Australia's competition regulator said on Friday that appeals by steel producer BlueScope (BSL.AX) and its former general manager against an earlier decision in a civil cartel proceeding brought by it were dismissed by the court.
Australia's competition regulator had in 2019 initiated civil cartel proceedings against the company and the former employee for alleged cartel conduct in the supply of flat steel products.
The decision means that a competition law breach penalty of A$57.5 million ($37.36 million) against BlueScope, and a penalty of A$500,000 against the general manager remain in place, the Australian Competition & Consumer Commission said.
BlueScope in a separate statement said it accepts the court decision, bringing the long-standing matter to a close.
Shares of the company were up by 0.9% while the broader benchmark S&P/ASX 200 (.AXJO) index was largely flat by 0304 GMT.
($1 = 1.5389 Australian dollars)
