Outokumpu has been served with a damages contribution claim in the English court by Boliden AB, after Boliden AB and IMI (IMI Plc and IMI Kynoch Ltd) were served claims on financial loss by the members of Travis Perkins Group. These claims are related to a 2004 ruling by the European Commission which concluded that a number of companies – among others Boliden, IMI, KME Group, Wieland Werke, Outokumpu and Outokumpu Copper Products (now Luvata) – were involved in price fixing and market sharing in the sanitary copper tube sector in Europe between June 1988 and March 2001.
Says Corporate General Counsel Kimmo Karihtala: “The claims brought against Boliden and IMI and the consequential contribution claims against Outokumpu are unclear and unsubstantiated. If pursued, Outokumpu will vigorously defend itself in any proceedings.”
Outokumpu will defend itself against this contribution claim and further potential contribution claims that may be served against it by other companies who where involved in the cartel activities relating to sanitary copper tubing in the UK.
Outokumpu exited the copper fabrication business by divesting the majority of it in 2005 and the remainder in 2008.
Outokumpu is a global leader in stainless steel with the vision to be the undisputed number one. Customers in a wide range of industries use our stainless steel and services worldwide. Being fully recyclable, maintenance-free, as well as very strong and durable material, stainless steel is one of the key building blocks for sustainable future. Outokumpu employs some 8 000 people in more than 30 countries. The Group’s head office is located in Espoo, Finland. Outokumpu is listed on the NASDAQ OMX Helsinki.