Korean Rubber Producers Fined

(Akron/Tire Review) Yonhap News Service reported that South Korea’s Fair Trade Commission has fined Korea Kumho Petrochemical Co. and Seetec Ltd. a combined US$63 million on claims the two companies conspired to fix pricing on rubber products used in tyre production.

The commission found the two companies, which control some 90 per cent of the South Korean synthetic rubber market, colluded on pricing on styrene butadiene and butadiene rubber between 2000 and 2003.

Kumho Petrochemical is part of Kumho Asiana Group, which includes Kumho Tire Co.