers unlawfully co-ordinated on the prices they paid for steel from suppliers, the cartel office said in a statement, adding that the resulting prices were paid until at least 2016.

All three companies accepted what the cartel office determined, it added.

Germany fines BMW, Daimler, Volkswagen for forming steel cartel

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