Business / Industries

Cement companies slapped with fine for antitrust violation

By Lan Lan (chinadaily.com.cn) Updated: 2014-09-09 16:23

Three Chinese domestic cement companies were fined a total of 114 million yuan ($18.5 million) for meddling with cement pricing, according to the nation's antitrust regulator on Tuesday.

Two listed companies, the Yatai Group (60088) and Tangshan Jidong Cement Co (000401) and Jiamusi-based North Cement, under State-owned China National Building Materials Group Corporation, were fined.

The National Development and Reform Commission said on Tuesday that the three companies met frequently to reach price-fixing agreements, which violated the antitrust law and damaged interests of downstream industries and customers.

Yatai and Jidong were fined 2 percent of their 2012 sales, while North Cement was fined 1 percent of its 2012 sales, given different cooperative attitudes and improvement actions taken by the companies.

Cement companies slapped with fine for antitrust violation

Cement companies slapped with fine for antitrust violation

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