Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Deutsche Bahn to sue Arcelor, Saarstahl for damages

Published 27/04/2014, 19:47
MT
-

FRANKFURT (Reuters) - Deutsche Bahn said it was filing claims against a number of steel companies including ArcelorMittal AS:ISPA 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," Deutsche Bahn management board member Gerd Becht told weekly newspaper Bild am Sonntag according to a report published on Sunday.

A spokeswoman for the state-owned company told Reuters that the companies involved included ArcelorMittal and Saarstahl and said the suit was to be filed in the Netherlands.

Neither ArcelorMittal nor Saarstahl were immediately available for comment.

Bild am Sonntag cited internal Deutsche Bahn documents as saying that the company believed it was sold 48 million reinforced concrete sleepers at prices that were too high over an 18-year period, causing damages worth a three digit-million-euro sum.

The European Commission in 2010 fined 17 producers of prestressing steel a total of 518 million euros for running a price-fixing cartel for 18 years. The fine was later reduced to 270 million euros, 45.7 million of which fell on ArcelorMittal.

(Reporting by Michael Nienaber and Sabine Siebold; Writing by Maria Sheahan; Editing by Andrew Roche)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.