It is reported that Russia Federal Antimonopoly Service terminated proceedings against Russian steel producer Magnitogorsk Iron and Steel Works investigating violation of Clause 3, Part 1 Article 10 of the Federal Law "On Protection of Competition".

The case was initiated upon petitions from Russian pipe producers Chelyabinsk Tube-Rolling Plant and TMK Group against MMK claiming that the steel producer had imposed unfair contract conditions.

According to the petitions of the pipe companies, in January this year MMK had unilaterally increased prices for large steel plates.

Investigating the case, the FAS commission looked into all facts and circumstances affecting the pricing policy of MMK and found that the company's actions were economically justified. Therefore, the FAS has terminated its antimonopoly case against MMK.

(Sourced from SteelOrbis)
Visit www.steelorbis.com for more