The General Court fixes the copper tubing cartel fine

The General Court (previously the Court of First Instance) has fixed the fine imposed on Boliden AB and two former subsidiaries in 2004 for engaging in activities designed to restrict competition in the copper tubing market. The fine amount was fixed at EUR 32.6 million. The fine has no effect the results.

In September 2004, the EU Commission fined Boliden AB and its two former subsidiaries, Boliden Cuivre et Zinc SA (BCZ) and Boliden Fabrication AB an amount totalling EUR 32.6 million for engaging in activities designed to restrict competition in the European market for sanitary copper tubing. Boliden appealed the amount of the fine and requested a reduction of it. The General Court has now fixed the fine amount at EUR 32.6 million. Boliden made a provision for the corresponding amount in its Q3 Report in 2004 and therefore the fine has no effect on the results. BCZ and Boliden Fabrication AB were transferred to Outokumpu at the turn of the year 2003/2004. Boliden has undertaken to indemnify Outokumpu for claims that may arise relating to the period prior to the transfer of the companies to Outokumpu.