Cement companies slapped with fine for antitrust violation

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.

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