NTMK sets monopoly prices

Russia's Federal Antimonopoly Service found Evraz Group's Nizhniy Tagil Iron & Steel Works (NTMK) guilty of violating the existing Competition Protection Act. The Service claims that NTMK set monopolistic prices for its ZET-310 section products, with prices differing for different groups of consumers, RBC daily reports.

The enterprise is now facing a fine which might amount to anything between 1% and 15% of its turnover.

According to the Antimonopoly Service, NTMK made 10% to 200% of profit on the product in question, while the difference in prices set for different customer types reached 66% in some cases. What is more, NTMK apparently delivered its goods on the external markets at prices that were lower than those set for the domestic consumers.

Russia's Federal Antimonopoly Service is about to institute an administrative offense lawsuit to determine the actual amount of money to be paid in fines.

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