ArcelorMittal, Competition Commission reach payment agreement

Local steel manufacturer ArcelorMittal South Africa (AMSA) has reached an agreement with the Competition Commission to divide its 2017 payment into three separate tranches of R100-million each. In 2016, the parties reached a settlement agreement after AMSA admitted to being involved in the long steel and scrap metal cartels, and agreed to pay an administrative penalty of R1.5-billion over five years, in instalments of no less than R300-million.