Steel & Tube fined $ 2 million

New Zealand steel company Steel & Tube was fined $ 2 million by the local supreme court. This is reported by the New Zealand media.

The sanctions are based on alleged fraud in the certification of the company's anti-seismic steel products of a higher quality than in reality.

The certification has been implemented to both increase sales revenue and meet new standards adopted by the New Zealand government.

The company has now filed an appeal and the appellate court will have to issue a decision in the coming days.