SEJONG, South Korea's corporate watchdog said Tuesday that it has levied a total of 10.2 billion won (US$9.15 million) in fines on nine associations of cement manufacturers for cartel activities.
The Fair Trade Commission (FTC) said the ready-made concrete (remicon) manufacturers' associations colluded to set prices of the key construction material used in state-led building projects in 2015.
They also distributed remicon deals under preset criteria, according to the FTC.
Ready-made concrete or unset concrete is used in most construction projects across the country and is moved by specially made trucks.
Source: Yonhap News Agency