| Trade Issue | ||
| Mechel fined USD 32 million for breaching anti trust laws - 20 Aug, 2008 | ||
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RIA Novosti quoted Russian antimonopoly regulator said Mining giant Mechel will be fined RUB 790 million or 5% of its annual turnover for violations of anti competition laws. According to the Federal Anti Monopoly Service, Mechel abused its dominant market position by charging artificially high prices for its products, refused to sign contracts for deliveries and supported a policy of price fixing. The anti monopoly service, in a ruling last Thursday, found Mechel guilty of abusing its market position and said a fine of between 1% and 15% could be imposed. Russia's anti-monopoly watchdog launched a probe into the activities of Mechel after Mr Vladimir Putin PM of Russia accused the company late in July of selling coking coal domestically at double the export price, and ordered the watchdog to look into the company's operations. Mr Igor Artemyev head of the Federal Anti-Monopoly Service said similar sanctions amounting to 5% of annual turnover will apply to Raspadsky Coal and Evraz Holding. He said that "We intend to complete the probe into the activities of Evraz Holding and Raspadsky Coal in the next two weeks." The anti-monopoly watchdog is also conducting a probe into the activities of Raspadsky Coal and Evraz Holding, following accusations that the companies have also been involved in price fixing. Raspadsky Coal, Evraz Holding and Mechel control over 50% of Russia's coking coal market. , described as a positive sign Mechel's decision to cut prices for its products. He said that "Today we have received an encouraging signal from Mechel and other companies engaged in the sale of coking coal that they are voluntary ready to cut their prices by 15%." | ||
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