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Evraz denies reports of price fixing with ArcelorMittal

MOSCOW, June 24 (RIA Novosti) - Evraz Group [LSE: EVR], Russia's leading steel and mining company, rejected on Tuesday reports of an alleged price collusion with ArcelorMittal in South Africa.

The reports appeared on Tuesday after the Cape Town office of Evraz's subsidiary, Highveld Steel and Vanadium Corporation Ltd., was raided by police.

South African investigators said some metals market players, in particular, Mittal South Africa, a subsidiary of the world's largest metals holding company ArcelorMittal, and Highveld leveled their metals prices in one go, violating anti-trust legislation.

Evraz said that checks "really took place," adding that steel price hikes on the South African market reflected global trends towards growth in the cost of raw materials and metals products.

"At the same time, the company fully supports the intention of the South African competition commission to study in detail the current situation and is ready to provide all possible assistance to the commission on this issue," Evraz said in a statement.

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