ArcelorMittal fined over Rs 2,000 cr in France

French authorities today slapped a fine of about euro 302 million (nearly Rs 2,000 crore) on NRI billionaire Lakshmi Mittal-led ArcelorMittal after a four-and -a-half-year probe into anti-competitive practices in steel sector there.

"The Conseil de la Concurrence (the French Competition Authority) has imposed a euro 301.78 million fine on French subsidiaries of ArcelorMittal active in steel distribution (in France)," the L N Mittal-led company said in a statement here.

Three of the ArcelorMittal's group firms -- PUM Service Acier, Arcelor Profil, AMD Sud Ouest -- which operate in the region were fined euro 288 million, euro 12.95 million and euro 8,30,000, respectively.

ArcelorMittal's subsidiaries were among the 11 companies fined for forming a cartel to influence price, customers and markets in the region, the French Competition Council said on its website. The total fine slapped on the firms stood at euro 575 million.

Reacting to the fine imposed, ArcelorMittal said it takes matters of this nature extremely seriously and has a rigorous global compliance programme in place to combat anti- competitive practices.

"Based on its initial review of the Conseil de la Concurrence's decision, ArcelorMittal expects to make an appeal," the company said, adding at this time it has no further comments to make.

It is said to be one of the highest ever fines imposed by the commission.