impact on the Korean market.
Specifically, even though the 6 manufacturers were established under the
laws of their respective countries, and even though they had made cartel
agreements on sales prices outside of Korea, (i) they had implemented those
agreements in Korea by selling approximately USD 553 million worth of
graphite electrodes at cartel-fixed prices from May 1992 to February 1998, and
(ii) the cartel activities affected the price of graphite electrodes evidenced by
the nearly 50% surge during the same period. Therefore, the KFTC determined
that the MRFTA would be applicable.