A second steel trader and seller pleaded guilty at the federal level to conspiring to fix the price of rebar in Puerto Rico.

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A federal Department of Justice press release issued Friday indicates that Edgardo Solá Colón, president of Carolina Building Materials, pleaded guilty to conspiring with competitors to fix the price of rebar in violation of federal antitrust law, also known as the Sherman Act.

Solá Colón is the second dealer to plead guilty at the federal level to conspiring to fix the price of an essential construction material.

On August 7, Juan Carlos Aponte Tolentino, of Aceros de América, pleaded guilty to similar charges. His sentencing hearing was scheduled for next November.

Like Aponte Tolentino, the federal case against Solá Colón stipulates that he conspired with competitors to fix steel prices between 2015 and 2022.

The release details communications between these traders to agree on how much they would sell steel for, as well as profit margins.

“By pleading guilty, this defendant admits to the extensive agreement he maintained to fix the prices of rebar, an important material in the building materials supply chain,” said Manish Kumar, an associate prosecutor in the federal Department of Justice’s Antitrust Division.

He added that the maximum penalty for both dealers is 10 years in prison and fines of up to $1 million.

Solá Colón’s sentencing hearing was set for December 16.

In addition to the conviction, the traders face a class action lawsuit alleging the existence of a steel cartel in Puerto Rico.

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This content was translated from Spanish to English using artificial intelligence and was reviewed by an editor before being published.