Daimler, fined with € 23.5 million for manipulating steel prices

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Germany fined Daimler, together with Volkswagen Group and BMW with € 100 million for forming a cartel that used to manipulate steel prices.

Three years ago, Germany launched an extensive investigation into the formation of a cartel in the automotive industry for pricing steel, one of the most widely used materials in car production. The main targets were Volkswagen Group, BMW and Daimler, as well as Bosch and ZF component suppliers.

According to the results of the investigation, representatives of the three major German manufacturers met regularly from 2004 to 2013 with companies in the supply chain to set steel prices. The decisions taken during these meetings had an effect on the steel market at least until 2016, based on the contracts signed at that time.

On the other hand, the investigators mention that the type of steel for which the price was set influences the final price of a car by less than 1%, as it is used in a limited range of car components.

At the end of the investigation, Germany announced that the Volkswagen Group, BMW and Daimler received a total fine of 100 million euros.

All three builders have accepted the fines and BMW has confirmed that it will pay the German state € 28 million, while Daimler has announced that it has been fined € 23.5 million.

Meanwhile, the Volkswagen Group has refused to announce the amount of the fine, but it is most likely about 48 million euros.