JSW Steel is disappointed with the US court's decision to fine them $156 million (Rs. 1040 crore) on antitrust conspiracy charges and disagrees with the conclusions drawn, the steelmaker said in a regulatory filing on Tuesday on BSE. The Sajjan Jindalled JSW Steel said it is analysing the judgement in detail and evaluating all options available to defend its position under the applicable laws. A distributor in the US, MM Steel, had sued its competing distributors and steel manufacturers, including JSW Steel, in 2012, claiming that its rivals had conspired to deprive it of supplies and that the manufacturers had knowingly joined the plot, the court document showed. MM pulled the shutters down on its business in 2013. The court order is a blow to JSW Steel, which is hurt by increased competition from Chinese imports. The company scraped a profit of Rs 116.95 crore in the second quarter, after reporting a loss of Rs 106.81 crore in the previous threemonth period. JSW Steel acquired three US pipe and plate mills from his elder brother Prithviraj Jindal for Rs 3,690 crore in 2007. That unit has weighed on JSW Steel's profitable business. The US unit reported an EBITDA loss of $3.1 million for the second quarter.
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