The Competition Appeal Court on Friday upheld an appeal by the South African unit of the world's No. 1 steel maker, ArcelorMittal SA (ACLJ.J: Quote), against a record fine of 691.8 million rand ($86.79 million).

The fine was imposed on the firm by the country's Competition Tribunal in September, 2007 for charging excessive prices on flat steel products, and represented 5.5 percent of ArcelorMittal SA's total turnover of 12.76 billion rand earned on flat steel in both the local and export market during 2003.

The tribunal said at the time that ArcelorMittal SA had contravened the Competition Act by charging an excessive price for its flat steel products to the detriment of consumers.

(Reporting by Wendell Roelf)

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