BMW, Daimler, Volkswagen fined for steel cartel

Germany's three major automakers, the BMW Group, Daimler (parent of Mercedes-Benz) and the Volkswagen Group, have been fined a total of €100 million ($163 million) for forming a cartel to buy certain steel products. The Bundeskartellamt, Germany's competition commission, says the three car companies met twice a year with steel makers between 2004 and 2013 to set uniform surcharges for the long steel they purchased. Illegally set prices were in use until 2016.