Russia’s FAS delays hearing in Evraz case by one month

Wednesday, 07 July 2010 13:31:10 (GMT+2)

On July 6, 2010, the Russian Federal Antimonopoly Service (FAS) announced that it has delayed the hearing in the case of Russian mining and steel producing company Evraz regarding alleged abuse of its dominant position in the domestic rolled steel products market, through high, monopoly-like pricing.

Accordingly, the decision was taken in order to receive additional information and evidence. The next hearing in the case is expected to be heard within one month.

As SteelOrbis previously reported, the probe into Evraz on the grounds of alleged abuse of its dominant position was initiated on May 21, 2010. The investigation was started following results of market analysis carried out by FAS, after the company's price increases for steel products in early 2010. Moreover, FAS is also investigating the reasons and dynamics of coking coal and iron ore price increases, and is carrying out an analysis of costs formation at all stages of steel production.

In addition, FAS is carrying out an investigation into other domestic steelmaking companies, namely, Mechel and Severstal.

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