South Korea's antitrust regulator said Wednesday it has provided a record 1.75 billion won ($1.5 million) in rewards to a person who reported seven steelmakers' alleged price fixing.

The Korea Fair Trade Commission (KFTC) decided in January to fine the country's No. 2 steelmaker Hyundai Steel Co., its smaller rival Dongkuk Steel Mill Co. and five other steelmakers a combined 300 billion won for colluding to fix the purchase price of steel scrap.

The commission said it was able to take stern actions against them as the informant provided detailed evidence about their price collusion.

In the first half, the KFTC provided a combined 1.89 billion won to 20 people who gave tip-offs over price fixing and other illegal business activities. (Yonhap)