A Brazilian company part-owned by US Steel has been raided by the country’s federal authorities in the latest development of the Operation Carwash corruption scandal engulfing Petrobras, according to Bloomberg.
Apolo Tubulars SA, a pipe supplier, is the latest of many firms suspected of paying bribes to get inflated contracts from Brazil’s state oil firm Petrobras.
US Steel has a 50% stake in Apolo Tubulars and says it is looking into the accusations against its subsidiary. The bribes are said to have occurred between 2009 and 2013.
The Petrobras scandal has severely handcuffed the oil giant, damaging its reputation and impairing its ability to do business, not to mention hammering its bottom line.
It has also wrought havoc in the sphere of politics with numerous officials ensnared in the web of graft.
