The ACCC highlighted the importance of enforcing cartel laws to prevent collusive behavior, noting that penalties can be severe even if the collusion does not succeed.

BlueScope and Ellis allegedly sought to induce eight local steel distributors and an overseas manufacturer, Yieh Phui, to participate in price manipulation agreements.

The steel products involved include hot rolled coil, cold rolled coil, and steel plates, which are vital to industries such as construction, manufacturing, automotive, and transport.

The court upheld earlier findings that BlueScope's conduct could have caused significant economic harm and damaged fair competition.

Australia's Federal Court dismissed BlueScope Steel's appeals regarding the cartel allegations, ordering the company to pay a record $57.5 million fine for violations.

In addition to the company's fine, Jason Ellis was personally penalized with a $575,000 fine for his role in the cartel conduct.

The case centers on BlueScope Steel and its former general manager, Jason Ellis, who between September 2013 and June 2014 attempted to fix or raise prices for flat steel products in Australia.