Antitrust says MMK, NLMK, Severstal violated antimonopoly laws

MOSCOW, Dec 29 (PRIME) -- The Federal Antimonopoly Service has discovered that Russian steelmakers Severstal, Novolipetsk Steel (NLMK), and Magnitogorsk Iron and Steel Works (MMK) have been setting up and maintaining monopolistically high prices for hot-rolled metal products since January, it said in a statement published on its Telegram channel on Wednesday.

“The service discovered violations of anti-competition legislation in the actions of MMK, NLMK, and Severstal. This is conclusion was made by a commission of the antimonopoly service on the cases of the companies today,” the service said.

The next meeting will be held on January 20, 2022 to discuss the MMK and Severstal cases and on January 21, 2022 the NLMK case, the service said.

The service’s Head Maxim Shaskolsky said that the antimonopoly fines for the steelmakers may exceed the 7.2 billion ruble fine the service slapped on internet giant Google on December 24.

(73.4959 rubles – U.S. $1)

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