This file photo of February 6, 2007 shows Mechel Steel Group CEO Igor Zyuzin, right, meeting with then Russia's President Vladimir Putin.
Photo: Dmitry Azarov
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Dvorkovich: Mechel to Be a Lesson for Russia’s Market
The situation around Mechel should be a lesson for all market of Russia, said Arkady Dvorkovich, who is the RF president’s assistant.
“Given the events that happened with Mechel, any companies, the big and the middle ones, they all will be civilized at the most on the market,” Dvorkovich hoped.
When commenting on Mechel’s inspection by Federal Antimonopoly Service, Dvorkovich said: “FAS has been dealing with the problem for a few weeks and there is no hurry or urgency and the decision will be made in due time,” Vesti TV Channel reported.
It was Russia’s Prime Minister Vladimir Putin that urged FAS and investigators of the RF Prosecutor General Office to probe into Mechel during the meeting in Nizhni Novgorod July 24, 2008. Mechel was exporting the raw at prices half as much as domestic ones, Putin emphasized, adding that Mechel’s chief Igor Zyuzin had been invited to attend the meeting but “suddenly fell ill.” Zyuzin “should recover as soon as possible, otherwise a doctor could be sent to him,” the prime minister warned.
The ADRs of this metal company shed 37.61 percent on NYSE in the wake of Putin’s remarks.
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