Supplier Price-Fixing Probe Spreads to Steelmakers
German steelmaker ThyssenKrupp AG says the country's anti-trust authorities raided its offices on Thursday.
The company says it is cooperating with the government's investigation of alleged collusion among suppliers of steel to the auto industry in Germany. ThyssenKrupp vowed to take "rigorous action" if the charges are substantiated.
The Federal Cartel Office says it raided offices of three steel companies and the residents of several suspects. The regulators did not identify the other two companies.
Authorities in Europe, Japan and the U.S. have been probing price-fixing among auto suppliers for several years. Steel has not previously been identified as one of the segments under investigation.
A class-action lawsuit has been filed against General Motors Co. over claimed flaws in the company’s 8-speed automatic transmission used in 2015-2019 model rear-drive vehicles.
Delegates to the United Auto Workers union’s annual convention in Detroit have overwhelmingly approved a 31% raise for their salaried international leaders.
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