Global steel giant Arcelor Mittal and 10 other steel firms were fined 575 million euros (789 million U.S. dollars) Tuesday by the French competition council for price fixing, French media reported.

    In a statement, the French council said the price-fixing by the steel firms between 1999 and 2005 cost the French economy "hundreds of millions of euros."

    It found the companies had fixed prices for 70 to 90 percent of all steel products sold in France.

    Three units of Luxembourg-based Arcelor Mittal were fined 301.7 million euros (414 million dollars) in total, followed by German group Kloeckner's 169.3 million euros (232.4 million dollars) and Descours & Cabaud's 82.6 million euros (113.4 million dollars).

    The fine was the highest by the French competition council since it was founded in 1986.