SEOUL– The Fair Trade Commission (FTC) said Sunday that it has levied a total of 1.28 billion won (US$1 million) in fines on 17 local cement manufacturers for cartel activities.
The antitrust watchdog said the ready-made concrete (remicon) manufacturers, operating in the eastern region of Gangwon Province, colluded to set prices of the key construction material between 2012 and 2018.
They also distributed remicon deals under preset criteria, according to the FTC.
It said the companies fixed prices of remicon, used in most construction projects across the country and moved by specially made trucks, in order to avoid fierce competition for public works projects related to the 2018 PyeongChang Winter Olympics held in Gangwon Province.
The 17 companies accounted for nearly 100 percent of the market share in the region over the cited period, added the FTC.
The regulator said it will closely monitor possible price-fixing practices in the raw materials and intermediary goods market and take stern actions against anti-competition activities.
Source: Yonhap News Agency