icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
25 Jul, 2008 04:32

Prime Minister Putin criticises Mechel pricing policy

Prime Minister Putin criticises Mechel pricing policy

Prime minister Vladimir Putin has criticised the coal and steel group Mechel's pricing policy. Russia's antimonopoly regulator – the Federal Anti Monopoly Service – has already launched an investigation into the company.

Putin's comments sent Mechel's shares spiraling downward in New York trading on Thursday.

Stocks of other Russian ferrous metals producers also fell on the London Stock exchange following the news.

Evraz went down 4 percent, Severstal shares tumbled 6 percent and Novolipetsk steel lost 7 percent.

But analysts say the market has over-reacted to the Prime Minister's remarks