International Steels Limited (ISL) announced on Thursday that it is reviewing the Competition Commission of Pakistan (CCP) order imposing a penalty and will take appropriate legal action if needed.
The company informed the Pakistan Stock Exchange (PSX) that it is carefully examining the details of the CCP’s order. ISL stated it will pursue legal steps as required.
The Competition Commission of Pakistan recently fined two major flat steel companies, Aisha Steel Mills Limited and International Steels Limited. Both were found guilty of price-fixing and cartelization under Section 4 of the Competition Act, 2010.
The CCP Bench, chaired by Dr. Kabir Ahmed Sidhu along with Member Bushra Naz, imposed penalties of Rs648,304,180 on Aisha Steel Mills and Rs914,236,980 on International Steels Limited.
According to the Competition Commission of Pakistan, the two companies coordinated pricing strategies, shared sensitive commercial information, and fixed flat steel prices. These actions disrupted competition and harmed consumers.
The CCP inquiry noted that the steel cartel increased prices by an average of 111% over three years. Raw steel prices surged by Rs146,000 per tonne, affecting the cost of construction and industrial production.
International Steels Limited emphasized that it is reviewing the full order and will respond appropriately through legal channels. The company also stated its commitment to compliance with Pakistan’s competition laws while protecting shareholder and consumer interests.
Analysts say the CCP’s strong action sends a clear message to the steel industry and other sectors about the consequences of cartelization. The outcome may impact pricing and business practices across Pakistan’s industrial sector.
In other related news also read CCP Fines Two Major Steel Companies Over Rs 1.5 Billion For Price Fixing
