OREANDA-NEWS. On December 08, 2008 the Federal Antimonopoly Service (FAS Russia) initiated two cases against "Magnitogorsky Iron-and-Steel Works" OJSC and "Oskolsky Electrometallurgical Works" for breaching Clause 1 Part 1 Article 10 of the Federal Law "On protection of Competition" (abusing dominant position by fixing monopolistically high prices), reported the press-centre of FAS Russia.

The cases were initiated on the initiative of the antimonopoly authority.

"Magnitogorsky Iron-and-Steel Works" OJSC and "Oskolsky Electrometallurgical Works" could have violated the antimonopoly legislation by fixing prices on metal products used for manufacturing bearings.

The trends on the foreign market have changed and currently steel prices for manufacturers of bearings tend to decrease.

FAS Russia believes that economic entities must decrease prices for metal products pursuant to changes in the market conditions.

Failure to ensure that prices were adequate to the market situation constituted the grounds for initiating the antimonopoly cases.