Argentina fines cement producers

Argentina fines cement producers
Published: 27 July 2005

Argentina’s Economy Minister Roberto Lavagna said the country’s competition bureau will fine all of the country’s cement producers for colluding on prices and to divide the country’s market. The fine is the biggest ever imposed by the country’s competition bureau, Mr. Lavagna noted, adding that the five companies fined account for the country’s entire cement market. Loma Negra SA, the country’s biggest cement producer with 48.35 per cent of the market in 1999, was fined 138.7m pesos (US$49m), while Juan Minetti SA, the second-largest, was fined 100m pesos. Loma Negra is now owned by Construcoes e Comércio Camargo Corrêa SA, Brazil’s No. 4 cement producer. Minetti is controlled by Holcim Ltd. The amount fined totalled 309.7m pesos (approx US$108m).