The Federal Antimonopoly Service of Russia (FAS) has been made against the three metallurgical giants. This is stated in the message published on the service website. Severstal, “Magnitogorsk Metallurgical Plant” and “Novolipetsky Metallurgical Plant” suspected in maintaining monopoly high prices on the hot-rolled flat rolled market.
The FAS concluded that the rise in rental prices was a faster pace than the increase in the value of raw materials necessary for its production. The demand from Russian consumers has not significantly increased that, accordingly, it could not arise the price increase of more than 50 percent for the first half of 2021.
“Due to the fact that signs of violation of antitrust laws have been identified in the actions of companies that are competitors in the hot rolled rolled market, the FAS of Russia aroused the case with respect to each company separately,” explained in the department.
Companies belong to three Russian billionaires: “Severstal” – Alexei Mordashov, NLMK – Vladimir Lisina, Magnitogorsk Metallurgical Combine – Viktor Rashnikov. If the violation is confirmed, enterprises threaten fines.