South Korea's antitrust regulator said Monday it will fine 24 producers of concrete piles a combined 102 billion won ($88.4 million) for colluding to fix prices of the products used for construction.

Samil C&S and 23 others colluded to fix prices of concrete piles and slash production between April 2008 and January 2017 in a bid to stem price falls and maintain inventory levels, according to the Korea Fair Trade Commission.

Concrete piles are used to buttress the ground when building apartments.

The regulator ordered them to take corrective steps, along with the fine. The commission said it will take stern action against suspected price collusion over intermediary goods. (Yonhap)