Germany fines carmakers over steel buying cartel

Germany's competition watchdog said Thursday it would fine carmakers BMW, Daimler and Volkswagen a total of 100 million euros ($111 million) for "anticompetitive practices" in buying so-called "long steel".

Representatives from the car companies and steel producers met twice a year "between 2004 and the end of 2013" and "discussed" prices for the vital raw material, used for building items like crank shafts, piston rods and cogs, the Bundeskartellamt said in a statement.

"Where there was no further individual negotiation with the suppliers following these conversations, competition was prevented" on some elements of the price, the authority said.

The companies had acknowledged their participation in the talks and accepted the fine, it added. Thursday's fine is separate from a competition probe by the European Commission into BMW, Mercedes-Benz parent Daimler and VW, who are suspected of agreeing not to compete on emissions reduction technologies.