Brazilian steel producer Gerdau negotiated an end to its legal dispute with government regulatory body CADE (Administrative Council for Economic Defence) on 30 December, following allegations the firm co-ordinated with its competitors in fixing the price of steel rebar.
The firm will pay 256.1mn real ($41.3mn) to the government's Diffuse Rights Defence Fund per the agreement. The accord, the company said, did not involve an admission of guilt or any assessment of the merit of the agency's accusation.
A similar investigation in 2018 led to a court ruling against Gerdau after two Brazilian construction unions accused the company of working with its rivals to manipulate the long steel market. The steelmaker was ordered to pay R417.8mn — 7pc of its gross yearly sales — as part of the decision.
