Severstal, NLMK, MMK want amicable deal in antitrust dispute

MOSCOW, Jan 19 (PRIME) -- Russia’s largest steelmakers Severstal, Novolipetsk Steel (NLMK), and Magnitogorsk Iron and Steel Works (MMK) plan to reach an amicable deal with the Federal Antimonopoly Service in an antimonopoly case against the companies, as seen by PRIME in the materials of the Moscow Arbitration Court on Thursday.

In February 2022, the service said that the three companies had been violating the antimonopoly legislation since January 2021 by setting and maintaining monopolistically high prices for hot-rolled metals on the Russian market without any market reason. The service imposed turnover-based fines on the companies in September.

The three companies sued the service for its decision and fines. The court materials say that the service imposed an 8.7 billion ruble fine on Severstal and similar fines on MMK and NLMK. Currently, the companies’ suits are being delayed because of a possibility of an amicable deal.

During a court hearing on Monday, the service’s representative confirmed the statement of MMK’s representative that the parties were discussing an amicable deal.

(68.8728 rubles – U.S. $1)

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