20 ready-mixed concrete producers fined W2.5b over price fixing

By Yonhap

Published : March 16, 2021 - 13:06

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 Tuesday it has decided to fine 20 ready-mixed concrete manufacturers a combined 2.51 billion won ($2.2 million) for colluding to fix prices of construction-related material.

Sanha Industry Corp. and 19 other companies colluded to fix their sales prices and supply of ready-mixed concrete between 2012 and 2017 that was used to build houses in the greater Seoul area, according to the Korea Fair Trade Commission (KFTC).

The commission ordered them to take corrective measures. (Yonhap)