Record cartel penalty

The Federal Court has imposed a penalty of $57.5 million on BlueScope Steel for attempted price fixing.

A further $575,000 penalty has been imposed on BlueScope’s former general manager.

Justice O’Bryan said that “the conduct in the present case warrants a significant penalty to deter repetition by Mr Ellis and by others who may otherwise calculate that the rewards from such conduct outweigh the risks of detection. It is important that the deterrent effect of the penalty being imposed is not undermined by the ability of company directors and officers to insure against the financial cost of the penalty.”

See ACCC Media Release.

See Judgment.