Steel producer ArcelorMittal South Africa (AMSA) says it has agreed to a payment plan with the Competition Commission, subject to confirmation by the Competition Tribunal, for the payment of outstanding funds under a 2016 settlement agreement with the commission.
The payment plan staggers the payments of the remaining portion of the administrative penalty under the settlement agreement over the period from 2022 to 2028.
AMSA has made the first payment under the payment plant, with the next payment in respect of this year due on or before December 31.
The steel producer in 2016 agreed to pay a R1.5-billion penalty for its involvement in long steel and scrap metal cartels.
"AMSA has, pursuant to the settlement agreement, embarked on a number of interventions to strengthen competition law compliance.
"The company can confirm that it will continue with such interventions, which include additional training, communication and monitoring, to ensure competition law compliance continues to remain a priority focus area for management and board of directors," it states.