The Russian Federal Antimonopoly Service (FAS) has announced that on August 13 it completed its investigation of several subsidiaries of Russian mining and steel producer Mechel, namely TD Mechel, Uzhniy Kuzbass and Yakutugol, on the basis of violation of article one of Russian federal antimonopoly law.
The FAS has determined that the Mechel subsidiaries in question abused their dominant position in the Russian coking coal market and maintained monopolistic high prices for their products.
As a result, the FAS will impose administrative fines on Mechel's subsidiaries varying from one to 15 percent of the total revenues of the companies in question received from sales of coking coal in the year preceding the year in which the abuse of the antimonopoly regulations occurred.