ArcelorMittal and its US subsidiary have agreed to pay $90 million to settle a 2008 lawsuit claiming the company and other steel producers conspired to fix prices.
Chicago-based ArcelorMittal USA’s settlement is much higher than settlements reached earlier this year with other steelmakers AK Steel, Gerdau Ameristeel and Commercial Metals Co. ArcelorMittal admitted no wrongdoing in the settlement.
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India hit a high price of CNY 840.00 ($134.90) and a low price of CNY 830.00 ($133.30) per dry metric ton. The price of Chinese HRC was unchanged at CNY 3,380 ($542.82) per metric ton. The price of Chinese coking coal continues hovering around CNY 1,390 ($223.23) per metric ton for the fifth day in a row.
The steel billet cash price held steady on the LME at $395.00 per metric ton. The 3-month price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $400.00 per metric ton.
The US HRC futures contract 3-month price held steady yesterday, remaining around $630.00 per short ton. The spot price of the US HRC futures contract saw little movement at $668.00 per short ton.