MMK does not violate antimonopoly agreement

8 November 2011 (15:38)

UrBC, Moscow, November 8, 2011. Russia’s Federal Antimonopoly Service (FAS) stopped prosecuting Magnitogorsk Iron & Steel Works (MMK) on the suspicion that the enterprise violated Article 10 (part 1, paragraph 3) of the Federal Competition Protection Act, as no violation has apparently been committed, the FAS’s press service reports.

The agency took action when the Russian pipe manufacturers complained about MMK infringing disadvantageous agreement terms upon them. According to a number of manufacturers, MMK increased the price of massive plates at its own discretion in January 2011.

The FAS Committee looked into all the facts and circumstances affecting MMK’s pricing policy and declared the defendant’s actions were actually expedient and well-grounded, as the price increase was brought about by the growing raw stuffs prices.

Therefore the FAS stopped the legal action involving antimonopoly law violation charges against MMK.

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