关键词：钢铁；韩国
摘 要：As the penalties represent a one-off expense, they will likely only have limited effects on sector share prices. Looking ahead, we believe that the likelihood of further price fixing incidents amongst steelmakers is low, pointing out that: 1) having entered into a low profit phase, the domestic steel industry is unlikely to see high margins for CR products 2) domestic Korean steel product prices are now highly related to global steel product prices; and 3) the imposition of the penalties themselves should dissuade domestic players from re-engaging in such activity.