The Russian Federal Antimonopoly Service (FAS) has determined the amount of the administrative fine which it recently decided to impose on several subsidiaries of Russian mining and steel producer Mechel, namely TD Mechel, Uzhniy Kuzbass and Yakutugol. The administrative fine is equal to five percent of Mechel's total revenues received from sales of coking coal in the year preceding the year in which the abuse of the antimonopoly regulations occurred.
The fine has been imposed on the basis of the investigation the FAS conducted into violation of article one of Russian federal antimonopoly law by the Mechel subsidiaries in question.
In addition, the FAS has also recommended Mechel to reduce its domestic coking coal prices by 15 percent as of September 1, 2008 till the end of the year.