Seoul: South Korea's antitrust regulator said Thursday that it has decided to impose fines on three newsprint paper suppliers for alleged collusion involving price-fixing and supply reductions that made virtually all newspaper companies in the country victims.According to Yonhap News Agency, the companies -- Jeonju Paper, Daehan Paper Co. and Paper Korea -- will be imposed a combined total of 30.5 billion won (US$21.7 million) in fines for allegedly raising newsprint paper prices and intentionally reducing supply between June 2021 and March 2023 to that end, as stated by the Fair Trade Commission (FTC)."The three companies control 100 percent of the market," said Kim Joong-ho, an FTC official leading the investigation, adding that practically all newspaper companies in the country are considered victims of this alleged collusion.The alleged collusion occurred after the cost of raw materials, such as recycled newspapers required for newsprint production, surged in 2020, the FTC said.As a result of the collusion, the average price of newsprint papers supplied by the three companies increased by 120,000 won per ton, a 16 percent rise from previous prices, the FTC said.Kim said that the FTC has also decided to file charges against market leader Jeonju Paper with the prosecution after considering the level of collusion and its lack of cooperation throughout the investigation.
- October 12, 2026
