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WIKI ANALYSIS
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Overview
Mechel is one of the leading Russian companies. Its business includes three segments: mining, steel, and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
Russian Anti Monopoly Committee Investigation
The company has recently come under fire from the Russian government due to Anti-Trust and Tax Evasion Concerns. Russian Prime Minister Putin has been very vocal about Mechel's foreign vs domestic sales. The deadline for the Russian Anti-Monopoly Committee's decision is August 26th, but most expect it earlier[1]
On August 13th 2008, the Federal Anti Monopoly Service gave its ruling. The Russian Service will insist on a 30 percent reduction in domestic coking coal prices, and a fine of 7 percent to 8 percent of revenue. Coking coal accounts for about 8% of Mechel's revenue and the fine will cost Mechel about 300 million dollars according to Goldman Sachs analyst Vasily Nikolaev.
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