The European Union General Court has upheld the fine of EUR 36 million imposed on the Finnish metallurgical company Outokumpu in the autumn of 2004 by the European Commission, for involvement in a price cartel over copper tubing for plumbing.
Outokumpu appealed to the General Court against the fine, but in its Wednesday ruling the Court confirmed the earlier decision and also dismissed the Commission’s counterclaims for the fines to be increased.
Three other companies of the original seven that faced sanctions, obliged to pay a total of EUR 127 million in fines between them, also had their appeals rejected, but in two cases (one company of the seven did not appeal), the Court reduced the fines by around 10%.
Outokumpu already paid the required fine in 2009, so the Court’s decision will not have an effect on the company’s result or cash flow.
The company has since given up its copper business.
A bulk of the copper activities were divested already in 2005 and the rest the year before last.
