FAS initiated a case against MMK due to the refusal to provide the requested information

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AK&M 03 December 2021 19:31

The FAS has initiated an administrative offense case against PJSC Magnitogorsk Iron and Steel Works. The company did not provide the Antimonopoly Service Commission with the requested information, the antimonopoly service said in a statement.

The agency requested information from the company as part of the consideration of the case of violation of antimonopoly legislation on the rolled metal market to confirm MMK's arguments about the substitutability of hot-rolled products with cold-rolled products. However, the company refused to provide the requested information.

Recall that the case was initiated on the grounds of establishing and maintaining a monopolistically high price for hot-rolled products.

PJSC Magnitogorsk Iron and Steel Works (TIN 7414003633) is one of the world's largest steel producers and holds a leading position among the ferrous metallurgy enterprises of Russia. The company's assets in Russia are a large metallurgical complex with a full production cycle, starting with the preparation of iron ore raw materials and ending with the deep processing of ferrous metals. MMK produces a wide range of metal products with a predominant share of deep processing products with the highest added value.

MMK's IFRS profit for 9 months of 2021 increased almost 8 times to $2.33 billion from $291 million a year earlier. Revenue increased by 86.5% to $8.47 billion from $4.5 billion, EBITDA increased by 3.26 times to $3.32 billion from $1.02 billion.