Russian steel maker Magnitogorsk Metallurgical Plant announced that it does not agree with the preliminary conclusion of the Federal Antimonopoly Service of Russia to establish monopoly high prices and will continue to prove its commitment to fair market competition. As part of the case against MMK, on December 29, 2021, the Commission of the Federal Antimonopoly Service presented an opinion on the circumstances of the case, according to which MMK's actions revealed a violation of antimonopoly legislation and maintaining monopoly high prices for hot-rolled flat products from January 2021. MMK, having familiarized itself with the conclusion on the circumstances of the case, considers the conclusions of the commission to be unfounded and inconsistent with the factual circumstances.During 2021, PJSC Magnitogorsk Iron and Steel Works provided comprehensive evidence that MMK is not the dominant seller in the flat steel market and does not violate antitrust laws. As MMK stated earlier, the market for hot-rolled flat products is volatile and the price changes that occurred in 2021 were the result of market conditions. PJSC MMK will continue to participate in the consideration of the case and provide reasoned evidence to the FAS of the economic feasibility of its pricing and adherence to the principles of fair competition.
Russian steel maker Magnitogorsk Metallurgical Plant announced that it does not agree with the preliminary conclusion of the Federal Antimonopoly Service of Russia to establish monopoly high prices and will continue to prove its commitment to fair market competition. As part of the case against MMK, on December 29, 2021, the Commission of the Federal Antimonopoly Service presented an opinion on the circumstances of the case, according to which MMK's actions revealed a violation of antimonopoly legislation and maintaining monopoly high prices for hot-rolled flat products from January 2021. MMK, having familiarized itself with the conclusion on the circumstances of the case, considers the conclusions of the commission to be unfounded and inconsistent with the factual circumstances.During 2021, PJSC Magnitogorsk Iron and Steel Works provided comprehensive evidence that MMK is not the dominant seller in the flat steel market and does not violate antitrust laws. As MMK stated earlier, the market for hot-rolled flat products is volatile and the price changes that occurred in 2021 were the result of market conditions. PJSC MMK will continue to participate in the consideration of the case and provide reasoned evidence to the FAS of the economic feasibility of its pricing and adherence to the principles of fair competition.
