South Korea's antitrust regulator said Sunday it has decided to impose a combined fine of 2.14 billion won ($1.64 million) on five producers of manhole covers for colluding to fix prices of industrial products.

Segye Cast Iron Co. and four other companies colluded to fix their quotations between September 2011 and January 2020 for more than 1,000 rounds of purchasing bidding for manhole covers, according to the Fair Trade Commission (FTC).

They colluded to fix bidding prices and designate a prospective bidder in a bid to win similar amounts of orders, prior to the bidding put forward by the state-run Korea Electric Power Corp. and the state procurement agency.

The FTC said it will closely monitor possible price-fixing practices at the public procurement market and take swift actions if it identifies any anti-competition activities. (Yonhap)