German rail company Deutsche Bahn said Sunday it was launching a multimillion-dollar lawsuit against major steel manufacturers over illegal price fixing, according to the Economic Times.
Gerd Becht, a member of the Deutsche Bahn board, told the Bild am Sonntag newspaper that it would file suit against nine unnamed companies, four of them German, for a figure in the “hundreds of millions of euros” range.
The companies Deutsche Bahn filing claims include ArcelorMittal and Saarstahl for damages which the German rail operator alleges were caused by fixing of the price of railway sleepers.
“The companies that took part in the cartel have declined to hold talks on damages. That is why we are suing now,” Becht told Bild am Sonntag in the report.
Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.41) and a low price of CNY 830.00 ($132.81) per dry metric ton. Chinese HRC stayed flat at around CNY 3,450 ($552.06) per metric ton. The price of Chinese coking coal saw little movement at CNY 1,390 ($222.42) per metric ton.
For the fifth day in a row, the cash price of steel billet remained essentially flat on the LME at $390.00 per metric ton. The steel billet 3-month price saw little movement on the LME at $400.00 per metric ton.
Following two days of downward movement, the 3-month price of the US HRC futures contract held steady at $638.00 per short ton. The US HRC futures contract spot price remained essentially flat at $660.00 per short ton.