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Financial News: GERDAU: Justice Rules Against Company On Antitrust Lawsuit

GERDAU: Justice Rules Against Company On Antitrust Lawsuit

06/13/2018 - 18:33:00 (RTTNews)

(RTTNews) - The fifth group of the Brazilian Federal Regional Court of the 1st region issued an unfavorable ruling against steelmaker Gerdau regarding lawsuits arising from the representation of two civil construction unions in Sao Paulo, alleging that the company and other steel producers in Brazil would have violated antitrust legislation.

The company had been sentenced at first instance to pay a fine equivalent to 7% of gross sales in the year prior to the beginning of the proceedings. The latest estimate by Gerdau in 2013 was at R$ 417.8 million.

Gerdau said the decision had not yet been formalized and said that it should "keep on searching all available legal remedies to defend its rights."

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