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Federal Anti Monopoly Service opens investigation into Evraz and Raspadskaya

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Published 30 July, 2008, 14:08

Russia's Federal Anti Monopoly Service (FAS) has opened an investigation into possible price fixing by Russia's 2nd-biggest steelmaker Evraz and coalminer Raspadskaya.

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The watchdog claims the companies abused their dominating position in the coking coal market.

Along with Mechel, Raspadskaya Coal and Evraz Holding control over 50% of the market.

Analysts say that prices began to rise significantly last year and roughly doubled by April 2008.

The FAS claims the companies were artificially creating a shortage of certain types of coking coal on the market.

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