4 makers of sewage pipes fined W2.95b over price fixing

This image, provided by Yonhap News TV, shows the exterior of the Korea Fair Trade Commission in the central administrative city of Sejong. (Yonhap)

South Korea's antitrust regulator said Monday it has decided to fine four manufacturers of sewage pipes and manhole covers a combined 2.95 billion won ($2.6 million) for colluding to fix prices of industrial products.

Kolon Industries Inc. and its three smaller rivals colluded to fix their quotations between 2011 and 2016 for 268 rounds of purchase bidding for waste pipes and manhole covers by the state procurement agency and builders, according to the Korea Fair Trade Commission (KTFC).

The deals were worth about 65 billion won, it added.

The KFTC also ordered them to take corrective measures. (Yonhap)