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Severstal, NLMK, MMK try to resolve dispute with FAS amicably

20 Jan 2023 15:56 reported by Yana Yao

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Russia's largest metallurgical companies, Severstal, NLMK, and MMK, intended to negotiate and reach an agreement with the Russian Federal Antimonopoly Service (FAS) on the metallurgical monopoly case.

Previously in February 2022, the Russian Federal Antimonopoly Service believed that MMK, NLMK, and Severstal had violated the anti-monopoly law since January 2021 by setting and maintaining high monopoly prices for hot-rolled steel in the domestic market. The Federal Antimonopoly Service ordered them to stop abusing their dominant position and ensure fair competition in the steel market of the Russian Federation.

Severstal was fined more than 8.7 billion rubles, and two other companies received fines of similar sizes. The negotiations are still continuing.

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