Germany: BMW, Daimler, VW fined $111 million for steel cartel

Germany’s cartel authority said it was fining BMW, Volkswagen Group and Daimler a total of 100 million euros ($110.84 million) for unlawful actions in relation to steel purchases.

From 2004 to 2013, the automakers regularly met steelmakers and other companies in the supply chain to discuss uniform surcharges when purchasing steel, the cartel office said.

Unlawful prices resulting from the cartel were paid until at least 2016, the authority said on Thursday.

The automakers accepted the fines.