South Korea's antitrust watchdog said Sunday it has decided to fine top steelmaker POSCO and six other industry players a combined 291.7 billion won ($273.5 million) for colluding to fix prices of some steel products.

The Fair Trade Commission also said it plans to lodge a complaint with the prosecution against six steelmakers, including POSCO and Hyundai Hysco.

According to the FTC, they colluded to fix prices of cold-rolled plates, galvanized steel sheets and color steel sheets between 2004 and 2010.

POSCO was levied with the highest fine of 98.3 billion won, followed by Hyundai Hysco with 75.3 billion won and Dongbu Steel with 39.3 billion won, it added

POSCO flatly denied its involvement in the price-fixing, saying that it plans to file an administrative suit over the case. (Yonhap News)