Severstal, NLMK and MMK are trying to resolve the dispute with FAS

The largest metallurgical companies of Russia Severstal, NLMK and MMK planned to negotiate and reach an agreement with the Federal Anti-Monopoly Service of Russia (FAS) on the metallurgical monopoly case.

Earlier in February 2022, Russia's Federal Anti-monopoly Service considered that MMK, NLMK and Severstal had violated the anti-monopoly law by setting and maintaining high monopoly prices for hot rolled steel in the domestic market since January 2021. The Federal Anti-monopoly Service ordered companies to stop abusing their dominant position and ensure fair competition in the steel market of the Russian Federation.

Severstal was fined more than 8.7 billion rubles, and two other companies received fines of a similar size. Negotiations are still ongoing.