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Predatory behaviour seems hotwired into ArcelorMittal’s DNA - Patel

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Cape Town – Predatory behaviour seems to be hotwired into the DNA of steel conglomerate ArcelorMittal, Minister of Economic Development Ebrahim Patel said on Thursday.

Patel was speaking at the Competition Commission’s annual competition law, economics and policy conference focusing on competition policy and economic growth in Cape Town.

On August 20, ArcelorMittal agreed to pay a R1.5bn fine for price-fixing and collusion in the steel industry, as well as invest R4.6bn in new capital spending to upgrade plants and improve competitiveness.

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