The Russian mining and steel producer Evraz Group has withdrawn its objection to the determination of Russia's Federal Antimonopoly Service (FAS) according to which Evraz violated Article 10 of the Federal Law "On Protection of Competition", abusing its dominant position in the coking coal market.
In particular, as previously reported by SteelOrbis, FAS found Evraz guilty of violation of antimonopoly legislation by maintaining monopolistically high prices for concentrates of coking coal (grades GZh+Zh) in the domestic market and, consequently, imposed administrative fines upon Evraz of Ruble 149,142,457.6 (approx. $5.91 million).
By withdrawing its objection to the determination of the antimonopoly authority, Evraz has acknowledged the legitimacy of the decisions made by FAS, which were aimed at stabilization of prices in the Russian domestic iron and steel market.